Preliminary Year End Results

ADVFN PLC
15 October 2003


Embargoed for release until 7.30 a.m.15th October 2003



                                    ADVFN PLC
                           ('ADVFN' or 'the Company')

              Preliminary Results for the Year Ended 30 June 2003

ADVFN, the UK's leading on-line resource for financial information for private
investors, today announces preliminary results for the year ended 30 June 2003.

Highlights:

• EBITDA profits for the first time of £404K (2002: £355K loss)
• Cash burn almost eliminated down 91% to £200K (2002: £2.4M)
• Revenues up by 38% to £2.3 million (2002: £1.6M)
• Net loss per ordinary share reduced by 69% to 0.26p (2002: 0.83p loss)
• Net loss before tax reduced by 51% to £1.2M (2002: £2.5M)


Clement Chambers, Managing Director of ADVFN commented:

'Our results for the year are very encouraging especially having turned around
our EBITDA into a profit for the first time, all but eliminated our cash burn
and continued our strong growth in turnover. This leads me to be very excited
about our prospects for the future.'


For further information, please contact:

ADVFN
Clement Chambers, Managing Director      [e-mail]         020 7070 0948
Michael Hodges, Chairman                 [e-mail]         020 7070 0946
Francesca De Franco, PR                  [e-mail]    020 7070 0932




Chairman's Statement

Progress has been robust in the year to June 2003, with turnover for the year
continuing to grow strongly to £2.3M from £1.6M last year, loss after tax
reduced to £0.91M from £2.48M and more importantly our EBITDA improved ahead of
expectations by £759K to a profit of £404K against a loss last year of £355K.

Our membership and advertising revenue grew healthily during one of the worst
stock market down turns in memory.

We have rolled out our plans building a business that is now the leading
destination on the Internet for the UK private investor. Measured as 20% of all
visits on the UK Internet by private investors seeking stocks and shares
information and as nearly a third of the overall traffic in this category;
ADVFN's position as number one Stocks and Shares Website was underlined by
winning 'Best Investment Website' in the Investors Chronicle Awards 2003.

It would be brave to say that the market has turned, but indications since the
Iraq War suggest a significant improvement in sentiment. The timing of this
improvement means the upturn is barely recognised in these figures and leads us
to be very positive about the current year.

ADVFN will continue to broaden its offerings and product range and is positioned
to aggressively exploit a return of more benign market conditions.

2003 has been a strong year for ADVFN, I would like to thank all of our staff
for their hard work and effort and believe we can all look forward to a buoyant
2004.


Michael J Hodges
Chairman
14 October 2003


Managing Director's Review

Operating Review

Turnover for the year to the end of June 2003 was £2.3M up from £1.6M for the
previous year - a 38 percent growth in income. Net losses before tax were
reduced by 51% to £1.2M from £2.5M last year and loss per ordinary share was
reduced by 69% to 0.26p from 0.83p.

Our EBITDA has improved substantially, surpassing even our own high
expectations, moving to a profit of £404K from a loss of £355K as can be seen
from the table below:



EBITDA - Earnings before interest, tax, depreciation,      2003          2002
amortisation and  exceptional items                       £'000         £'000

EBITDA                                                      404         (355)


These results are very encouraging as they have been obtained despite the
continuance of realistically prudent policies with regard to the depreciation
and impairment of Website development costs including the writing off where
appropriate of significant research and development expenditure.


EBITDA - Earnings before interest, tax, depreciation,      2003          2002
amortisation and  exceptional items                       £'000         £'000

Loss before tax - per financial statements              (1,218)       (2,479)
Amortisation                                                329           309
Exceptional item - Impairment                               352         1,359
Depreciation                                                944           453
Net interest                                                (3)             3

EBITDA                                                      404         (355)



We are also pleased to highlight that our net cash outflow has almost been
eliminated, down 91% to £200K this year from £2.4M last year.

