Half Yearly Report

RNS Number : 8330O

On-Line PLC

16 March 2009

 



On-line PLC

('On-line' or 'the Company')

Unaudited Interim Results for the Six Months Ended 31 December 2008

On-line today announces unaudited interim results for the six months ended 31 December 2008.

Chairman's Statement

On-line has continued to work with its investments and has made a small operating profit for the six months up to December 08. 

We have seen a drop in the value of our investments which in the current market conditions is to be expected. Smoking Gun de-listed from Plus markets but is to carry on its business.

Its de-listing from Plus has meant we have had to fully write down its value in accordance with our accounting standards, which has resulted in a loss of investments within the profit and loss account of £298k.  This means it has been totally written off in our books despite the fact that it is still operating.  The balance of the loss in investments within the profit and loss account relates to movements in the share price of ALLIPO plc

ADVFN PLC

ADVFN continued to do well and its numbers continue to grow with improvement on all fronts.

Loss before Tax - down 45% to £488,000 (2007: £887,000), Operating Loss - down 37% to £395,000 

(2007: £631,000),  ADVFN user numbers - up 25% to 1.5M (2007: 1.2M).

ADVFN has achieved this while the world's markets have struggled and the credit crunch bites. The world is a 

huge potential market for ADVFN and slowly but surely it is growing into the opportunity and has demonstrated the resilience of the ADVFN platform and its business model.

ALL IPO PLC

The IPO market has been affected by what is happening with the world's financial problems which has meant that the flow of IPO's coming to the market has all but dried up for the time being.

The company continues to broaden its business offering in what are challenging market conditions. 

The progress is steady and we are pleased that this is stabilising the business and its prospects.

Michael Hodges

Chairman

 16th March 2009

Best regards

Michael Hodges

ADVFN PLC

Contacts:

Michael Hodges	[e-mail]
Francesca De Franco, PR	[e-mail]	020 7070 0932
Fiona Kindness, Grant Thornton UK LLP (Nominated Adviser)		020 7728 3414

Profit and Loss Accounts

for the six months ended 31 December 2008

	Six months ended	Six months ended	Year ended
	31 December 2008	31 December 2007	30 June 2008
	Unaudited	Unaudited	Audited
	£'000	£'000	£'000
Turnover	70	59	127
Administrative expenses	(65)	(55)	(120)
Operating profit	5	4	7
Amount written off on investments	(310)	(87)	(144)
Loss on ordinary activities before taxation	(305)	(83)	(137)
Tax on loss on ordinary activities	-	-	-
Loss  on ordinary activities after taxation	(305)	(83)	(137)
Loss per ordinary share	(3.98p)	(1.08p)	(1.79p)

Balance Sheet

at 31 December 2008

	31 December 2008	31 December 2007	30 June 2008
	Unaudited	Unaudited	Audited
	£'000	£'000	£'000
Fixed assets
Investments	859	928	871
Current assets
Debtors	46	33	8
Investments	-	540	330
Cash at bank and in hand	23	33	60
	69	606	398
Creditors: amounts falling due within
one year	(92)	(97)	(96)
Net current (liabilities)/ assets	(23)	509	302
Total assets less current liabilities	836	1,437	1,173
Capital and reserves
Called up share capital	3,242	3,242	3,242
Share premium account	2,205	2,205	2,205
Option valuation reserve	11	11	11
Profit and loss account	(4,622)	(4,021)	(4,285)
Total shareholders funds	836	1,437	1,173

Cash Flow Statements

for the six months ended 31 December 2008

	Six months ended	Six months ended	Year ended
	31 December 2008	31 December 2007	30 June 2008
	Unaudited	Unaudited	Audited
	£'000	£'000	£'000
Net cash (outflow) / inflow from operating activities	(37)	(13)	14
(Decrease) / increase  in cash	(37)	(13)	14

Statement of Total Recognised Gains and Losses

for the six months ended 31 December 2008

	Six months ended	Six months ended	Year ended
	31 December 2008	31 December 2007	30 June 2008
	Unaudited	Unaudited	Audited
	£'000	£'000	£'000
Loss for the period	(305)	(83)	(137)
Unrealised loss on current asset investments	(32)	(360)	(570)
Total recognised gains and losses for the period	(337)	(443)	(707)

Notes to the interim statement
for the six months ended 31 December 2008

1.     Loss per ordinary share

		Six months ended	Six months ended	Year ended
		31 December 2008	31 December 2007	30 June 2008
Loss for the period	£'000	(305)	(83)	(137)
Weighted average number of shares	'000	7,662	7,662	7,662
Loss per share	p	(3.98)p	(1.08p)	(1.79p)

2.    Reserves

	Profit and loss account	Option valuation reserve	Share premium account
	£'000	£'000	£'000
At 1 July 2008	(4,285)	11	2,205
Unrealised loss on current asset investments	(32)	-	-
Loss retained for the period	(305)	-	-
At 31 December 2008	(4,622)	11	2,205

3.    Reconciliation of operating loss to net cash outflow from operating activities

	Six months ended	Six months ended	Year ended
	31 December 2008	31 December 2007	30 June 2008
Operating  profit	5	4	7
(Increase) in debtors	(38)	(26)	(1)
(Decrease) in creditors	(4)	9	8
Net cash (outflow) / inflow from operating activities	(37)	(13)	14

4.    The directors do not recommend the payment of a dividend.

5.    The financial information contained in this document does not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985. The financial information for the year ended 30 June 2008 is extracted from the audited financial statements for that period on which the auditors gave an unqualified report. A copy of those financial statements has been filed with the Registrar of Companies

6.    The interim financial information has been prepared in accordance with applicable accounting standards and under the historical cost convention. The principal accounting policies of the Company have remained unchanged from those set out in the Company's June 2008 Annual Report and Financial Statements. 

7.    Copies of this statement are being posted to shareholders shortly and will be available from the company's  registered office at Suite 27, Essex Technology Centre, The Gables, Fyfield Road, Ongar, Essex, CM5 0GA and in electronic form from the Company's website, http://www.on-line.co.uk/.

 

END

 

 

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