OBC.L Regulatory News (OBC)

19 Dec 2006 13:30

On-Line PLC19 December 2006 Embargoed for release until 1.30 pm 19th December 2006 On-line PLC ('On-line' or 'the Company') Preliminary Results for the Year Ended 30 June 2006 On-line today announces preliminary results for the year ended 30 June 2006. For further information, please contact: On-line PlcMichael Hodges, Chairman and Managing Director mikeh@advfn.com On-line PLC Chairman's Statement You will notice that our results for this year are shown for the Company,whereas previously figures were consolidated for the Group. This change is dueto accounting requirements as we no longer have any operating subsidiaries; withall of our investments now being either associates or trade investments. In the past year we have been busy working with our investments, which, I'mhappy to report have been developing to plan. ADVFN Plc ADVFN has undergone a transformation; it is no longer solely a UK-centric stocksand shares website. It has geo-targeted, native language versions of the sitein Italy, Japan, Brazil, Germany, France, India and the USA. ADVFN is operatingon a global basis, while enjoying the cost benefits of managing its sitesin-house. ADVFN has now become an international brand. Its tactics are to address familiarmarkets from London and partner in territories such as Japan and Brazil which,although exciting and potentially lucrative, are hard for it to approachdirectly. It has made acquisitions when opportunities have arisen and is now ina position where it has all the pieces in place to grow in territories it hasalready entered and can replicate this model in new global markets. Since the year end ADVFN has made big strides towards its growth strategy bybuying InvestorsHub.com and Silicon Investor - two top five online investmentcommunity websites in the North American market which have over 100 millioncombined monthly page views. Equity Holdings Limited, which was acquired by ADVFN in February of this year,has exceeded its first turnover milestone, in respect of the financial year toJune 2006. Equity Development's core product is high quality equity research.Their profitable financial year saw a rise of over 40% in the number ofcompanies paying for this product. In addition, Equity Development was able toexpand its range of services approved by the FSA and became an authorisedCorporate Adviser for companies on the thriving PLUS Markets exchange. All IPO Plc All IPO Plc achieved FSA regulatory authorisation in August 2005 and LSEmembership in May 2006, and has since focused on building up both customer baseand profile with investment banks and brokers in the City. As it has beenintroducing City investment banks to its platform it has had the opportunity tomake various IPOs available to its growing user base of private investors andconsequentially has linked up with Stocktrade and Etrade to bring the All IPOplatform to their customers. The British Government has stated that it wishes to privatise many of itsshareholdings in enterprises such as the Tote and British Energy and All IPO isworking hard to win inclusion for the private investor via the All IPO platform. Since the year end All IPO has launched an IPO discretionary service jointventure with Redmayne Bentley Stockbrokers. By combining All IPO's platform andtechnical skills with Redmayne Bentley's award winning discretionary investmentmanagement, it should significantly broaden the spectrum of IPO investments towhich the private investor can gain exposure and we are excited about it'sprospects. Michael HodgesChairman19 December 2006 On-line PLCProfit and Loss Accountfor the year ended 30 June 2006 Note 2006 2005 £'000 £'000 Turnover 36 31 Administrative expenses (54) - Operating (loss)/profit (18) 31 Profit on sale of investments - 25Amount (written off)/written back on (85) 728investmentsNet interest - (1) (Loss)/profit on ordinary activities (103) 783before taxation Tax on (loss)/profit on ordinary - -activities (Loss)/profit on ordinary activities (103) 783after taxation (Loss)/earnings per ordinary share 2Basic (1.3)p 10.2pDiluted (1.3)p 9.5p All operations are continuing. On-line PLCBalance Sheetat 30 June 2006 2006 2005 Note £'000 £'000 Fixed assetsInvestments 1,288 1,373 Current assetsDebtors 56 95Investments 794 954Cash at bank and in hand 27 48 877 1,097Creditors: amounts falling due within (82) (75)one year Net current assets 795 1,022 Total assets less current liabilities 2,083 2,395 Capital and reservesCalled up share capital 3,242 3,242Share premium account 2,205 2,205Profit and loss account (3,364) (3,052)Shareholders' funds 3 2,083 2,395 The financial statements were approved by the Board of Directors on 19 December 2006. On-line PLCCash Flow Statementfor the year ended 30 June 2006 2006 2005 Notes £'000 £'000 Net cash (outflow)/inflow from operating 4 (4) 115activities Returns on investment and servicing offinanceInterest paid - (1) Capital expenditure and financial investmentPurchase of investments (49) -Loans repaid to/(paid to) other entities 32 (78) (17) (78) Net cash inflow before financing (21) 36 FinancingIssue of ordinary share capital - 4Net cash inflow from financing - 4 (Decrease)/increase in cash 5,6 (21) 40 Statement of Total Recognised Gains and Lossesfor the year ended 30 June 2006 2006 2005 £'000 £'000 (Loss)/profit for the financial year (103) 783Unrealised (loss)/gain on current asset (209) 694investmentsTotal recognised gains and losses for the year (312) 1,477 On-line PLCNotes for the year ended 30 June 2006 1. General The financial information herein does not constitute statutory accounts asdefined in section 240 of the Companies Act 1985. The financial information hasbeen extracted from the group's 2005 statutory financial statements upon whichthe auditors reported on 19 December 2006. Their opinion is unqualified and doesnot include any statement under section 237 of the Companies Act 1985. Copies of the annual report are being posted to shareholders and copies will beavailable from the company's registered office at Suite 27, Essex TechnologyCentre, The Gables, Fyfield Road, Ongar, Essex, CM5 0GA. 2. (Loss)/earnings per ordinary share The calculation of the basic earnings or loss per share is based on the earningsattributable to ordinary shareholders divided by the weighted average numbers ofshares in issue during the year. The calculation of diluted earnings per share is based on the basic earnings pershare, adjusted to allow for the issue of shares and the post tax effect ofdividends and/or interest, on the assumed conversion of all dilutive options andother dilutive potential ordinary shares. Reconciliations of earnings and weighted average number of shares used in thecalculation are set out below. 2006 2005 Number of Earnings Number of Earnings Loss shares per share Profit shares per share £'000 '000 p £'000 '000 P (Loss)/profit for the year (103) 783Weighted average number of shares 7,662 7,654Basic earnings per share (1.3)p 10.2p Number of shares under option - 990Number of shares that would have - (448)been issued at average marketvalueDiluted earnings per share (103) 7,662 (1.3)p 783 8,196 9.5p There is no diluted loss per share as the options are anti-dilutive. 3. Reconciliation of movements in shareholders' funds 2006 2005 £'000 £'000 (Loss)/profit for the financial year (103) 783Unrealised (loss)/profit on investments (209) 694Receipts from issue of shares - 4Net (decrease)/increase in shareholders' funds in the (312) 1,481yearShareholders' funds at 1 July 2005 2,395 914Shareholders' funds at 30 June 2006 2,083 2,395 4. Reconciliation of operating profit to net cash outflow fromoperating activities 2006 2005 £'000 £'000 Operating (loss)/profit 18) 31Decrease in debtors 7 3Increase in creditors 7 81Net cash (outflow)/inflow from operating (4) 115activities 5. Reconciliation of net cash flow to movement in net funds 2006 2005 £'000 £'000 (Decrease)/increase in cash for the year (21) 40Movement in net funds in the year (21) 40Net funds at 1 July 2005 48 8Net funds at 30 June 2006 27 48 6. Analysis of movement in net debt At Cash flow At 1 July 30 June 2006 2005 £'000 £'000 £'000 Cash in hand and at bank 48 (21) 27 This information is provided by RNS The company news service from the London Stock Exchange