TIDMOBC
RNS Number : 5152F
Online Blockchain PLC
22 March 2022
22nd March 2022
For immediate release
Online Blockchain PLC
("Online" or the "Group")
Unaudited Interim Results for the Six Months Ended 31 December
2021
Online today announces its unaudited interim results for the six
months ended 31 December 2021 (the "Period").
CEO's Statement
We continue to operate in volatile times, but our Umbria project
continues to move forward.
Our focus for a number of years has been on Blockchain and our
project with the Umbria team has progressed well. Against a
backdrop where Bitcoin and Ethereum have rallied and slumped
repeatedly, the Umbria project has managed to establish itself
within the Blockchain infrastructure initially bridging the
movement of tokens between the Ethereum and Polygon networks. After
that initial development, the Umbria bridge, named Narni after the
famous Roman bridge in Umbria, has expanded to enable tokens to
move between Ethereum and Avalanche, Ethereum and Binance Smart
Chain and Ethereum and Fantom.
This initial progress has meant that, through staking in the
Narni Bridge liquidity pool, Online is accumulating unrealised
income from the use of the Narni Bridge. So, for example, in
December 2021, Online's stake in bridging Ethereum from the
Ethereum Chain to the Polygon Chain, rose by 1.8 Ethereum and by a
further 2.3 Ethereum from the bridging back from the Polygon Chain
to Ethereum. Ethereum was priced at $3,764 on 1 January 2022. These
are promising developments for such an early-stage project and our
Ethereum balances are continuing to grow in the initial period of
the current half.
We are excited to see how the Umbria project develops as the
product continues to grow in scope and becomes more known in the
crypto community. We feel that in its current configuration,
especially with its potential to grow across other blockchains
while expanding to more tokens, that the Umbria Narni bridge has
the potential to generate significant future revenue for
Online.
Although the Blockchain landscape will continue to be volatile,
these risks come with many opportunities for high potential rewards
which we will be looking to take advantage of.
Meanwhile, ADVFN PLC is also performing well with reported
revenue for the six months ended 31 December 2021 of GBP4.2
million, the same level as the comparable period for the six months
ended 31 December 2020, and with a reported profit after tax for
the period of GBP202,000.
As you may have seen, I have stepped down as a director of ADVFN
PLC which remains an important investment of Online Blockchain PLC.
It is clear that subsequent to ongoing corporate activity around
ADVFN, that ADVFN will experience an accelerate pace of change
which we will work hard to ensure is positive.
ADVFN Plc - Financial performance for the six months ended 31
December 2021
Key financial performance for the period has been summarised as
follows:
Six Months ended Six Months ended
31 December 2021 31 December 2020
-------------------------------- -----------------
GBP'000 GBP'000
-------------------------------- -----------------
Revenue 4,228 4,233
-------------------------------- -----------------
Profit / (loss) for the period 202 264
-------------------------------- -----------------
Operating profit / (loss) 229 277
-------------------------------- -----------------
Profit per share - basic (see
note 3) 0.77p 1.03 p
-------------------------------- -----------------
Clement Chambers
CEO
22/03/2022
Enquiries:
For further information please contact:
Online Blockchain PLC
Clem Chambers +44 (0) 20 3868 6702
Beaumont Cornish Limited (Nominated
Adviser)
www.beaumontcornish.com
Roland Cornish/Michael Cornish +44 (0) 207 628 3396
Cassiopeia Ltd (Investor Relations)
Stefania Barbaglio stefania@cassiopeia-ltd.com
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 as it forms part of
UK Domestic Law by virtue of the European Union (Withdrawal) Act
2018. The person who arranged for the release of this announcement
on behalf of the Company was Clem Chambers, Director
A copy of this announcement is available on the Group's website,
at: www.onlineblockchain.io
