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Final Results

Date : 10/20/2011 @ 2:00AM
Source : UK Regulatory (RNS & others)
Stock : ADVFN (AFN)
Quote : 2.925  0.0 (0.00%) @ 2:53AM
ADVFN share price Chart

Final Results

TIDMAFN

RNS Number : 5102Q

ADVFN PLC

20 October 2011

ADVFN PLC

Audited Results for the Year Ended 30 June 2011

ADVFN, Europe's leading stocks and shares website, announces its audited results for the year ended 30 June 2011

Highlights:

   --    Turnover up 7% to GBP9,167,000 (2010 restated: GBP8,591,000) 
   --    EBITDA* profit of GBP348,000 (2010 restated: GBP1,256,000) 
   --    Cash and gilts balance to GBP2,397,000 (2010: GBP2,300,000) 
   --    P&L (GBP862,000) (2010 restated: profit of GBP146,000) 
   --    Positive cash flow; 'net cash generated from operations' GBP595,000 (2010: GBP1,417,000) 
   --    ADVFN's registered users base now over 2,200,000 

(2010: 2,000,000)

For further information, please contact:

Clem Chambers,

ADVFN PLC CEO

0207 0700 909

Gerry Beaney

Grant Thornton Corporate Finance (Nominated Adviser)

0207 7383 5100

*EBITDA is calculated as the operating loss for the year before depreciation and amortisation charges.

CHIEF EXECUTIVE'S STATEMENT

ADVFN has had another strong year with turnover up 7% to GBP9,167,000. 2011 has been a pivotal year where we have begun the next phase of growth outside the UK.

We have made very good progress this year against a background which could hardly be described as easy. Our product and geographical diversity has served us well so that we have avoided many of the challenges other media players have had to contend with.

Subscriptions have been robust and advertising income has led our growth. The advertising lead growth is a vanguard of growth as it accelerates the broadening of our business to important new markets

Having strong sites in the UK, US and Brazil, we believe we have the necessary template now to expand into the emerging markets where audiences are vibrant and huge. Our strategy is to penetrate markets via sales offices, using advertising income to fund growth in the territories that warrant it most.

In line with this we have been opening regional sales offices in Japan, India and the Middle East and we have been focusing on expanding in these territories. This process is delivering the platform for growth in the coming years leveraging the considerable investment we have made over the last 10 years.

All sites have performed robustly against a backdrop of global financial uncertainty. The UK continues to prosper, Brazil has remained strong and continues to develop and the US continues to grow for our ADVFN and Investors Hub brands. We feel very positive about next year's prospects whatever the outcome of the markets and expect to see further progress even in the teeth of another crash.

Financial overview

These accounts have been prepared under International Financial Reporting Standards (IFRS) as adopted by the European Union.

These figures show an increase in sales of 7%, an EBITDA of GBP348,000 and cash flow from operations of GBP595,000.

We have been operating against a backdrop of a weakening dollar which has masked further underlying growth but as we are earning income in euro, US dollar, UK pounds and Yen we are to some extent hedged against the currency fluctuations of recent times.

Strategy

We are building out the business for the next phase of ADVFN's development which we see as taking us towards sales of GBP20,000,000 a year.

This year is another year of growth; a yearly goal we have achieved every year for the last 11 years.

The market opportunity for us in India, The Middle East, Mexico and the Philippines is large and involves a modest level of investment. The bulk of our platform for entering such large markets is already made so that each new office is a small measured risk. We expect each territory to come on stream in a 12 month set up window and to be quickly income generative thereafter.

Exposure to fast growing economies with active markets is the way forward for us, taking positive developments in each market and feeding them back into our global offering.

The size of the opportunity is sufficiently large to keep us very busy for a long time to come.

Operating Costs

We spend a great deal of time focusing on our cost base making sure we optimise the return on our outgoings where ever possible. As we enter this new phase we are earmarking resources to invest in growth. We have been hiring, increasing our technical platform and increasing marketing. This has been funded solely from positive cash flow which represents a strong financial and operational performance.

