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LONDON (Alliance News) - On-Line PLC, the largest single shareholder of financial information website ADVFN PLC with 18.32%, said Wednesday swung to a pretax loss of GBP11,000 in the financial year ended June 30 from a profit of GBP23,000 the year before.
Revenue dropped to GBP91,000 from GBP160,000.
Last month, ADVFN had said its own pretax losses narrowed in the same period, despite declining revenues. ADVFN posted full year revenues of GBP8.1 million, down from GBP8.5 million in the previous year. Pretax losses were GBP776,000, narrowed from GBP1.5 million. Administration expenses decreased to GBP8.6 million from GBP9.6 million in the previous year.
On-Line said Wednesday it will continue to work with ADVFN to help develop its business, while at the same time looking for new investment opportunities.
On-Line closed down 9.1% Wednesday at 15.00 pence per share. ADVFN ended off 4.6% at 2.60p.
By Tom Waite; thomaslwaite@alliancenews.com; @thomaslwaite
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