CMS WebView cuts first half losses; increases turnover

CMS WebView cuts first half losses; increases turnover

London market data techology vendor CMS WebView is reporting narrowing pre-tax losses of £287,000 for the six months to 30 June 2005, compared to £778,000 a year earlier.

CMS stock rose 5.20% in afternoon trading to 2.50 pence after the firm said it had reduced pre-tax losses by 63% and increased turnover by 10% to £485,000, from £442,000 a year ago.

In a statement, Keppel Simpson, chairman, CMS WebView, says the firm has met a key strategic objectives to reduce fixed costs substantially.

In June the company said its pre-tax losses trebled to £1.7m for the year ending December 2004, while turnover fell 48% during the year from £1.63m to £839,000. Following a strategic review launched in November last year, the firm closed its US office in New York and Chicago and reduced its UK headcount. The company also relocated head office staff to the same premises as technical staff and renegotiated contracts with a number of suppliers and advisers.

In February the vendor said it was involved in discussions with another party about a possible sale of the firm, but the talks fell through.

In today's statement, CMS says it has contacted a number of larger organisations involved in market data distribution and processing to discuss "strategic partnership opportunities", but CMS spokesman Neil Boom insists the vendor is not for sale.

In its trading update, CMS says it has migrated all of its data feed clients to its TDI Feed product and this move to a shared TDI software platform has reduced its fixed costs.

The firm also secured a further contract from the Cbot. Under the deal, CMS will enhance the exchange's market data feed which was developed using the company's TDI system.

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