Research and Development

As always ADVFN never stops developing its technology and platform. With growing traffic and giant spikes of usage set off by the global economic chaos of recent times, ADVFN has adapted to supply the demand of a world hungry for updates the moment financial information is available. These demands have grown and grown over the years and we have seamlessly managed to keep up with growth on all fronts. This process will continue and represents a valuable and unique asset.

Environmental policy

The company as a whole continues to look for ways to develop our environmental policy. It remains our objective to improve our performance in this area.

Cash and GILTS

We are very happy to say that our improved general performance has directly translated to our cash and gilts balance. Our cash and GILTS balance at the end of the year was up GBP97,000 to GBP2,397,000, an increase of 4%

Summary of key performance indicators

 
                             2011     2011     2010     2010 
                           Actual   Target   Actual   Target 
------------------------  -------  -------  -------  ------- 
 
 Average head count            54       60       46       50 
------------------------  -------  -------  -------  ------- 
 ADVFN registered users      2.2M     2.1M     2.0M     1.9M 
------------------------  -------  -------  -------  ------- 
 

Future outlook for the business

We are very comfortable of the prospects for next year and for that matter the years ahead. We are now rolling out ADVFN to more global audiences and feel assured that we have the people, the offerings and the technology to continue along the path we have set to be a global markets website with GBP100,000,000 in sales. In percentage terms we are as far away from that target today as we were from today's sales when we started out in 2001.

Principal risks and uncertainties:

Economic downturn

An extended economic down turn is not to be taken lightly. However the recent turmoil has been easily overcome and may even have benefitted the company. In addition this is the third time in the company's short life that it has had to navigate a financial crash and both times it has come through bigger and stronger.

High proportion of fixed overheads and variable revenues

A major proportion of the company's overheads are reasonably fixed. There is the risk that any significant changes in revenue may lead to the inability to cover such costs. Management closely monitor fixed overheads against budget on a monthly basis and cost saving exercises are implemented on a constant review basis. We have had a strong period of cost optimisations since our finance function was reorganised and this process continues.

Product obsolescence

The technology that we use and develop is always in flux. Products are subject to technological change and advance and resultant obsolescence. We are constantly innovating to keep up with growing demand, change in product and new developments both at a technical and a marketing level. The directors are committed to the Research and Development strategy in place, and are confident that the company is able to react effectively to the developments within the market.

Fluctuations in currency exchange rates

A growing proportion of our turnover relates to overseas operations. As a company, we are therefore exposed to foreign currency fluctuations. The company manages its foreign exchange exposure on a net basis, and if required uses forward foreign exchange contracts and other derivatives/financial instruments to reduce the exposure. Currently hedging is not employed. If currency volatility was extreme and hedging activity did not mitigate the exposure, then the results and the financial condition of the company might be adversely impacted by foreign currency fluctuations.

People

We have a very dedicated team that is focused on creating the best possible service we can provide. We are constantly building this team and have been hiring to enable us to grow during the next phase of our development. I would like to thank them all for their hard work and dedication over the past year.

Clem Chambers

CEO

19 October 2011

 
 Consolidated income statement 
                                                       12 months   12 months 
                                                              to          to 
                                                         30 June     30 June 
                                                            2011        2010 
                                                Note     GBP'000     GBP'000 
                                                                    Restated 
 
 Revenue                                                   9,167       8,591 
 Cost of sales                                             (538)       (404) 
                                                      ----------  ---------- 
 
 Gross profit                                              8,629       8,187 
 
 Share based payment                                        (84)        (43) 
 Amortisation of intangible assets                       (1,089)     (1,149) 
 All other administrative expenses                       (8,241)     (6,963) 
                                                      ----------  ---------- 
 
 Total administrative expenses                           (9,414)     (8,155) 
 
