Knowledge Technology Solutions (AIM: KTS), provider of market information services and software to the finance sector, reports its audited results for the year ended 30 June 2008.
Financial and business highlights:
- Turnover increased by 98% to £1.9m (2007: £1.0 m)
- Group loss before tax of £1.7m (2007: £1.1m)
- Acquisition of Arcontech Limited completed in September 2007
- Arcontech contributed turnover of £1,037,177
- MarketTerminal subscription business closed and assets sold
- Focus on Arcontech business and proposed name change to Arcontech Group plc
- Completed substantial fund raising in April 2008 amounting to over £1.1 million (net of expenses)
- Major investment in Arcontech's CFD and spread betting AXE system
- CFD and spread betting AXE system fully proven and live
Richard Last, Chairman of Knowledge Technology Solutions, said: 'It should not be underestimated the amount of management time and energy that has needed to be dedicated to dealing with the cessation of the MarketTerminal business and its ultimate sale. As a result it has not been possible to apply sufficient resources (mainly management time) to realising the many opportunities presented by the Arcontech business. This has now been rectified and already we are seeing notable increase in sales prospects and opportunities, some of which we are hopeful will result in orders in the near future.
The general level of uncertainty in the UK financial markets means the precise timing of such orders is even more difficult to predict. We view the future with renewed optimism and believe we have created a stronger platform for growth.'
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