TIDMAFN
RNS Number : 4829I
ADVFN PLC
25 March 2015
25 March 2015
ADVFN PLC
("ADVFN" or the "Company")
Unaudited Interim Results for the Six Months Ended 31 December
2014
ADVFN today announces its unaudited interim results for the six
months ended 31 December 2014.
Chief Executive's Statement
I am pleased to announce a solid start to the new financial year
with sales up 7.8 per cent. from GBP4.46 million to GBP4.8 million
from the same period a year ago. Our cash position has also
increased slightly compared to the same period last year.
While sales growth has been good, we have won these gains
against a background of markets which have ebbed and flowed. This
result has therefore come from developments from the broad spread
of our offerings, where successes compensate for any downward drift
elsewhere.
Our growing newsletter business and new products in the US have
been a highlight and we feel these offer strong potential for
growth going forward as we roll them out into new territories.
These factors represent a broadening of our revenue potential
across our markets as we develop our offerings to reach these wider
audiences.
We haven't suffered any disasters or witnessed any miracles in
this half year but this period has represented a period of
consistent progress as we continue to build on the ADVFN and
Investorshub platform.
While doing so, we have re-organised our share capital and
completed a US OTC QX market listing with an eye to exposing our
huge US audience to the possibility of become shareholders in our
company through US listed ADRs. We are hopeful that this will
provide a good basis to add to shareholder value in 2015.
Share consolidation
At the Company's General Meeting held on 20 August 2014, the
resolution to approve the share consolidation of existing issued
Ordinary shares of GBP0.01 each in the capital of the Company to be
consolidated into ordinary shares of GBP0.25 each ("Ordinary
Shares"), was duly passed. The number of post consolidation
Ordinary Shares is disclosed above, together with the restated loss
per share amounts. In addition, the shares were to be subdivided
into 1 ordinary share of par value 1 pence and 1 Deferred share of
24 pence par value; the Deferred shares were then cancelled.
Finally, the par value was reduced from 1 pence to 0.2 pence. The
number of post consolidation Ordinary Shares is disclosed together
with the restated loss per share amounts (see note 3).
Financial performance
Key financial performance for the period has been summarised as
follows:
Six Months ended Six Months ended
31 December 2014 31 December 2013
-------------------------- -----------------
GBP'000 GBP'000
-------------------------- -----------------
Turnover 4,807 4,458
-------------------------- -----------------
Loss for the period (552) (226)
-------------------------- -----------------
Operating Loss (647) (342)
-------------------------- -----------------
Loss per share (see note
3) (2.19)p (0.90)p
-------------------------- -----------------
Clem Chambers
CEO
25 March 2015
For further information, please contact:
Clem Chambers,
ADVFN PLC CEO
0207 0700 909
Salmaan Khawaja
Jen Clarke
Jamie Barklem
Grant Thornton UK LLP (Nominated Adviser)
0207 383 5100
Consolidated income statement
6 months 6 months 12 months
to to to
31 Dec 31 Dec 30 June
2014 2013 2014
GBP'000 GBP'000 GBP'000
unaudited unaudited audited
Notes restated
Revenue 4,807 4,458 9,702
Cost of sales (718) (491) (1,165)
---------- ---------- ----------
Gross profit 4,089 3,967 8,537
Share based payment (18) (47) (54)
Amortisation of intangible assets (326) (465) (914)
Other administrative expenses (4,392) (3,797) (8,232)
Total administrative expense (4,736) (4,309) (9,200)
Operating loss (647) (342) (663)
Finance income 57 53 108
Loss before tax (590) (289) (555)
Taxation 38 63 101
---------- ---------- ----------
Total loss after taxation (552) (226) (454)
Loss for the period (552) (226) (454)
========== ========== ==========
Loss per share
Basic and diluted (pence per share) 3 (2.19) (0.90) (1.80)
Consolidated statement of comprehensive
income
6 months 6 months 12 months
to to to
31 Dec 31 Dec 30 June
2014 2013 2014
GBP'000 GBP'000 GBP'000
unaudited unaudited audited
Loss for the period (552) (226) (454)
Other comprehensive income:
Exchange differences on translation
of foreign operations 196 (146) (190)
Deferred tax on translation of
foreign held assets (24) 21 29
---------- ---------- ----------
Total comprehensive income for
the year (380) (351) (615)
========== ========== ==========
Consolidated balance sheet 31 Dec 31 Dec 30 June
2014 2013 2014
GBP'000 GBP'000 GBP'000
unaudited unaudited audited
Assets
Non-current assets
Property, plant and equipment 89 119 71
Goodwill 793 747 724
Intangible assets 1,289 1,502 1,331
Trade and other receivables 202 540 295
Total non-current assets 2,373 2,908 2,421
Current assets
Trade and other receivables 1,264 1,045 1,122
Current tax recoverable 72 33 60
