CMS Webview reports turnover down, losses up

CMS Webview reports turnover down, losses up

Shares in UK market data technology vendor CMS WebView have tumbled again as the company reports a 51% drop in turnover to £442,000 for the six months ending 30 June 2004.

CMS stock was down 31.82% to 3.75 pence in mid day trading, down from an over night close of 5.50 pence.

The vendor says a campaign to market its Transactional Data Interface (TDI) product in North America has contributed to increased losses of £778,000 for H1 2004, up from the £116,000 reported last year, but the sales drive has yet to yield any orders.

In June, shares in the company lost a quarter of their value after it warned it was unlikely to break even in 2004 after failing to win any orders for its TDI ticker plant system.

CMS raised £2.5 million in December 2003 primarily to fund the sales drive to market TDI, and had expected to achieve at least one order for the product in the first six months of this year.

In today's statement, Keppel Simpson, chairman, CMS Webview, says sales of TDI are taking longer than expected to secure, but the company has more high quality new business prospects than at any previous stage.

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