Consolidated income statement
for the six months ended 31 December 2021
Six months Six months
ended ended Year ended
31 December 31 December 30 June
2021 2020 2021
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Note
Revenue 24 56 65
Cost of sales - - (5)
--------------- ---------------- ----------
Gross profit 24 56 60
Other administrative expenses (528) (178) (425)
Other operating income - - 124
--------------- ---------------- ----------
Operating loss (504) (122) (241)
Finance expense - (1) (1)
Impairment of investment in
Encryptid Gaming - - (18)
Share of post-tax profit/(loss)
of equity accounted associate 36 47 285
--------------- ---------------- ----------
(Loss)/Profit before taxation (468) (76) 25
Taxation 38 - 4
--------------- ---------------- ----------
(Loss)/Profit from continuing
operations (430) (76) 29
Loss from discontinued operations - - (8)
(Loss)/Profit for the period attributable
to shareholders of the parent (430) (76) 21
=============== ================ ==========
Profit/(Loss) per share from
continuing operations
Basic loss per ordinary share 3 (3.01p) (0.86 p) 0.25p
Diluted loss per ordinary
share 3 (3.05p) (0.86 p) 0.26p
Profit per share from discontinuing
operations
Basic loss per ordinary share 3 - - 0.18p
Diluted loss per ordinary
share 3 - - 0.19p
=============== ================ ==========
Consolidated statement of comprehensive income
for the six months ended 31 December 2021
Six months Six months
ended ended Year ended
31 December 31 December 30 June
2021 2020 2021
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
(Loss)/Profit for the period (430) (76) 21
Other comprehensive income:
Items that will be reclassified
subsequently to profit or loss:
Exchange differences on translation
of foreign operations 8 (4) (6)
----------- ----------- ----------
Total other comprehensive income 8 (4) (6)
----------- ----------- ----------
Total comprehensive income for
the year attributable to shareholders
of the parent (422) (80) 15
=========== =========== ==========
Consolidated balance sheet
at 31 December 2021
31 December 31 December 30 June
2021 2020 2021
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Assets Note
Non-current assets
Property, plant and equipment 3 11 1
Other receivables - 6 -
Investment accounted for using
the equity method 4 1,463 1,183 1,419
Other equity investments - 18 -
---------------- ---------------- ----------------
1,466 1,218 1,420
Current assets
Trade and other receivables 36 16 33
Cash and cash equivalents 1,060 384 1,497
---------------- ---------------- ----------------
1,096 400 1,530
Total assets 2,562 1,618 2,950
================ ================ ================
Equity and liabilities
Equity
Issued capital 3,574 3,383 3,574
Share premium 4,484 3,464 4,484
Share based payment reserve 65 69 65
Foreign exchange reserve (3) (3) (5)
Retained earnings (5,621) (5,346) (5,199)
---------------- ---------------- ----------------
2,499 1,567 2,919
Current liabilities
Borrowings - bank overdraft - - -
Borrowings - lease liabilities - 5 -
Trade and other payables 63 46 31
63 51 31
Total equity and liabilities 2,562 1,618 2,950
================ ================ ================
Statement of changes in equity
at 31 December 2021
Share Share Share Foreign Retained Total
capital premium based exchange earnings equity
payment reserve
reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 July 2020 3,292 3,155 64 1 (5,269) 1,243
Issue of shares 91 309 - - - 400
Equity settled share options - - 5 - - 5
Transactions with owners 91 309 5 - - 405
Net asset movements of
associate - - - - (1) (1)
Loss for the period - - - - (76) (76)
Other comprehensive income
Exchange differences on
translation of foreign
operations - - - (4) - (4)
--------- --------- --------- ---------- ---------- --------
Total other comprehensive
income - - - (4) (76) (80)
--------- --------- --------- ---------- ---------- --------
Total comprehensive loss
for the period - - - (4) (76) (80)
--------- --------- --------- ---------- ---------- --------
At 31 December 2020 3,383 3,464 69 (3) (5,346) 1,567
Issue of shares 191 1,161 - - - 1,352
