30th Mar 2007 12:30
On-Line PLC30 March 2007 Embargoed for release until 30th March 2007 On-line PLC ('On-line' or 'the Company') Unaudited Interim Results for the Six Months Ended 31 December 2006 On-line today announces unaudited interim results for the six months ended 31December 2006. Chairman's Statement As a shareholder in On-line, you will know that the company's primary focus isits investments. Our efforts are concentrated on helping these to grow andbecome not just leaders in their field, but investments with real value. You will see that we have made a loss of £211,000 in the period, which ispredominantly due to £207,000 being written off our investments. This related toour investment in ALL IPO in which the share price fell over the period andunder accounting conventions is required to be stated at the lower of cost andnet realisable value. It is worth noting however that accounting conventions donot allow us to include a similar uplift in the value of ADVFN which has amarket value of over £2M more than the cost at which it is included within thebalance sheet. ADVFN PLC ADVFN has increased its turnover by 45.6% for the last six months to £2.644Mcompared to the same period last year. This continued growth is of course greatnews but more importantly, ADVFN is now moving to its next stage and is on trackto become cash flow positive by the end of this year. Having spent the last fewyears developing its platform it now appears that this hard work will start toreap the rewards expected. In addition to the ADVFN site with its core share information and bulletin boardbusiness, there are now several other properties under the ADVFN umbrella thatare all helping the group achieve profitability: Equity Development Ltd, one ofthe UK's leading independent research companies, InvestorsHub and SiliconInvestor, USA-based stocks and shares web sites; CupidBay - a dating website andFotothing, a photo blogging site. . Subscriptions and advertising sales are at an all time high and as new productsare added and the quality increases these numbers continue to grow. InvestorsHuband Silicon Investor are now very much assimilated into ADVFN and the team inthe US are very keen to see the integration of ADVFN's products into the sites.This has already started with Silicon Investor and received a warm welcome fromits user base, which bodes well for future developments. We believe that ADVFN has a strong stable of products and businesses and a teamfocused on the next phase of its life. ALL IPO PLC ALL IPO has also made great steps forward. Though not yet revenue-generating, ithas worked very hard to build up important alliances with brokers andinstitutions. This has resulted in an increase in the flow of products that havebeen made available to private investors. It recently started its ALL IPOdiscretionary service, which enables members to fund an account and have ALL IPOand Redmayne-Bentley manage a portfolio of IPOs for them. By utilisingRedmayne's discretionary managers and ALL IPO's ability to source IPOopportunities, the service provides a route for private investors to access theIPO market. ALL IPO has also expanded its offering to include secondaries andbonds. The next year will see the company broaden its scope and start to make awider selection of financial products available to its clients which now numberin the thousands. Michael Hodges Chairman 30th March 2007 On-line PLC Profit and Loss Accounts for the six months ended 31 December 2006 Six months ended Six months ended Year ended 31 December 2006 31 December 2005 30 June 2006 Unaudited Unaudited Audited £'000 £'000 £'000 Turnover 27 19 36 Administrative expenses (31) (31) (54) Operating loss (4) (12) (18) Amount written off of investments (207) - (85) Net interest - - - Loss on ordinary activities before taxation (211) (12) (103) Tax on loss on ordinary activities - - - Loss on ordinary activities after taxation (211) (12) (103) Loss per ordinary share (2.75p) (0.16p) (1.3p) On-line PLCBalance Sheetsat 31 December 2006 31 December 2006 31 December 2005 30 June 2006 Unaudited Unaudited Audited £'000 £'000 £'000 Fixed assetsInvestments 1,081 1,373 1,288 Current assetsDebtors 58 60 56Investments 796 1,002 794Cash at bank and in hand 21 21 27 875 1,083 877 Creditors: amounts falling due withinone year (82) (73) (82) Net current assets 793 1,010 795 Total assets less current liabilities 1,874 2,383 2,083 Capital and reservesCalled up share capital 3,242 3,242 3,242Share premium account 2,205 