The addition of new features, functionality and products has seen ADVFN increase
its revenue per head as well as its revenue base of subscribers and advertisers.
It has also expanded our potential markets dramatically. Additions including
Foreign Exchange, Covered Warrants, Futures and Options and Ofex have further
enhanced the value proposition to advertisers and are attracting a wider
audience, while stimulating subscriptions. This ongoing process of development
has fed back into strong growth in sales of subscription and advertising. This
bodes well for the coming year.

The second half of the year has seen a new focus on our business processes and
our costs have been held at bay so that revenue from growth is pushed to the
bottom line making us a leaner and more dynamic operation.

Current Trading

The ADVFN brand continues to strengthen through solid product enhancement and
consistent marketing and this has gone hand in hand with our revenue growth. 
ADVFN remains the leading destination for UK private investors on the Web and 
is fast becoming a valuable brand.

ADVFN is now appearing on the 'radar' of private investors in the US, as we chip
away at this market in our incremental style. This process has an added spin-off
of bringing with it an influx of non-US international users. We are now 
generating significant income for ADVFN from the US, which is encouraging when
we are just scratching the surface of the opportunity. While US traffic is fast
approaching 20% of ADVFN usage, the potential is many fold higher. However
excited we may be at this progress, we continue to approach this market in a
risk averse way and expect to gain further market share piece by piece.

ADVFN's business model remains robust with both subscription and advertising
revenue rising. ADVFN is an excellent medium for advertisers as shown by our
consistently high levels of rebooking. ADVFN's subscription platform has been
expanded so in addition to an increase in ADVFN products it can retail third
party services such as the recently introduced Quantigma packages.

Prospects

2003 is proving to be an exciting year. The first half saw us operating at
record levels of sales while enjoying further strong growth. Our targets are
simple: Grow our income, control costs and improve our product. While I will not
be foolhardy and call the market, it must be said that the recent weeks of rally
have shown a very promising increase in demand for ADVFN subscriptions. This
heightened demand has run alongside this current bull market phase. If the
historic bear market we have experienced since 2000 is exhausted, then our
recent experience suggests the prospects for ADVFN are very exciting.

In any event, we believe we can continue to make strong progress over the coming
year. I would like to take this opportunity once again to thank the staff of
ADVFN, as our progress remains the fruit of their labour.


Clement Chambers
Managing Director
14 October 2003




Consolidated Profit and Loss Account
for the year ended 30 June 2003


                                            2003      2003      2002      2002
                                   Notes   £'000     £'000     £'000     £'000

Turnover                                             2,264               1,640

Cost of sales                                          (74)                (57)

Gross profit                                         2,190               1,583

Administrative expenses
Exceptional item - impairment               (352)             (1,359)
loss
Other administrative expenses              (2,921)            (2,700)
Total administrative expenses                       (3,273)             (4,059)

Operating loss                                      (1,083)             (2,476)

Amounts written off investments                       (138)                  -
                                                    (1,221)             (2,476)

Net interest                                             3                  (3)

Loss on ordinary activities                         (1,218)             (2,479)
before taxation

Tax on loss on ordinary                                304                   -
activities

Loss on ordinary activities after                     (914)             (2,479)
taxation


Loss per ordinary share                2             (0.26p)             (0.83p)



All operations are continuing.

There were no recognised gains or losses other than the loss for the financial
year.





Balance Sheets
at 30 June 2003
                                            Group    Group   Company   Company
                                             2003     2002      2003      2002
                                   Notes    £'000    £'000     £'000     £'000

Fixed Assets
Intangible assets                             801    1,257       801         -
Tangible assets                               854    1,113       854       519
Investments                                    62        -        62       116
                                            1,717    2,370     1,717       635

Current Assets
Debtors                                       710      450       710     2,036
Cash at bank and in hand                      621      261       621       253
                                            1,331      711     1,331     2,289
Creditors: amounts falling due
within
one year                                     (627)    (670)     (627)     (734)

Net current assets                            704       41       704     1,555
Total assets less current                   2,421    2,411     2,421     2,190
liabilities

Capital and Reserves
Called up share capital                     4,059    3,271     4,059     3,271
Share premium account                       3,926    3,790     3,926     3,790
Profit and loss account                    (5,564)  (4,650)   (5,564)   (4,871)

Shareholders' funds - equity           3    2,421    2,411     2,421     2,190



The financial statements were approved by the Board of Directors on 14 October
2003.



