16th Mar 2009 07:30
On-line PLC
('On-line' or 'the Company')
Unaudited Interim Results for the Six Months Ended 31 December 2008
On-line today announces unaudited interim results for the six months ended 31 December 2008.
Chairman's Statement
On-line has continued to work with its investments and has made a small operating profit for the six months up to December 08.
We have seen a drop in the value of our investments which in the current market conditions is to be expected. Smoking Gun de-listed from Plus markets but is to carry on its business.
Its de-listing from Plus has meant we have had to fully write down its value in accordance with our accounting standards, which has resulted in a loss of investments within the profit and loss account of £298k. This means it has been totally written off in our books despite the fact that it is still operating. The balance of the loss in investments within the profit and loss account relates to movements in the share price of ALLIPO plc
ADVFN PLC
ADVFN continued to do well and its numbers continue to grow with improvement on all fronts.
Loss before Tax - down 45% to £488,000 (2007: £887,000), Operating Loss - down 37% to £395,000
(2007: £631,000), ADVFN user numbers - up 25% to 1.5M (2007: 1.2M).
ADVFN has achieved this while the world's markets have struggled and the credit crunch bites. The world is a
huge potential market for ADVFN and slowly but surely it is growing into the opportunity and has demonstrated the resilience of the ADVFN platform and its business model.
ALL IPO PLC
The IPO market has been affected by what is happening with the world's financial problems which has meant that the flow of IPO's coming to the market has all but dried up for the time being.
The company continues to broaden its business offering in what are challenging market conditions.
The progress is steady and we are pleased that this is stabilising the business and its prospects.
Michael Hodges
Chairman
16th March 2009
Best regards
Michael Hodges
ADVFN PLC
Contacts:
|
Michael Hodges |
||
|
Francesca De Franco, PR |
020 7070 0932 |
|
|
Fiona Kindness, Grant Thornton UK LLP (Nominated Adviser) |
020 7728 3414 |
|
Profit and Loss Accounts
for the six months ended 31 December 2008
|
Six months ended |
Six months ended |
Year ended |
|
|
31 December 2008 |
31 December 2007 |
30 June 2008 |
|
|
Unaudited |
Unaudited |
Audited |
|
|
£'000 |
£'000 |
£'000 |
|
|
Turnover |
70 |
59 |
127 |
|
Administrative expenses |
(65) |
(55) |
(120) |
|
|
|||
|
Operating profit |
5 |
4 |
7 |
|
Amount written off on investments |
(310) |
(87) |
(144) |
|
Loss on ordinary activities before taxation |
(305) |
(83) |
(137) |
|
Tax on loss on ordinary activities |
- |
- |
- |
|
Loss on ordinary activities after taxation |
(305) |
(83) |
(137) |
|
Loss per ordinary share |
(3.98p) |
(1.08p) |
(1.79p) |
Balance Sheet
at 31 December 2008
|
31 December 2008 |
31 December 2007 |
30 June 2008 |
|
|
Unaudited |
Unaudited |
Audited |
|
|
£'000 |
£'000 |
£'000 |
|
|
Fixed assets |
|||
|
Investments |
859 |
928 |
871 |
|
Current assets |
|||
|
Debtors |
46 |
33 |
8 |
|
Investments |
- |
540 |
330 |
|
Cash at bank and in hand |
23 |
33 |
60 |
|
69 |
606 |
398 |
|
|
Creditors: amounts falling due within |
|||
|
one year |
(92) |
(97) |
(96) |
|
Net current (liabilities)/ assets |
(23) |
509 |
302 |
|
Total assets less current liabilities |
836 |
1,437 |
1,173 |
|
Capital and reserves |
|||
|
Called up share capital |
3,242 |
3,242 |
3,242 |
|
Share premium account |
2,205 |
2,205 |
2,205 |
|
Option valuation reserve |
11 |
11 |
11 |
|
Profit and loss account |
(4,622) |
(4,021) |
(4,285) |
|
Total shareholders funds |
836 |
1,437 |
1,173 |
Cash Flow Statements
for the six months ended 31 December 2008
|
Six months ended |
Six months ended |
Year ended |
|
|
31 December 2008 |
31 December 2007 |
30 June 2008 |
|
|
Unaudited |
Unaudited |
Audited |
|
|
£'000 |
£'000 |
£'000 |
|
|
Net cash (outflow) / inflow from operating activities |
(37) |
(13) |
14 |
|
(Decrease) / increase in cash |
(37) |
(13) |
14 |
Statement of Total Recognised Gains and Losses
for the six months ended 31 December 2008
|
Six months ended |
Six months ended |
Year ended |
|
|
31 December 2008 |
31 December 2007 |
30 June 2008 |
|
|
Unaudited |
Unaudited |
Audited |
|
|
£'000 |
£'000 |
£'000 |
|
|
Loss for the period |
(305) |
(83) |
(137) |
|
Unrealised loss on current asset investments |
(32) |
(360) |
(570) |
|
Total recognised gains and losses for the period |
(337) |
(443) |
(707) |
Notes to the interim statement for the six months ended 31 December 2008
1. Loss per ordinary share
|
Six months ended |
Six months ended |
Year ended |
||
|
31 December 2008 |
31 December 2007 |
30 June 2008 |
||
|
Loss for the period |
£'000 |
(305) |
(83) |
(137) |
|
Weighted average number of shares |
'000 |
7,662 |
7,662 |
7,662 |
|
Loss per share |
p |
(3.98)p |
(1.08p) |
(1.79p) |
2. Reserves
|
Profit and loss account |
Option valuation reserve |
Share premium account |
|
|
£'000 |
£'000 |
£'000 |
|
|
At 1 July 2008 |
(4,285) |
11 |
2,205 |
|
Unrealised loss on current asset investments |
(32) |
- |
- |
|
Loss retained for the period |
(305) |
- |
- |
|
At 31 December 2008 |
(4,622) |
11 |
2,205 |
3. Reconciliation of operating loss to net cash outflow from operating activities
|
Six months ended |
Six months ended |
Year ended |
|
|
31 December 2008 |
31 December 2007 |
30 June 2008 |
|
|
Operating profit |
5 |
4 |
7 |
|
(Increase) in debtors |
(38) |
(26) |
(1) |
|
(Decrease) in creditors |
(4) |
9 |
8 |
|
Net cash (outflow) / inflow from operating activities |
(37) |
(13) |
14 |
4. The directors do not recommend the payment of a dividend.
5. 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 2008 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
6. The interim financial information has been prepared in accordance with applicable accounting standards and under the historical cost convention. The principal accounting policies of the Company have remained unchanged from those set out in the Company's June 2008 Annual Report and Financial Statements.
7. 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/.
Related Shares:
OBC.L