Financial and business highlights:
· Turnover down 51% to £442,000 (2003:£905,000);
· Investment in expanded sales drive to market TDI, particularly in North America,
contributes to increased losses of £778,000 (2003: £116,000);
· TDI sales taking longer than expected to secure, but potential new business pipeline at encouraging levels;
· First US sales office opened in Chicago in March 2004;
· Chicago Board of Trade (CBOT), exclusive distributor of Dow Jones Indexes (DJI)
market data, chose TDI to enable DJI to enhance its data throughput;
· Strong cash balance; and
· Since 30 June 2004, CBOT has expanded its use of TDI to handle the distribution of market data for three other North American exchanges.
Keppel Simpson, Chairman, said:
"The Company’s newly-enhanced sales resources are focused on exchanges and on banks which have identified fast, direct data access and distribution as a clear requirement. Those are the organisations for which our TDI product and its associated data feeds are specifically designed. Partnering initiatives are in hand with non-competitive organisations in our market sector, with the objective of increasing the profile of CMS and its joint sales undertakings.
"We remain hopeful that these efforts will result in further new contracts being added in the second half of the year."