Knowledge Technology Solutions PLC (KTS), provider of professional financial information services, reports its unaudited results for the six months to 31 December 2004.
Financial and business highlights:
- Turnover up 92% to £572,283 (2003: £298,323)
- Following continued investment in research & development and additional exchange coverage, losses before tax of £419,898 (2003: £432,656)
- Strong cash position of £2.3 million (2003: £1.1 million)
- Total number of client organisations now stands at 130
- Accessibility and ease of use continue to stimulate client demand for KTS QuoteTerminal and KTS MarketTerminal
Dr. Marc Pinter-Krainer, Chief Executive of KTS, said: "We have delivered strong revenue growth in the first six months reflecting the increasing penetration of KTS QuoteTerminal and KTS MarketTerminal. Our commitment to customers and improving our services means we are confident of continued growth in client numbers in the second half."
Chief Executive's Statement
KTS has made further good progress in the first half of the year, including a doubling of client organisations subscribing to the professional financial market data services KTS QuoteTerminal and KTS MarketTerminal.
As a consequence of this growth, turnover in the period reviewed rose by 92% to £572,283 (2003: £298,323). The increase in turnover reflects the growing subscriber base, which now stands at more than 130 organisations.
Losses before tax on ordinary activities were £419,898 (2003: £432,656) reflecting continued investment in our technology, extended exchange coverage and service enhancements. Our cash position remains strong at £2.3 million (2003: £1.1 million).
Both our services have seen a considerable number of refinements and new functions. New content has been added as part of the standard subscription fee, including news from AFX International Focus on KTS MarketTerminal, and AFX UK Focus news on KTS QuoteTerminal.
Also new to KTS QuoteTerminal is data on the performance of funds from leading provider Financial Express. Subscribers can now access information on more than 8,000 funds including Unit Trusts and Open Ended Investment Companies.
Development by our expanded technical team, headed by Stuart Calder, has included new bespoke versions of KTS MarketTerminal that will operate on handheld platforms including wireless Personal Digital Assistants (PDAs) such as the Blackberry.
As in previous years, we have maintained accounting best practice by writing off development costs as incurred.
In addition to improving our technology base and services, we have established a customer service team.
The main attraction of KTS MarketTerminal and KTS QuoteTerminal is that they are very user-friendly and require no installation of infrastructure, hardware or software. They are based on our "zero-client" application service technology and consequently are simplicity itself to deploy. The cost of ownership and ongoing support is attractive when compared to competing market data suppliers, and the application service is easily accessible from any location. These factors continue to stimulate increased client interest in our services.
Following his involvement with KTS as non-executive chairman since 2003, Gavin Casey has indicated that he is looking to reduce his current commitments and as part of this he has advised the board that he intends to step down in due course. At the same time we are seeking an independent director to join the board. Gavin's skills and experience have been greatly appreciated and we extend our warm thanks and wish Gavin well for the future.
We have delivered strong revenue growth in the first six months reflecting the increasing subscription levels of KTS QuoteTerminal and KTS MarketTerminal. Our commitment to customers and improving our services means we are confident of continued growth both in client numbers and revenues in the second half.