Interim Results

On-Line PLC
31 March 2004



Embargoed for release until 7.30 a.m. Wednesday 31st March 2004



ON-LINE PLC

Interim Results For the Six Months Ended 31st December 2003


On-line Plc today announces interim results for the six months ended 31st
December 2003.





Business Highlights:



•        EBITDA profits of £53,000 (2002 £172,000 loss)

•        Net losses almost eliminated down 93% to £34,000 (2002 £500,000 loss)

•        Loss per share down 93% to 0.46p (2002  7.1p loss)




Chairman of On-line Plc, Michael Hodges commented:



'The results are very encouraging and we look to the future with quiet
confidence and much anticipation.'





For further information, please contact:

Michael Hodges, Chairman On-line Plc                020 8532 8918

Fiona Kindness, Grant Thornton -Nominated Adviser   020 7383 5100






Chairman's Statement





Results



The overall loss retained for the period has been almost eliminated having been
reduced by 93% to £34,000 from £500,000 for the six months ended 31st December
2002 and over 97% from the loss of £1,362,000 for the year ended 30th June 2003.



Our loss per share has also been virtually eliminated down 93% to 0.46p loss per
share from 7.1p loss per share for the six months ended 31st December 2002 and
down over 97% from the 19.4p loss per share for the year ended 30th June 2003.



Our EBITDA has also improved turning around a loss for the same period last year
of £172,000 into a profit of £53,000 as can be seen from the table below:




EBITDA - Earnings before interest, tax,          Six months ended  Six months ended    Year ended
depreciation, amortisation and exceptional items 31 December 2003  31 December 2002  30 June 2003
                                                            £'000             £'000         £'000


Loss before tax - per financial statements                    (38)             (523)       (1,509)
Amortisation                                                     -                65             -
Exceptional item - Impairment                                    -                 -           325
Exceptional item - Part disposal of subsidiaries              (21)               204         (267)
Gain / (loss) on investments                                  (24)                 -           504
Share of associate's Ebitda adjustments                        126                 -           578
Depreciation                                                     -                65            55
Net interest                                                    10                17            40

EBITDA                                                          53              (172)         (274)






Operating Review



The last six months have been a relatively quiet time, we have continued to
reduce our costs to a minimum and we have not commenced any new operations.



Our major investment ADVFN has already established itself as the UK's leading
private investor website and is well on course in its aim to repeat that
overseas. It is experiencing a period of very strong growth in users and
subscribers as the company vigorously expands its product range to cover more
overseas markets and exchanges.



ADVFN made an EBITDA profit of £301,000 compared to a deficit of £10,000 in the
same six month period last year and reduced losses by over 55% to £147,000 for
the six months ended 31st December 2003, similarly it almost eliminated the loss
per share down to just 0.04p per share. ADVFN appears poised to make a
meaningful contribution to the group.



We have restructured our majority owned subsidiary Akaei PLC, similarly reducing
its costs to a minimum and helped it actively seek potential deals to secure the
company's future. As you may be aware, Akaei recently announced that it is
engaged in discussions that may lead to an acquisition, which would be
classified as a reverse takeover. Whilst talks are progressing Akaei requested
that its shares be temporarily suspended pending a further announcement.



The improvement in recent market conditions resulted in a modest gain on
investments of £24,000 during the period compared to £504,000 loss in the year
ended 30th June 2003. The continued improvement in the markets since December
has had a similar if even more pronounced effect on the value of our investments
since the period end. It should also be noted that our investments in ADVFN and
Akaei are currently recorded in our accounts at cost, so for technical reasons
there is a major hidden value in the business, which we are unable to show fully
in our accounts.



Prospects



We have moved away from technology incubation and are now working with our
investments to help build a valuable portfolio. We have entered a more benign
environment, which is leading us to believe that in addition to developing our
current investments, other opportunities are opening up for us.  We will pursue
these opportunities with caution but feel that if the business environment
continues to remain benign we can look to develop at a faster rate.



Unlike so many incubators we actually brought companies to the market. Unlike so
many dotcom companies we have survived the dotcom crash. Unlike so many
managements, when the going got tough we took the resultant pain, reorganised
the business and strove even through the bleakest moments to take the company
forwards for all its shareholders. We therefore look forward to what appears to
be a more favourable market cycle, which should allow us to accelerate our
efforts.





Michael Hodges

Chairman

30th March 2004





                                  ON-LINE PLC

                      CONSOLIDATED PROFIT AND LOSS ACCOUNT




                                                     Six months ended    Six months ended        Year ended
                                                     31 December 2003    31 December 2002      30 June 2003
                                                            Unaudited           Unaudited           Audited
                                                                £'000               £'000             £'000

Turnover                                                           21                 360               205

Cost of sales                                                       -               (210)             (237)
                                                           __________          __________        __________
Gross profit / (loss)                                              21                 150              (32)

Administrative expenses:
Exceptional item - impairment loss                                  -                   -             (325)
Other administrative expenses                                    (53)               (330)             (491)
                                                           __________          __________        __________
Total administrative expenses                                    (53)               (330)             (816)

                                                           __________          __________        __________
Other operating income                                              -                   -                50
                                                           __________          __________        __________
Operating loss                                                   (32)               (180)             (798)

Share of operating losses of associate                           (41)               (123)             (434)
Gain / (loss) on investments                                       24                   -             (504)
Exceptional item: profit / (loss) on part
disposal of subsidiaries                                           21               (204)               267
Net interest                                                     (10)                (16)              (40)
                                                           __________          __________        __________
Loss on ordinary activities before taxation                      (38)               (523)           (1,509)

Tax on loss on ordinary activities                                  -                   -               163
                                                           __________          __________        __________
Loss on ordinary activities after taxation                       (38)               (523)           (1,346)

Minority interest                                                   4                  23              (16)
                                                           __________          __________        __________
Loss retained for the period                                     (34)               (500)           (1,362)

                                                           __________          __________        __________

Loss per ordinary share                                       (0.46p)              (7.1p)           (19.4p)





There were no recognised gains or losses other than the result for the financial
period.





Notes to the Interim Statement



1.       The calculation of loss per share is based on the loss on
         ordinary activities after taxation and minority interest divided by the 
         weighted average number of shares in issue for the period which was 
         7,477,000 (7,018,000 in the six months ended 31 December 2002 and 
         7,028,000 in the year ended 30 June 2003).



2.       The directors do not recommend the payment of an interim dividend.



3.       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 2003 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.



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


                      This information is provided by RNS
            The company news service from the London Stock Exchange