Final Results
On-Line PLC
19 December 2006
Embargoed for release until 1.30 pm 19th December 2006
On-line PLC
('On-line' or 'the Company')
Preliminary Results for the Year Ended 30 June 2006
On-line today announces preliminary results for the year ended 30 June 2006.
For further information, please contact:
On-line Plc
Michael Hodges, Chairman and Managing Director mikeh@advfn.com
On-line PLC
Chairman's Statement
You will notice that our results for this year are shown for the Company,
whereas previously figures were consolidated for the Group. This change is due
to accounting requirements as we no longer have any operating subsidiaries; with
all of our investments now being either associates or trade investments.
In the past year we have been busy working with our investments, which, I'm
happy to report have been developing to plan.
ADVFN Plc
ADVFN has undergone a transformation; it is no longer solely a UK-centric stocks
and shares website. It has geo-targeted, native language versions of the site
in Italy, Japan, Brazil, Germany, France, India and the USA. ADVFN is operating
on a global basis, while enjoying the cost benefits of managing its sites
in-house.
ADVFN has now become an international brand. Its tactics are to address familiar
markets from London and partner in territories such as Japan and Brazil which,
although exciting and potentially lucrative, are hard for it to approach
directly. It has made acquisitions when opportunities have arisen and is now in
a position where it has all the pieces in place to grow in territories it has
already entered and can replicate this model in new global markets.
Since the year end ADVFN has made big strides towards its growth strategy by
buying InvestorsHub.com and Silicon Investor - two top five online investment
community websites in the North American market which have over 100 million
combined monthly page views.
Equity Holdings Limited, which was acquired by ADVFN in February of this year,
has exceeded its first turnover milestone, in respect of the financial year to
June 2006. Equity Development's core product is high quality equity research.
Their profitable financial year saw a rise of over 40% in the number of
companies paying for this product. In addition, Equity Development was able to
expand its range of services approved by the FSA and became an authorised
Corporate Adviser for companies on the thriving PLUS Markets exchange.
All IPO Plc
All IPO Plc achieved FSA regulatory authorisation in August 2005 and LSE
membership in May 2006, and has since focused on building up both customer base
and profile with investment banks and brokers in the City. As it has been
introducing City investment banks to its platform it has had the opportunity to
make various IPOs available to its growing user base of private investors and
consequentially has linked up with Stocktrade and Etrade to bring the All IPO
platform to their customers.
The British Government has stated that it wishes to privatise many of its
shareholdings in enterprises such as the Tote and British Energy and All IPO is
working hard to win inclusion for the private investor via the All IPO platform.
Since the year end All IPO has launched an IPO discretionary service joint
venture with Redmayne Bentley Stockbrokers. By combining All IPO's platform and
technical skills with Redmayne Bentley's award winning discretionary investment
management, it should significantly broaden the spectrum of IPO investments to
which the private investor can gain exposure and we are excited about it's
prospects.
Michael Hodges
Chairman
19 December 2006
On-line PLC
Profit and Loss Account
for the year ended 30 June 2006
Note 2006 2005
£'000 £'000
Turnover 36 31
Administrative expenses (54) -
Operating (loss)/profit (18) 31
Profit on sale of investments - 25
Amount (written off)/written back on (85) 728
investments
Net interest - (1)
(Loss)/profit on ordinary activities (103) 783
before taxation
Tax on (loss)/profit on ordinary - -
activities
(Loss)/profit on ordinary activities (103) 783
after taxation
(Loss)/earnings per ordinary share 2
Basic (1.3)p 10.2p
Diluted (1.3)p 9.5p
All operations are continuing.
On-line PLC
Balance Sheet
at 30 June 2006
2006 2005
Note £'000 £'000
Fixed assets
Investments 1,288 1,373
Current assets
Debtors 56 95
Investments 794 954
Cash at bank and in hand 27 48
877 1,097
Creditors: amounts falling due within (82) (75)
one year
Net current assets 795 1,022
Total assets less current liabilities 2,083 2,395
Capital and reserves
Called up share capital 3,242 3,242
Share premium account 2,205 2,205
Profit and loss account (3,364) (3,052)
Shareholders' funds 3 2,083 2,395
The financial statements were approved by the Board of Directors on 19 December 2006.
