Interim Results

On-Line PLC
31 March 2005


Embargoed for release until 7.30a.m. Thursday 31st March 2005


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


      Unaudited Interim Results for the Six Months Ended 31 December 2004


On-line today announces unaudited interim results for the six months ended 31
December 2004.


Highlights:


•        Net profit before tax of £1.645M   (2003 : £38K loss )



•        Earnings per share of 21.6p  (2003 : 0.46p loss)



•        EBITDA up over 700% to £633K   (2003 : £77K )



•        Net assets grown nearly fourfold since June 2004 and sevenfold since
         December 2003 to £2.3M (2003 : £317K)



Michael Hodges, On-line's Chairman commented:


'These results show the potential that working with our investments can
generate. We have methodically rebuilt our balance sheet since the crash of 2000
and will continue to focus on adding assets to it through corporate
transactions. Our portfolio of investments is now well set for growth and we
expect them to build on their success. The company is in a much stronger
position than it has been in for many years and we are confident this trend will
continue.'


For further information, please contact:


On-line Plc

Michael Hodges, Chairman and Managing Director               020 8532 8918



On-line PLC

Chairman's Statement

Results

I am very pleased to report that our profit for the six months ended 31st
December 2004 reached £1.645M compared to a loss of £38K for the same period
last year. Earnings per share have also improved dramatically to 21.6p per share
from a loss of 0.46p per share last year.



These results have been helped by exceptional gains of £531K on disposal of
investments. Whilst classed as exceptional this activity is really part of our
core business and arose due to deemed disposals of our holdings in ALL IPO PLC
and ADVFN PLC where our holdings were diluted. In addition we benefited from our
share of ADVFN's exceptional gain arising on disposal of subsidiary also in
connection with ALL IPO.



Despite the exceptional items our main investment business performed very
strongly and we increased our EBITDA profit by over 700% to £633K compared to
£77K last year as can be seen from the table below:-


EBITDA - Earnings before interest, tax,                   6 months ended     6 months ended       Year ended
depreciation, amortisation and exceptional items
                                                        31 December 2004   31 December 2003     30 June 2004

                                                                   £'000              £'000            £'000

Profit / (loss) before tax - per accounts                          1,645               (38)              216

Exceptional items - profit on disposal of
investments                                                        (531)               (21)            (105)
                                                                   
Share of exceptional items of associate                            (613)                  -                -
Share of associate's other Ebitda adjustments                        134                126              264
Net interest                                                         (2)                 10                7

EBITDA                                                               633                 77              382



Operating Review



Since the period-end we have continued to keep our costs to a minimum level and
having eradicated all bank borrowings are starting to grow a healthy cash
balance by the realisation of our non-core current asset investments.



As we announced a few weeks ago, one of our fixed asset investments Smoking Gun
Entertainment Group Plc in which we own a 20% stake has been admitted to trading
on OFEX. This gives rise to an additional hidden value as this is recorded at
cost yet is currently worth £1M.



I am also very happy to report that ADVFN PLC, in which we hold a 24.8% stake,
has consolidated it's position as Europe's leading financial website and has
just announced record results with profits after tax of £2.36M, operating
profits of £113K for the first time, EBITDA that has more than doubled to £638K
and earnings per share of 0.56p. It also announced record user numbers, which
were up 50% to 450,000 compared to the previous year and it appears poised to
progress much further.



As announced in November we successfully restructured Akaei Plc, acquired All
Ipo Limited, raised additional funds and changed its name to ALL IPO PLC. Our
holding was diluted to just over 8% but is currently worth over £0.5M and we
believe it has a lot of potential. All IPO will make available, to private
investors, shares of companies that are coming to the market and wishing to
raise capital via the Internet. Retail investors will be able to participate
on-line in IPOs and other fundraisings by applying for new issues of shares
during an IPO via a fully on-line process.  It will allow investors to view
investment opportunities, apply for shares, pay and have their investments
confirmed in an end-to-end electronic process.



Prospects



ADVFN seems to be going from strength to strength and appears set to expand at a
much faster rate,

ALL IPO has been restructured and refinanced and looks to have a very exciting
future and Smoking Gun is a very interesting opportunity with a lot of future
potential of its own. With this portfolio of investments I believe we can look
to the future with great enthusiasm.