Recycle option costs - - (52) 52 -
Share based payment (issue
costs) - (53) 48 - - (5)
Share issue costs - (88) - - - (88)
Net asset movements of
associate - - - - (2) (2)
Profit for the year after
tax - - - - 97 97
Other comprehensive income
Exchange differences on
translation of foreign
operations - - - (2) - (2)
--------- --------- --------- ---------- ---------- --------
Total other comprehensive
income - - - (2) 97 95
--------- --------- --------- ---------- ---------- --------
Total comprehensive loss
for the period (2) 97 95
--------- --------- --------- ---------- ---------- --------
At 30 June 2021 3,574 4,484 65 (5) (5,199) 2,919
Net asset movements of
associate - - - - 8 8
Loss for the period - - - - (430) (430)
Other comprehensive income
Exchange differences on
translation of foreign
operations - - - 2 - 2
--------- --------- --------- ---------- ---------- --------
Total other comprehensive
income - - - 2 - 2
--------- --------- --------- ---------- ---------- --------
Total comprehensive loss
for the period - - - 2 (430) (428)
--------- --------- --------- ---------- ---------- --------
At 31 December 2021 3,574 4,484 65 (3) (5,621) 2,499
========= ========= ========= ========== ========== ========
Consolidated cash flow statement
for the six months ended 31 December 2021
Six months Six months
ended ended Year ended
31 December 31 December
2021 2020 30 June 2021
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Cash flows from operating activities
Profit/(Loss) for the period from
continuing operations (430) (76) 29
Loss for the period from discontinued
operations - - (8)
Add back (profit)/loss from equity
accounted associate (36) (47) (285)
Net finance charge in the income
statement 1 1 1
Depreciation of property, plant
& equipment (1) 19 29
Share based payments - 5 -
Impairment of investment in Encryptid
Gaming - - 18
Decrease/(increase) in trade and
other receivables (3) 98 87
Increase/(decrease) in trade and
other payables 32 7 (8)
-------------- ------------- --------------
Net cash used by operating activities (437) 7 (137)
Income tax receivable - - -
-------------- ------------- --------------
Net cash used by operating activities (437) 7 (137)
Cash flows from financing activities
(Repay)/Draw down bank overdraft - - (27)
Issue equity shares - 400 1,664
Repay lease - - (13)
Interest paid (1) (1) (1)
-------------- ------------- --------------
Net cash generated/(used) by financing
activities (1) 399 1,623
Cash flows from investing activities
Overdraft repaid - (27) -
Lease liability repaid - (8) -
Payments for property plant and
equipment (1) - -
Payments for intangible assets - - -
Net cash used by investing activities (1) (35) -
-------------- ------------- --------------
(Decrease)/Increase in cash and
cash equivalents (439) 371 1,486
Foreign exchange differences 2 (4) (6)
Cash and cash equivalents at the
start of the period 1,497 17 17
-------------- ------------- --------------
Cash and cash equivalents at the
end of the period 1,060 384 1,497
============== ============= ==============
Notes to the interim statements
1. General information
The principal activity of Online Blockchain Plc ("the Company")
and its subsidiaries (together "the Group") is that of an incubator
and investor in internet and information businesses, developers,
administrators and custodians of blockchains and
cryptocurrencies.
The principal trading subsidiaries are Awesome Animation Limited
and Online Development Inc.
The Company is a public limited company which is quoted on the
AIM market of the London Stock Exchange and is incorporated in
England and Wales and domiciled in the UK. The address of the
registered office is Ongar Business Centre, The Gables, Fyfield
Road, Ongar, Essex, CM5 0GA.
The registered number of the company is 03203042.
2. Basis of preparation
The unaudited consolidated interim financial information is for
the six-month period ended 31 December 2021. 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 2021, which were prepared under applicable law and
International Accounting Standards (IAS) in conformity with the
requirements of the Companies Act 2006 as at 30 June 2021.