2,205 2,205Option valuation reserve 59 - -Profit and loss account (3,632) (3,064) (3,364) Total shareholders funds 1,874 2,383 2,083 On-line PLCCash Flow Statementsfor the six months ended 31 December 2006 Six months ended Six months ended Year ended 31 December 2006 31 December 2005 30 June 2006 Unaudited Unaudited Audited £'000 £'000 £'000 Net cash (outflow) / inflow from operating (6) 21 (4)activities Capital expenditurePurchase of current asset investments - (48) (49)Loans made to other entities - - 32 - (48) (17) Net cash outflow before financing (6) (27) (21) FinancingIssue of ordinary share capital - - - Net cash inflow from financing - - - Decrease in cash (6) (27) (21) On-line PLCStatement of Total Recognised Gains and Lossesfor the six months ended 31 December 2006 Six months ended Six months ended Year ended 31 December 2006 31 December 2005 30 June 2006 Unaudited Unaudited Audited £'000 £'000 £'000 Loss for the period (211) (12) (103) Unrealised gain / (loss) on current asset 2 - (209)investments Total recognised gains and losses for the period (209) (12) (312) On-line PLCNotes to the interim statementfor the six months ended 31 December 2006 1. Loss per ordinary share Six months ended Six months ended Year ended 31 December 2006 31 December 2005 30 June 2006 Loss for the period £'000 (211) (12) (103) Weighted average number of shares '000 7,662 7,662 7,662 Loss per share p (2.75p) (0.16p) (1.3p) 2. Reserves Profit and loss Option valuation Share premium account reserve account £'000 £'000 £'000 At 1 July 2006 (3,364) - 2,205 Prior year adjustment re FRS20 option valuations (59) 59 - Unrealised gain on investments 2 - -Loss retained for the period (211) - At 31 December 2006 (3,632) 59 2,205 3. Reconciliation of operating loss to net cash outflow fromoperating activities Six months ended Six months ended Year ended 31 December 2006 31 December 2005 30 June 2006 Operating loss (4) (12) (18)Decrease / (increase )in debtors (2) 35 7Increase / (decrease) in creditors - (2) 7 Net cash outflow from operating activities (6) 21 (4) 4. The directors do not recommend the payment of a dividend. 5. The financial information contained in this document does notconstitute statutory accounts within the meaning of Section 240 of the CompaniesAct 1985. The financial information for the year ended 30 June 2006 is extractedfrom the audited financial statements for that period on which the auditors gavean unqualified report. A copy of those financial statements has been filed withthe Registrar of Companies 6. The interim financial information has been prepared in accordancewith applicable accounting standards and under the historical cost convention.The principal accounting policies of the Company have remained unchanged fromthose set out in the Company's June 2006 Annual Report and Financial Statementsexcept for the adjustments resulting from the adoption of FRS20 in the period asdescribed below. The Company has adopted FRS20 with effect from 1 July 2006.FRS20 requires the recognition of a charge to the profit and loss account forall applicable share based payments, including share options. The Company hasequity-settled share based payments but no cash-settled share based payments.All share based payments awards granted after 7 November 2002 which had notvested prior to 1 July 2006 are recognised in the financial statements at theirfair value at the date of grant. As vesting periods and non-market based vesting conditionsapply, the expense is allocated over the vesting period, based on the bestavailable estimate of share options expected to vest. Estimates are revisedsubsequently if there is any indication that the number of share optionsexpected to vest differs from previous estimates. Any cumulative adjustmentprior to vesting is recognised in the current period. All equity-settled sharebased payments are ultimately recognised as an expense in the profit and lossaccount with a corresponding credit to the option valuation reserve. The adoption of FRS20 requires a prior period adjustment to bemade for awards granted before 1 July 2006. This has created an opening balancewithin the option valuation reserve at 1 July 2006 of £59,000. 7. Copies of this statement are being posted to shareholders shortlyand will be available from the company's registered office at Suite 27, Essex Technology Centre, TheGables, Fyfield Road, Ongar, Essex, CM5 0GA. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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