Michael Hodges

Chairman

30th March 2005


On-line PLC

Consolidated Profit and Loss Account
for the six months ended 31 December 2004


                                                    Six months ended     Six months ended     Year ended
                                                    31 December 2004     31 December 2003     30 June 2004
                                                    Unaudited            Unaudited            Audited
                                                    £'000                £'000                £'000

Turnover                                               16                   21                   51

Administrative expenses                              (65)                 (53)                   95

Operating (loss) / profit                            (49)                 (32)                  146

Share of operating profits / (losses) of associate     30                 (41)                 (28)

Gain on investments                                   518                   24                    -

Exceptional items: profits on disposal of             531                   21                  105
investments

Share of exceptional items of associate               613                    -                    -

                                                    1,643                 (28)                  223

Net interest                                            2                 (10)                  (7)

Profit / (loss) on ordinary activities before       1,645                 (38)                  216
taxation

Tax on profit / (loss) on ordinary activities           -                    -                    2

Profit / (loss) on ordinary activities after        1,645                 (38)                  218
taxation

Minority interest                                       6                    4                    8


Profit / (loss) retained for the year               1,651                 (34)                  226



Earnings / (loss) per ordinary share                21.6p              (0.46p)                 3.3p



On-line PLC

Consolidated Balance Sheets
at 31 December 2004



                                                    31 December 2004     31 December 2003     30 June 2004
                                                    Unaudited            Unaudited            Audited
                                                    £'000                £'000                £'000

Fixed assets                                                     
Investments                                         2,186                  737                  663
                                                    2,186                  737                  663

Current assets
Debtors                                                40                   24                   29
Investments                                            91                   71                  101
Cash at bank and in hand                               40                   43                    8
                                                      171                  138                  138
Creditors: amounts falling due within
one year                                             (58)                (596)                (235)

Net current (liabilities)/assets                      113                (458)                 (97)

Total assets less current liabilities               2,299                  279                  566

Minority interests                                      -                   38                   42

Net assets                                          2,299                  317                  608

Capital and Reserves
Called up share capital                             3,242                3,241                3,241
Share premium account                               2,205                2,202                2,202
Profit and loss account                           (3,148)              (5,126)              (4,835)
Shareholders funds                                  2,299                  317                  608



On-line PLC

Consolidated Cash Flow Statements
for the six months ended 31 December 2004


                                                    Six months ended     Six months ended     Year ended
                                                    31 December 2004     31 December 2003     30 June 2004
                                                    Unaudited            Unaudited            Audited
                                                    £'000                £'000                £'000

Net cash inflow / (outflow) from operating             28                (124)                (230)
activities

Returns on investment and servicing of finance
Interest paid                                           -                 (10)                 (11)

Taxation                                                -                   55                   55

Capital expenditure
Proceeds from sale of fixed asset investments           -                   57                  218

Net cash inflow / (outflow) before financing           28                 (22)                   32

Financing
Issue of ordinary share capital                         4                  118                  118
Share issue costs                                       -                 (20)                 (20)
Issue of shares to minority                             -                    -                   17
Loan repayments                                         -                 (57)                (102)

Net cash inflow from financing                          4                   41                   13

Increase in cash                                       32                   19                   45



On-line PLC

Statement of Total Recognised Gains and Losses
for the six months ended 31 December 2004


                                                    Six months ended     Six months ended     Year ended
                                                    31 December 2004     31 December 2003     30 June 2004
                                                    Unaudited            Unaudited            Audited
                                                    £'000                £'000                £'000

Profit / (loss) for the period                      1,651                 (34)                  226
Unrealised (loss) / gain on current asset            (10)                    -                   30
investments

Total recognised gains and losses for the period    1,641                 (34)                  256



On-line PLC

Notes to the interim statement
for the six months ended 31 December 2004


1. Earnings / (loss) per ordinary share

                                                  Six months ended     Six months ended     Year ended
                                                  31 December 2004     31 December 2003     30 June 2004

Profit / (loss) for the period              £'000            1,651                 (34)              226

Weighted average number of shares            '000            7,646                7,477            6,848
                                                                                                 
Earnings / (loss) per share                     P            21.6p              (0.46p)             3.3p



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



3. 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 2004 
   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.



4. Copies of this statement are being posted to shareholders shortly
   and will be available from the company's registered office at 642a Lea Bridge 
   Road, Leyton, London, E10 6AP.


                      This information is provided by RNS
            The company news service from the London Stock Exchange