The accounting policies adopted in this report are consistent
with those of the annual financial statements for the year to 30
June 2021 as described in those financial statements.
The financial statements are presented in Sterling (GBP) rounded
to the nearest thousand except where specified.
Going concern
The interim financial information has been prepared on the going
concern basis which assumes the Group will continue in existence
for the foreseeable future. The Directors believe that trading will
gradually improve over the next 12 months.
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 2021 have been
filed with the Registrar of Companies. The auditors, Saffery
Champness LLP reported on those 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.
Risks and uncertainties
The Group continuously assesses and monitors the key risks of
the business. The risks identified in the financial statements
dated 30 June 2021 have not substantially changed.
Notes to the interim statements
3. Loss per ordinary share
Six months Six months Year to
to to
31 Dec 2021 31 Dec 2020 30 June 2021
GBP'000 GBP'000 GBP'000
Profit/(Loss) from continuing
operations (430) (76) 29
(Loss) from discontinued operations - - (8)
Profit/(loss) for the year
attributable to equity shareholders (430) (76) 21
Shares Shares
Weighted average number of
Ordinary shares 14,311,709 8,800,688 11,423,439
Dilutive effect of options (192,979) - (164,090)
------------ ----------- ------------
Weighted average Ordinary
shares for diluted earnings
per share 14,118,730 8,800,688 11,259,350
============ =========== ============
Loss per share for continuing
operations
Basic earnings per share (pence) (3.01p) (0.86 p) 0.25p
Diluted earnings per share
(pence) (3.05p) (0.86 p) 0.26p
============ =========== ============
Total loss per share
Basic earnings per share (pence) (3.01p) (0.86 p) 0.18p
Diluted earnings per share
(pence) (3.05p) (0.86 p) 0.19p
============ =========== ============
Where a loss has been recorded for the year the diluted loss per
share does not differ from the basic loss per share. Where a profit
has been recorded but the average share price for the year remains
under the exercise price the existence of options is not normally
dilutive. However, whilst the average exercise price of all
outstanding options is above the average share price there are a
number of options which are not. Under these circumstances those
options where the exercise price is below the average share price
are treated as dilutive.
4. Investments in associate undertakings
Six months Six months Year
ended ended ended
31 December 31 December 30 June
2021 2020 2021
GBP'000 GBP'000 GBP'000
Listed investments at cost 868 868 868
Listed investments at market
value 3,316 875 3,017
Total net assets of ADVFN
Plc 3,375 1,759 3,123
Percentage ownership interest
held by the group 17.64% 17.92% 17.64%
Share of net assets of ADVFN
Plc 595 315 551
Cost of investment in ADVFN
Plc 868 868 868
----------- ----------- -------
1,463 1,183 1,419
=========== =========== =======
The investment in ADVFN plc is treated for the purposes of
financial reporting as an associate due to the common directorships
held between ADVFN plc and Online Blockchain plc and the resulting
level of significant influence over the associate. It is an
investment accounted for using the equity method.
Online Blockchain Plc owns 17.64% (2020: 17.92%) of ADVFN plc
which is incorporated in England and Wales and whose principal
activity is the development and provision of financial information,
primarily via the internet, research services and the development
and exploitation of ancillary internet sites.
The carrying value of the associate in the balance sheet of
Online Blockchain Plc is GBP1,463,000 and is based on the share of
the balance sheet of the associate company.
Notes to the interim statements
5. Events after the balance sheet date
There are no events of significance occurring after the balance
sheet date to report.
6. Dividends
The directors do not recommend the payment of a dividend.
7. Financial statements
Copies of these accounts are available from Online Blockchain
Plc's registered office at Suite 28, Ongar Business Centre, The
Gables, Fyfield Road, Ongar, Essex, CM5 0GA or from Companies
House, Crown Way, Maindy, Cardiff, CF14 3UZ.
www.companieshouse.gov.uk
and from the Online Blockchain plc website:
www.onlineblockchain.io
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