Half Yearly Report

RNS Number : 4831I

On-Line PLC

25 March 2015

 



On-line PLC

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

Unaudited Interim Results for the Six Months Ended 31 December 2014

On-line today announces its unaudited interim results for the six months ended 31 December 2014.

Chairman's Statement

Here are our interim accounts and statement. As previously reported, we are working hard to grow ADVFN which has made good progress in the past six months.

Below are a few extracts from ADVFN's interim statement:

ADVFN PLC

"I am pleased to announce a solid start to the new financial year with sales up 7.8 per cent. from  £4.46 million to  £4.8 million from the same period a year ago.

While sales growth has been good, we have won these gains against a background of markets which have ebbed and flowed. This result has therefore come from developments from the broad spread of our offerings, where successes compensate for any downward drift elsewhere.

Our growing newsletter business and new products in the US have been a highlight and we feel these offer strong potential for growth going forward as we roll them out into new territories.

We haven't suffered any disasters or witnessed any miracles in this half year but this period has represented a period of consistent progress as we continue to build on the ADVFN and Investorshub platform.

While doing so, we have reorganised our share capital and completed a US OTC QX market listing with an eye to exposing our huge US audience to the possibility of become shareholders in our company through US listed ADRs". 

Financial performance

Key financial performance for ADVFN for the period has been summarised as follows:

	Six Months ended	Six Months ended
	31 December 2014	31 December 2013
	£'000	£'000
Turnover	4,807	4,458
Loss for the period	(552)	(226)
Operating Loss	(647)	(342)
Loss per share	(2.19)p	(0.90p)

Michael Hodges

Chairman

25 March 2015

Enquiries:

Michael Hodges   [e-mail]

Salmaan Khawaja, Jen Clarke, Jamie Barklem     Grant Thornton UK LLP (Nominated Adviser)    0207 383 5100

On-line PLC

Profit and Loss Account

for the six months ended 31 December 2014

		Six months ended	Six months ended	Year ended
		31 December 2014	31 December 2013	30 June  2014
		Unaudited	Unaudited	Audited
		£'000	£'000	£'000
	Note
Turnover		48	36	78
Administrative expenses		(50)	(40)	(85)
Operating loss		(2)	(4)	(7)
Interest payable		-	-	(2)
Loss on ordinary activities before taxation		(2)	(4)	(9)
Tax on loss on ordinary activities		-	-	-
Loss on ordinary activities after taxation		(2)	(4)	(9)
Basic and diluted loss per ordinary share	2	(0.03)p	(0.05)p	(0.12)p
Diluted loss per ordinary share		(0.03)p	(0.05)p	(0.12)p

All operations are continuing.

There were no recognised gains or losses other than the profit or loss for the period.

On-line PLC

Balance Sheet

at 31 December 2014

		31 December 2014	31 December 2013	30 June  2014
		Unaudited	Unaudited	Audited
		£'000	£'000	£'000
	Note
Fixed assets
Investments		868	868	868
Current assets
Debtors		107	132	109
Creditors: amounts falling due within one year		(50)	(75)	(53)
Net current assets		57	57	56
Total assets less current liabilities		925	925	924
Capital and reserves
Called up share capital		3,242	3,242	3,242
Share premium account	3	2,205	2,205	2,205
Option valuation reserve	3	31	41	28
Profit and loss account	3	(4,553)	(4,563)	(4,551)
		925	925	924

On-line PLC

Cash Flow Statements

for the six months ended 31 December 2014

		Six months ended	Six months ended	Year ended
		31 December 2014	31 December 2013	30 June 2014
		Unaudited	Unaudited	Audited
		£'000	£'000	£'000
	Note
Net cash (outflow)/inflow from operating activities	4	-	(11)	20
(Decrease)/increase in cash		-	(11)	20
Net debt at the beginning of the period		(15)	(35)	(35)
Net debt at the end of the period		(15)	(46)	(15)

On-line PLC

Notes to the interim statement
for the six months ended 31 December 2014

1.             The unaudited interim financial information is for the six month period ended 31 December 2014.  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 2014, which were prepared under the historical cost convention 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 2014 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 2013 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.         Earnings per ordinary share

	Six months  ended	Six months ended	Year ended
	31 December 2014	31 December 2013	30 June 2014
	£'000	£'000	£'000
Loss for the period	(2)	(4)	(9)
Weighted average number of shares	7,662	7,662	7,662
Basic loss per share	(0.03)p	(0.05)p	(0.12)p

Where a loss occurs the diluted loss per share does not differ from the basic loss per share as the exercise of share options would have the effect of reducing the loss per share and is therefore not dilutive under the terms of IAS 33.

On-line PLC

Notes to the interim statement
for the six months ended 31 December 2014

3.         Reserves

	Share premium account	Option valuation reserve	Profit and loss account
	£'000	£'000	£'000
At 1 July 2014	2,205	28	(4,551)
Loss retained for the period	-	-	(2)
Option expense	-	3	-
At 31 December 2014	2,205	31	(4,553)

4.         Reconciliation of operating loss to net cash (outflow)/inflow from operating activities

	Six months ended	Six months ended	Year ended
	31 December 2014	31 December 2013	30 June  2014
	£'000	£'000	£'000
Loss on ordinary activity before taxation	(2)	(4)	(9)
Equity settled share based payments in the period	3	4	8
Decrease/(increase) in debtors	2	(11)	12
(Decrease)/increase in creditors	(3)	-	9
Net cash (outflow)/inflow from operating activities	-	(11)	20

5.         The directors cannot recommend the payment of a dividend.

6.         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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