Knowledge Technology Solutions PLC (AIM: KTS), provider of market information services in the finance sector, reports its unaudited results for the year ended 30 June 2007.
Financial and business highlights:
- Turnover reduced to £1.0m (2006: £1.4 m)
- Group loss before tax of £1.1m (2006: £1.0m)
- Completed substantial fund raising amounting to over £1.7 million (net of expenses)
- Continued to make investment in the enhancement of our underlying technology
- Acquisition of Arcontech Limited completed in September 2007
- In September 2007, announced a significant contract win for CfD and Spread Betting trading solution with Hichens Harrison
Richard Last, Chairman of Knowledge Technology Solutions, said: "The addition of Arcontech has brought closer the time by which the Group should reach profitability. Cost reductions and the organic growth anticipated from the KTS Solutions business are also expected to generate financial benefits for KTS. The Board's priority and immediate focus is to stem the recurring losses in the KTS business whilst supporting the organic development of Arcontech. We will, however, continue to look for and pursue suitable acquisition opportunities, which would enhance shareholders' value."
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