Half Yearly Report

RNS Number : 9618H

On-Line PLC

03 March 2010

 



On-line PLC

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

Unaudited Interim Results for the Six Months Ended 31 December 2009

On-line today announces unaudited interim results for the six months ended 31 December 2009.

Chairman's Statement

On-line has continued to work with its investments and has made a small operating profit of £5,000 (2008: £5,000) for the six months up to December 2009.

It has been a good six months, we have made a small profit for the period and  ADVFN plc completed the purchase of ALLIPO plc. This is a good move as it secures the ALLIPO Systems and Throgmorton Street Capital bringing them all under the ADVFN umbrella.

ADVFN PLC

ADVFN has built on the past and has moved forward on all fronts as you can see from

 its figures below.

Turnover up 19% to £4,049,000 ( 2008: £3,415,000)

Cash Flow positive for the six month period with cash in hand of £1.763M,  (2008: £1.243M )

Loss for the period- down 28% to £330,000  (2008: £460,000)

Operating Loss - down 60% to £160,000  (2008: £395,000)

ADVFN user numbers - up 20% to 1.8M (2008: 1.5M).

Michael Hodges

Chairman

2^nd March 2010

Contacts:

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

On-line PLC

Profit and Loss Accounts

for the six months ended 31 December 2009

	Six months ended	Six months ended	Year ended
	31 December 2009	31 December 2008	30 June 2009
	Unaudited	Unaudited	Audited
	£'000	£'000	£'000
Turnover	52	70	126
Administrative expenses	(47)	(65)	(95)
Operating profit	5	5	31
Amount written off on investments	-	(310)	(298)
Profit/ (loss) on ordinary activities before taxation	5	(305)	(267)
Tax on profit/(loss) on ordinary activities	-	-	-
Profit/(loss) on ordinary activities after taxation	5	(305)	(267)
Profit /(Loss) per ordinary share	0.07p	(3.98p)	(3.48p)

On-line PLC

Balance Sheet

at 31 December 2009

	31 December 2009	31 December 2008	30 June 2009
	Unaudited	Unaudited	Audited
	£'000	£'000	£'000
Fixed assets
Investments	871	859	871
Current assets
Debtors	69	46	62
Cash at bank and in hand	-	23	3
	69	69	65
Creditors: amounts falling due within
one year	(55)	(92)	(56)
Net current assets/ (liabilities)	14	(23)	9
Total assets less current liabilities	885	836	880
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	17	11	17
Profit and loss account	(4,579)	(4,622)	(4,584)
Total shareholders' funds	885	836	880

On-line PLC

Cash Flow Statements

for the six months ended 31 December 2009

	Six months ended	Six months ended	Year ended
	31 December 2009	31 December 2008	30 June 2009
	Unaudited	Unaudited	Audited
	£'000	£'000	£'000
Net cash (outflow) from operating activities	(3)	(37)	(57)
(Decrease) in cash	(3)	(37)	(57)

On-line PLC

Statement of Total Recognised Gains and Losses

for the six months ended 31 December 2009

	Six months ended	Six months ended	Year ended
	31 December 2009	31 December 2008	30 June 2009
	Unaudited	Unaudited	Audited
	£'000	£'000	£'000
Profit/(loss) for the period	5	(305)	(267)
Unrealised loss on current asset investments	-	(32)	(32)
Total recognised gains and (losses) for the period	5	(337)	(299)

On-line PLC

Notes to the interim statement
for the six months ended 31 December 2009

1.             The unaudited interim financial information is for the six month period ended 31 December 2009.  The financial information does not include all the information required for full annual financial statements and should be read in conjunction with the financial statements of the company for the year ended 30 June 2009, which were prepared under the historical cost convention as modified by the revaluation of current asset investments and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

                The accounting policies adopted in this report are consistent with those of the annual financial statements for the year to 30 June 2009 as described in those financial statements.

The interim financial information has been prepared on the going concern basis which assumes the Company will continue in existence for the foreseeable future. No material uncertainties that cast significant doubt about the ability of the Company to continue as a going concern have been identified by the directors.  Accordingly, the directors, believe it is appropriate for the interim financial statement to be prepared on the going concern basis.

The interim financial information has not been audited nor has it been reviewed under ISRE 2410 of the Auditing Practices Board. The financial information presented does not constitute statutory accounts as defined by section 434 of the Companies Act 2006. The Company statutory accounts for the year to 30 June 2009 have been filed with the Registrar of Companies. The auditors, Grant Thornton UK LLP reported on these accounts and their report was unqualified and did not contain a statement under section 498(2) or Section 498(3) of the Companies Act 2006.

2.             Loss per ordinary share

		Six months ended	Six months ended	Year ended
		31 December 2009	31 December 2008	30 June 2009
		£'000	£'000	£'000
Profit / (Loss) for the period	£'000	5	(305)	(267)
Weighted average number of shares	'000	7,662	7,662	7,662
Profit / (Loss) per share	p	0.07p	(3.98p)	(3.48p)

3.             Reserves

	Profit and loss account	Option valuation reserve	Share premium account
	£'000	£'000	£'000
At 1 July 2009	(4,584)	17	2,205
Unrealised loss on current asset investments		-	-
Profit retained for the period	5	-	-
At 31 December 2009	(4,579)	17	2,205

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

	Six months ended	Six months ended	Year ended
	31 December 2009	31 December 2008	30 June 2009
	£'000	£'000	£'000
Operating  profit	5	5	31
Equity settled share based payments	-	-	6
(Increase) in debtors	(7)	(38)	(54)
(Decrease) in creditors	(1)	(4)	40
Net cash (outflow) / inflow from operating activities	(3)	(37)	(57)

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

6.             Web communications

Provisions of the 2006 Act which came into force in January 2007 enable companies to communicate with members by electronic and/or website communications. The New Articles allow communications to members in electronic form and, in addition, they also permit the Company to take advantage of the provisions relating to website communications. Before the Company can communicate with a member by means of a website communication, the relevant member must be asked individually by the Company to agree that the Company may send or supply documents or information to him by means of a website and the Company must either have received a positive response or have received no response within the period of 28 days beginning with the date on which the request was sent. The Company will notify the member (either in writing, or by other permitted means) when a relevant document or information is placed on the website and a member can always request a hard copy version of the document or information.

 

END

 

 

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