Half Yearly Report

RNS Number : 1719A

On-Line PLC

15 March 2013

 

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 [e-mail]

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)
(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)
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
Net debt at the end of the period		(27)	(56)	(50)

On-line PLC

Notes to the interim statement
for 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
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
Diluted (loss)/earnings per share	(0.07)p	0.29p	0.29p

On-line PLC

Notes to the interim statement
for 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	-
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)
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/.

 

END

 

 

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