On-line PLC
Cash Flow Statement
for the year ended 30 June 2006
2006 2005
Notes £'000 £'000
Net cash (outflow)/inflow from operating 4 (4) 115
activities
Returns on investment and servicing of
finance
Interest paid - (1)
Capital expenditure and financial investment
Purchase of investments (49) -
Loans repaid to/(paid to) other entities 32 (78)
(17) (78)
Net cash inflow before financing (21) 36
Financing
Issue of ordinary share capital - 4
Net cash inflow from financing - 4
(Decrease)/increase in cash 5,6 (21) 40
Statement of Total Recognised Gains and Losses
for the year ended 30 June 2006
2006 2005
£'000 £'000
(Loss)/profit for the financial year (103) 783
Unrealised (loss)/gain on current asset (209) 694
investments
Total recognised gains and losses for the year (312) 1,477
On-line PLC
Notes for the year ended 30 June 2006
1. General
The financial information herein does not constitute statutory accounts as
defined in section 240 of the Companies Act 1985. The financial information has
been extracted from the group's 2005 statutory financial statements upon which
the auditors reported on 19 December 2006. Their opinion is unqualified and does
not include any statement under section 237 of the Companies Act 1985.
Copies of the annual report are being posted to shareholders and copies will be
available from the company's registered office at Suite 27, Essex Technology
Centre, The Gables, Fyfield Road, Ongar, Essex, CM5 0GA.
2. (Loss)/earnings per ordinary share
The calculation of the basic earnings or loss per share is based on the earnings
attributable to ordinary shareholders divided by the weighted average numbers of
shares in issue during the year.
The calculation of diluted earnings per share is based on the basic earnings per
share, adjusted to allow for the issue of shares and the post tax effect of
dividends and/or interest, on the assumed conversion of all dilutive options and
other dilutive potential ordinary shares.
Reconciliations of earnings and weighted average number of shares used in the
calculation are set out below.
2006 2005
Number of Earnings Number of Earnings
Loss shares per share Profit shares per share
£'000 '000 p £'000 '000 P
(Loss)/profit for the year (103) 783
Weighted average number of shares 7,662 7,654
Basic earnings per share (1.3)p 10.2p
Number of shares under option - 990
Number of shares that would have - (448)
been issued at average market
value
Diluted earnings per share (103) 7,662 (1.3)p 783 8,196 9.5p
There is no diluted loss per share as the options are anti-dilutive.
3. Reconciliation of movements in shareholders' funds
2006 2005
£'000 £'000
(Loss)/profit for the financial year (103) 783
Unrealised (loss)/profit on investments (209) 694
Receipts from issue of shares - 4
Net (decrease)/increase in shareholders' funds in the (312) 1,481
year
Shareholders' funds at 1 July 2005 2,395 914
Shareholders' funds at 30 June 2006 2,083 2,395
4. Reconciliation of operating profit to net cash outflow from
operating activities
2006 2005
£'000 £'000
Operating (loss)/profit 18) 31
Decrease in debtors 7 3
Increase in creditors 7 81
Net cash (outflow)/inflow from operating (4) 115
activities
5. Reconciliation of net cash flow to movement in net funds
2006 2005
£'000 £'000
(Decrease)/increase in cash for the year (21) 40
Movement in net funds in the year (21) 40
Net funds at 1 July 2005 48 8
Net funds at 30 June 2006 27 48
6. Analysis of movement in net debt
At Cash flow At
1 July 30 June 2006
2005
£'000 £'000 £'000
Cash in hand and at bank 48 (21) 27
This information is provided by RNS
The company news service from the London Stock Exchange ILFFLFLLALIR