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15 Mar 2013 17:15
On-line PLC
('On-line' or 'the Company')
Unaudited Interim Results for the Six Months Ended 31 December 2012
On-line today announces unaudited interim results for the six months ended 31 December 2012.
Chairman's Statement
Here are our interim accounts and statement. As you know we are working to push ADVFN which has made good progress in the past 6 months.
Below are a few extracts from its interim statement:
ADVFN PLC
ADVFN's half year to the end of December 2012 represents another strong showing against a backdrop that has been far from ideal. Its bottom line performance is much improved and is a result of raising prices and trimming costs to meet prevailing conditions.
Its regional diversification has worked in its favour to turn in a top line performance broadly in line with the previous year, once turnover from discontinued business is taken into account. With equity market conditions in 2012 at historically low activity levels, this underlines the robust nature of its income streams and the significant upside when we see the end of these hard economic times.
2013 has started well and it is hoping that the market rallies which we have enjoyed in the latter part of 2012 will continue this year and mark the beginning of a new equity cycle.
Financial performance
Key financial performance for the period has been summarised as follows:
Six Months ended | Six Months ended | |
31 December 2012 | 31 December 2011 | |
£'000 | £'000 | |
Turnover ( Discontinued operations ) ( Continuing operations ) | 16 4,046 | 317 4,267 |
Loss for the period | (312) | (919) |
Operating Loss | (416) | (971) |
Loss per share | (0.05p) | (0.15p) |
Michael Hodges
Chairman
15 March 2012
Contacts:
Michael Hodges mikeh@on-line.co.uk
Gerry Beaney/ Salmaan Khawaja 0207 383 5100 Grant Thornton UK LLP (Nominated Adviser)
On-line PLC
Profit and Loss Account
for the six months ended 31 December 2012
Six months ended | Six months ended | Year ended | ||
31 December 2012 | 31 December 2011 | 30 June 2012 | ||
Unaudited | Unaudited | Audited | ||
£'000 | £'000 | £'000 | ||
Note | ||||
Turnover | 57 | 86 | 160 | |
Administrative expenses | (62) | (64) | (137) | |
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| |
(Loss)/profit on ordinary activities before taxation | (5) | 22 | 23 | |
Tax on (loss)/profit on ordinary activities | - | - | - | |
(Loss)/profit on ordinary activities after taxation | (5) | 22 | 23 | |
|
|
| ||
Basic (loss)/profit per ordinary share | 2 | (0.07)p | 0.29p | 0.30p |
Diluted (loss)/profit per ordinary share | (0.07)p | 0.29p | 0.29p |
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 2012
31 December 2012 | 31 December 2011 | 30 June 2012 | ||
Unaudited | Unaudited | Audited | ||
£'000 | £'000 | £'000 | ||
Note | ||||
Fixed assets | ||||
Investments | 868 | 868 | 868 | |
Current assets | ||||
Debtors | 116 | 145 | 149 | |
Cash at bank and in hand | - | - | - | |
116 | 145 | 149 | ||
Creditors: amounts falling due within | ||||
one year | (56) | (87) | (87) | |
Net current assets | 60 | 58 | 62 | |
Total assets less current liabilities | 928 | 926 | 930 | |
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 | 34 | 28 | 31 |
Profit and loss account | 3 | (4,553) | (4,549) | (4,548) |
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|
| ||
Shareholders' funds | 928 | 926 | 930 |
On-line PLC
Cash Flow Statements
for the six months ended 31 December 2012
Six months ended | Six months ended | Year ended | ||
31 December 2012 | 31 December 2011 | 30 June 2012 | ||
Unaudited | Unaudited | Audited | ||
£'000 | £'000 | £'000 | ||
Note | ||||
Net cash inflow/(outflow) from operating activities | 4 | 23 | (56) | (51) |
Increase/(decrease) in cash | 23 | (56) | (51) | |
(Net debt)/Cash at the beginning of the period | 4 | (50) | - | 1 |
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| ||
Net debt at the end of the period | (27) | (56) | (50) |
On-line PLC
Notes to the interim statementfor the six months ended 31 December 2012
1. The unaudited interim financial information is for the six month period ended 31 December 2012. 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 2012, 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 2012 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 2012 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. (Loss)/earnings per ordinary share
Six months ended | Six months ended | Year ended | |
31 December 2012 | 31 December 2011 | 30 June 2012 | |
£'000 | £'000 | £'000 | |
(Loss)/profit for the period | (5) | 22 | 23 |
Weighted average number of shares | 7,662 | 7,662 | 7,662 |
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|
| |
Basic (loss)/earnings per share | (0.07)p | 0.29p | 0.30p |
Shares | Shares | Shares | |
Weighted average number of shares | 7,662 | 7,662 | 7,662 |
Dilutive effect of options | - | 46 | 245 |
Weighted average number of shares for diluted earnings per share | 7,662 | 7,708 | 7,907 |
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| |
Diluted (loss)/earnings per share | (0.07)p | 0.29p | 0.29p |
On-line PLC
Notes to the interim statementfor the six months ended 31 December 2012
3. Reserves
Share premium account | Option valuation reserve | Profit and loss account | |
£'000 | £'000 | £'000 | |
At 1 July 2012 | 2,205 | 31 | (4,548) |
Loss retained for the period | - | - | (5) |
Option expense | - | 3 | - |
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| |
At 31 December 2012 | 2,205 | 34 | (4,553) |
4. Reconciliation of operating (loss)/profit to net cash inflow/(outflow) from operating activities
Six months ended | Six months ended | Year ended | |
31 December 2012 | 31 December 2011 | 30 June 2012 | |
£'000 | £'000 | £'000 | |
(Loss)/profit on ordinary activity before taxation | (5) | 22 | 23 |
Equity settled share based payments in the period | 3 | 4 | 7 |
(Increase)/decrease in debtors | 33 | (64) | (68) |
Decrease in creditors | (8) | (18) | (13) |
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Net cash inflow/(outflow) from operating activities | 23 | (56) | (51) |
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/.
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