Consolidated Cash Flow Statement
for the year ended 30 June 2003
                                                                2003      2002
                                                      Notes    £'000     £'000

Net cash inflow/(outflow) from
operating activities                                      4      593      (334)

Returns on investment and
servicing of finance
Interest received                                                  8         1
Interest paid                                                     (5)       (4)
                                                                   3        (3)

Capital expenditure
Payments to acquire tangible fixed assets                       (804)     (776)
Payments to acquire intangible fixed assets                        -    (1,300)
                                                                (804)   (2,076)

Net cash outflow before financing                               (208)   (2,413)

Financing
Issue of ordinary share capital                                  626     2,304
Share issue costs                                                (52)      (84)
Capital element of hire purchase contracts repaid                 (6)       (8)
Net cash inflow from financing                                   568     2,212

Increase/(decrease) in cash                               5      360      (201)



Notes for the year ended 30 June 2003

1.    General

The financial information herein does not constitute statutory accounts as
defined in section 240 of the Companies Act 1985.

The financial information has been extracted from the group's 2003 statutory
financial statements upon which the auditors reported on 14 October 2003. Their
opinion is unqualified and does not include any statement under section 237 of
the Companies Act 1985. The accounts have been prepared in accordance with
applicable accounting standards and under the historical cost convention. The
principal accounting policies of the group have remained unchanged from the
previous annual report.

Copies of the annual report are being posted to shareholders and copies will be
available from the company's registered office at 642a Lea Bridge Road, Leyton,
London, E10 6AP.


2.    Loss per ordinary share

                                      2003                       2002
                                    Number     Loss            Number     Loss
                                        of      per                of      per
                            Loss    shares    share    Loss    shares    share 
                           £'000      '000        p   £'000      '000        p

Loss for the year           (914)                     (2,479)
Weighted average number            350,253                    297,522
of shares
Loss per share                                (0.26p)                    (0.83p)


The options are anti-dilutive so there is no diluted loss per share.



3.    Reconciliation of movements in shareholders' funds

                                                             2003         2002
                                                            £'000        £'000

Loss for the financial year                                  (914)      (2,479)
Exchange differences                                            -           (3)
Net receipts from issues of shares                            924        2,220
Net increase/(decrease) in shareholders' funds                 10         (262)
Shareholders' funds at 1 July                               2,411        2,673
Shareholders' funds at 30 June                              2,421        2,411


4.    Reconciliation of operating loss to net cash inflow/(outflow)
from operating activities

                                                              2003        2002
                                                             £'000       £'000

Operating loss                                              (1,083)     (2,476)
Loss on disposal of assets                                       -          10
Exchange differences                                            44          (3)
Exceptional item - impairment loss                             352       1,359
Amortisation                                                   329         309
Depreciation                                                   944         453
Decrease in debtors                                             44          72
Decrease in creditors                                          (37)        (58)
Net cash inflow/(outflow) from operating activities            593        (334)


5.    Reconciliation of net cash flow to movement in net funds
                                                                 2003    2002
                                                                £'000   £'000

Increase/(decrease) in cash for the year                          360    (201)
Cash outflow from capital repayments of hire purchase               6       8
agreements
Movement in net cash in the year                                  366    (193)
Net funds at 1 July                                               255     448
Net funds at 30 June                                              621     255


6.    Analysis of movements in net funds

                             At 1 July 2002       Cash flow    At 30 June 2003
                                      £'000           £'000              £'000

Cash in hand and at bank                261             360                621
Hire purchase                            (6)              6                  -
                                        255             366                621




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