CMS Webview loses a quarter of its value on profits warning

CMS Webview loses a quarter of its value on profits warning

Shares in CMS Webview have lost a quarter of their value as the company warns that it is unlikely to break even in 2004 after failing to win any orders for its new Transactional Data Interface (TDI) ticker plant system.

The UK-based financial software house, which raised £2.5 million in December 2003 primarily to fund an expanded sales drive to market TDI, had expected to achieve at least one order for the product in the first six months of this year.

A single TDI licence sale would have a significant impact on CMS revenues. In April 2004, the company reported a 35% rise in turnover to £1.6 million and losses before tax reduced by 20% to £543,000 for its year ended 31 December 2003.

In a trading update, CMS states: "While the company is disappointed not to have achieved a TDI sale in the first half, it believes that it has made significant progress in creating a considerably larger pipeline for potential new TDI contracts. Currently, it has more high quality new business prospects than at any stage in its history."

Shares in the vendor dropped 25.8% on the news to 5.75 pence, down two pence from a previous close of 7.75 pence.

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