Cash and cash equivalents 1,510 1,493 1,675
---------- ---------- ---------
Total current assets 2,846 2,571 2,857
---------- ---------- ---------
Total assets 5,219 5,479 5,278
========== ========== =========
Equity and liabilities
Equity
Issued capital 50 6,305 6,305
Share premium - 8,101 8,102
Merger reserve - 221 221
Share based payments reserve 18 610 617
Foreign exchange reserve 289 153 117
Retained earnings 2,126 (12,289) (12,517)
---------- ---------- ---------
Total equity 2,483 3,101 2,845
Non-current liabilities
Deferred tax 128 185 134
Total non-current liabilities 128 185 134
Current liabilities
Trade and other payables 2,606 2,187 2,268
Current tax 2 6 31
Total current liabilities 2,608 2,193 2,299
---------- ---------- ---------
Total liabilities 2,736 2,378 2,433
---------- ---------- ---------
Total equity and liabilities 5,219 5,479 5,278
========== ========== =========
Consolidated statement of changes in equity
Share Share Merger Share Foreign Retained Total
capital premium reserve based exchange earnings equity
payment
reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 July 2013 6,291 8,062 221 563 278 (12,063) 3,352
Issue of shares 14 39 - - - - 53
Equity settled share
options - - - 47 - - 47
--------- --------- --------- --------- ---------- ---------- --------
Transactions with owners 14 39 - 47 - - 100
Loss for the period after
tax - - - - - (226) (226)
Other comprehensive income
Exchange differences
on translation of foreign
operations - - - - (146) - (146)
Deferred tax on translation
of foreign held assets - - - - 21 - 21
--------- --------- --------- --------- ---------- ---------- --------
Total comprehensive income - - - - (125) (226) (351)
--------- --------- --------- --------- ---------- ---------- --------
At 31 December 2013 6,305 8,101 221 610 153 (12,289) 3,101
Issue of shares - 1 - - - - 1
Equity settled share
options - - - 7 - - 7
--------- --------- --------- --------- ---------- ---------- --------
Transactions with owners - 1 - 7 - - 8
Loss for the period after
tax - - - - - (228) (228)
Other comprehensive income
Exchange differences
on translation of foreign
operations - - - - (44) - (44)
Deferred tax on translation
of foreign held assets - - - - 8 - 8
--------- --------- --------- --------- ---------- ---------- --------
Total comprehensive income - - - - (36) (228) (264)
--------- --------- --------- --------- ---------- ---------- --------
At 30 June 2014 6,305 8,102 221 617 117 (12,517) 2,845
Equity settled share
options - - - 18 - - 18
--------- --------- --------- --------- ---------- ---------- --------
Transactions with owners - - - 18 - - 18
Loss for the period after
tax - - - - - (552) (552)
Other comprehensive income
Exchange differences
on translation of foreign
operations - - - - 196 - 196
Deferred tax on translation
of foreign held assets - - - - (24) - (24)
--------- --------- --------- --------- ---------- ---------- --------
Total comprehensive income - - - - 172 (552) (380)
Share consolidation (6,255) (8,102) (221) (617) - 15,195 -
--------- --------- --------- --------- ---------- ---------- --------
At 31 December 2014 50 - - 18 289 2,126 2,483
========= ========= ========= ========= ========== ========== ========
Consolidated cash flow statement
6 months 6 months 12 months
to to to
31 Dec 31 Dec 30 June
2014 2013 2014
GBP'000 GBP'000 GBP'000
unaudited unaudited audited
Cash flows from operating activities
Loss for the period before tax (590) (289) (555)
Finance costs (57) (53) (108)
Depreciation of property, plant
and equipment 30 30 47
Amortisation 326 465 914
Impairment of financial assets - - 250
Share based payments 18 47 54
Decrease/(increase) in trade and
other receivables 8 (122) (149)
Increase in trade and other payables 338 233 314
Net cash generated by operations 73 311 767
Income tax (paid)/received (9) 12 (3)
---------- ---------- ----------
Net cash generated by operating
activities 64 323 764
Cash flows from investing activities
Payments for property, plant and
equipment (48) (179) (57)
Purchase of intangibles (284) (156) (495)
Net cash used by investing activities (332) (335) (552)
Cash flows from financing activities
Proceeds from issue of equity shares - 53 -
Net cash generated by financing - 53 -
activities
---------- ---------- ----------
Net (decrease)/increase in cash
and cash equivalents (268) 41 212
Exchange movements 103 (9) 2
---------- ---------- ----------
Total (decrease)/increase in cash
and cash equivalents (165) 32 214
Cash and cash equivalents at the
start of the period 1,675 1,461 1,461
---------- ---------- ----------
Cash and cash equivalents at the
end of the period 1,510 1,493 1,675
========== ========== ==========
1. Legal status and activities
ADVFN Plc ("the Company") is principally involved in the
development and provision of financial information primarily via
the internet and the development and exploitation of ancillary
internet sites.
