ADVFN Regulatory News (AFN)

25 March 2015

ADVFN PLC

("ADVFN" or the "Company")

Unaudited Interim Results for the Six Months Ended 31 December 2014

ADVFN today announces its unaudited interim results for the six months ended 31 December 2014.

Chief Executive's Statement

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. Our cash position has also increased slightly compared to the same period last year. 

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.

These factors represent a broadening of our revenue potential across our markets as we develop our offerings to reach these wider audiences.

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 re-organised 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. We are hopeful that this will provide a good basis to add to shareholder value in 2015.

Share consolidation

At the Company's General Meeting held on 20 August 2014, the resolution to approve the share consolidation of existing issued Ordinary shares of £0.01 each in the capital of the Company to be consolidated into ordinary shares of £0.25 each ("Ordinary Shares"), was duly passed. The number of post consolidation Ordinary Shares is disclosed above, together with the restated loss per share amounts. In addition, the shares were to be subdivided into 1 ordinary share of par value 1 pence and 1 Deferred share of 24 pence par value; the Deferred shares were then cancelled. Finally, the par value was reduced from 1 pence to 0.2 pence. The number of post consolidation Ordinary Shares is disclosed together with the restated loss per share amounts (see note 3).

Financial performance

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

Clem Chambers

CEO

25 March 2015

For further information, please contact:

Clem Chambers,

ADVFN PLC CEO

0207 0700 909

Salmaan Khawaja

Jen Clarke

Jamie Barklem

Grant Thornton UK LLP (Nominated Adviser)

0207 383 5100

Consolidated statement of changes in equity

1. Legal status and activities

ADVFN Plc ("the Company") is principally involved in the development and provision of financial information primarily via the internet and the development and exploitation of ancillary internet sites.

The Company is a public limited liability company incorporated and domiciled in England and Wales. The address of its registered office is Suite 27, Essex Technology Centre, The Gables, Fyfield Road, Ongar, Essex, CM5 0GA.

The Company is quoted on the London Stock Exchange's AIM market under the ticker "AFN".

2. Basis of preparation

The unaudited consolidated 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 consolidated financial statements of the Group for the year ended 30 June 2014, which were prepared under IFRS as adopted by the European Union (EU).

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 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 Group's statutory accounts for the year to 30 June 2014 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.

The financial statements have been prepared on the going concern basis which assumes the Group will continue in existence for the foreseeable future. At 31 December 2014 the Group's cash balances amounted to £1.5 million and the forecasts indicate that this balance will be broadly maintained and then increase in the remainder of the financial year. Accordingly the directors have prepared these financial statements on the going concern basis.

3. Loss per share

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.

Restatement

The shares in issue for the 6 months to 31 December 2013 have been restated as a result of the share consolidation exercise at 1 new share for 25 old shares. This results in a change of the loss per share. The details of this exercise are given below.

3. Loss per share (continued)

Share consolidation

At the company's General Meeting held on 20 August 2014, the resolution to approve the share consolidation of existing issued Ordinary shares of £0.01 each in the capital of the company to be consolidated into Ordinary shares of £0.25 each, was duly passed. The number of post consolidation Ordinary shares is disclosed above together with the restated loss per share amounts. In addition, the shares were to be subdivided into 1 Ordinary share of par value 1p and 1 Deferred share of 24p par value; the Deferred shares were then cancelled. Finally, the par value was reduced from 1p to 0.2p.

4. Dividends

The directors do not recommend the payment of a dividend.

5. Financial statements

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. Electronic copies of this statement will be available on the Company's website at uk.advfn.com.