The stock dropped 33.33%, or 0.63 pence to 1.250 pence in morning trading after the vendor said that no new sales were achieved for TDI during the entire year, despite substantial investment in sales and marketing following disppointing sales in 2004.

In a statement, Keppel Simpson, chairman, CMS WebView, says: "While a number of marketing initiatives were undertaken during the year, new data sales-related business (ie the wholesale data feed and PriceView) was disappointing. The wholesale data feed market has become increasingly competitive, and we have been faced with rising costs attached to servicing and attempting to win new clients."

Futhermore, at the end of 2005 one of the vendor's main customers, Chicago Mercantile Exchange (CME), ceased using TDI after deciding to bring essential software systems back in-house.

The company said last June that it was introducing a number of cost cutting measures to ensure its 2005 financial losses would be limited to £550,000. For the year ending 31 December 2005, the firm's turnover increased by 11% to £934,000 (2004: £839,000) while pre-tax losses were reduced by 68% to £542,000 (2004: £1,693,000).

But, following the lack of new TDI system sales and new data client sales, CMS is looking to cut more costs and has cancelled its support contract with CME and CBOT and says it has also terminated contracts with a number of suppliers.

The vendor says it has also found a buyer for its data sales business, although details have not been disclosed. CMS will also be focusing on finding a purchaser for the IPR of its TDI product, either on an exclusive basis or for certain market sectors. Target companies include exchanges and quote vendors.

Last month the vendor said discussions with a potential bidder for the company had been terminated. This was the second time in a year that takeover talks for CMS had fallen through. Discussions with a separate, undisclosed company regarding a reverse takeover were terminated in April.