The Company is a public limited liability company incorporated
and domiciled in England and Wales. The address of its registered
office is Suite 27, Essex Technology Centre, The Gables, Fyfield
Road, Ongar, Essex, CM5 0GA.
The Company is quoted on the London Stock Exchange's AIM market
under the ticker "AFN".
2. Basis of preparation
The unaudited consolidated interim financial information is for
the six month period ended 31 December 2014. The financial
information does not include all the information required for full
annual financial statements and should be read in conjunction with
the consolidated financial statements of the Group for the year
ended 30 June 2014, which were prepared under IFRS as adopted by
the European Union (EU).
The accounting policies adopted in this report are consistent
with those of the annual financial statements for the year to 30
June 2014 as described in those financial statements.
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
Group's statutory accounts for the year to 30 June 2014 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.
The financial statements have been prepared on the going concern
basis which assumes the Group will continue in existence for the
foreseeable future. At 31 December 2014 the Group's cash balances
amounted to GBP1.5 million and the forecasts indicate that this
balance will be broadly maintained and then increase in the
remainder of the financial year. Accordingly the directors have
prepared these financial statements on the going concern basis.
3. Loss per share
6 months 6 months 12 months
to to to
31 Dec 31 Dec 30 June
2014 2013 2014
GBP'000 GBP'000 GBP'000
Restated
Loss for the year attributable to equity
shareholders (552) (226) (454)
Loss per share - basic and diluted (2.19) (0.90) (1.80)
=========== =========== ===========
Shares Shares Shares
Issued ordinary shares at start of
the period 25,220,210 25,164,560 25,164,560
Ordinary shares issued in the period - 55,650 55,650
----------- ----------- -----------
Issued ordinary shares at end of the
period 25,220,210 25,220,210 25,220,210
=========== =========== ===========
Weighted average number of shares in
issue for the period 25,220,210 25,219,905 25,219,905
Dilutive effect of options - - -
----------- ----------- -----------
Weighted average shares for diluted
earnings per share 25,220,210 25,219,905 25,219,905
The diluted loss per share does not differ from the basic loss
per share as the exercise of share options would have the effect of
reducing the loss per share and is therefore not dilutive under the
terms of IAS 33.
Restatement
The shares in issue for the 6 months to 31 December 2013 have
been restated as a result of the share consolidation exercise at 1
new share for 25 old shares. This results in a change of the loss
per share. The details of this exercise are given below.
3. Loss per share (continued)
Share consolidation
At the company's General Meeting held on 20 August 2014, the
resolution to approve the share consolidation of existing issued
Ordinary shares of GBP0.01 each in the capital of the company to be
consolidated into Ordinary shares of GBP0.25 each, was duly passed.
The number of post consolidation Ordinary shares is disclosed above
together with the restated loss per share amounts. In addition, the
shares were to be subdivided into 1 Ordinary share of par value 1p
and 1 Deferred share of 24p par value; the Deferred shares were
then cancelled. Finally, the par value was reduced from 1p to
0.2p.
4. Dividends
The directors do not recommend the payment of a dividend.
5. Financial statements
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. Electronic copies of this statement will be
available on the Company's website at uk.advfn.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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