 Operating (loss)/profit                                   (785)          32 
 
 Finance income                                                7          23 
 Finance expense                                             (5)         (8) 
 Gain on bargain purchase and associated 
  fair value loss on previously held equity 
  investment                                                   -       (214) 
 Result from associates after taxation                         -        (18) 
 
 Loss before tax                                           (783)       (185) 
 Taxation                                                   (79)         331 
                                                      ----------  ---------- 
 
 (Loss)/profit for the period attributable 
  to shareholders of the parent                            (862)         146 
 
 (Loss)/earnings per share - from continuing 
  operations 
 Basic and diluted (pence per share)             3        (0.14)        0.02 
 
 
 
 
 Consolidated statement of comprehensive 
  income 
                                                12 months   12 months 
                                                       to          to 
                                                  30 June     30 June 
                                                     2011        2010 
                                                  GBP'000     GBP'000 
                                                             Restated 
 
 (Loss)/profit for the period                       (862)         146 
 
 Other comprehensive income: 
 Exchange differences on translation of 
  foreign operations                                  253         (8) 
 Deferred tax on translation of foreign              (46)           - 
  held assets 
                                               ----------  ---------- 
 
 Total comprehensive income for the year 
  attributable to shareholders of the parent        (655)         138 
                                               ==========  ========== 
 
 
 
 Consolidated balance sheet 
                                       30 June    30 June     1 July 
                                          2011       2010       2009 
                                       GBP'000    GBP'000    GBP'000 
 Assets                                          Restated   Restated 
 Non-current assets 
 Property, plant and equipment             106         84         92 
 Goodwill                                1,697      1,590      1,590 
 Intangible assets                       2,584      2,973      2,297 
 Investments in associates                   -          -        905 
 Trade and other receivables               119        113        204 
                                     ---------  ---------  --------- 
 
                                         4,506      4,760      5,088 
 
 Current assets 
 Trade and other receivables             1,121        890        977 
 Current tax recoverable                    75         92         65 
 Other financial assets (available 
  for sale)                                712        709         32 
 Cash and cash equivalents               1,716      1,599      1,509 
                                     ---------  ---------  --------- 
 
                                         3,624      3,290      2,583 
                                     ---------  ---------  --------- 
 
 Total assets                            8,130      8,050      7,671 
                                     =========  =========  ========= 
 
 Equity and liabilities 
 Equity 
 Issued capital                          6,249      6,238      6,156 
 Share premium                           7,941      7,900      7,758 
 Merger reserve                            221        221        221 
 Share based payment reserve               533        485        456 
 Foreign exchange reserve                  181       (26)       (18) 
 Retained earnings                    (10,007)    (9,181)    (9,341) 
                                     ---------  ---------  --------- 
 
                                         5,118      5,637      5,232 
 
 Non-current liabilities 
 Deferred tax                              533        342        314 
 Borrowings - obligations under 
  finance leases                             1          6         11 
                                     ---------  ---------  --------- 
 
                                           534        348        325 
 
 Current liabilities 
 Trade and other payables                2,455      2,052      2,085 
 Current tax                                18          -          - 
 Borrowings - obligations under 
  finance leases                             5         13         29 
                                     ---------  ---------  --------- 
 
                                         2,478      2,065      2,114 
                                     ---------  ---------  --------- 
 
 Total liabilities                       3,012      2,413      2,439 
                                     ---------  ---------  --------- 
 
 Total equity and liabilities            8,130      8,050      7,671 
                                     =========  =========  ========= 
 
 

Consolidated statement of changes in equity

 
                                    Share      Share     Merger      Share     Foreign    Retained       Total 
                                  capital    premium    reserve      based    exchange    earnings      equity 
                                                                   payment     reserve 
                                                                   reserve 
                                                                                          Restated    Restated 
                                  GBP'000    GBP'000    GBP'000    GBP'000     GBP'000     GBP'000     GBP'000 
 
 At 1 July 2009 as previously 
  stated                            6,156      7,758        221        456        (18)     (8,789)       5,784 
 Prior year adjustment                  -          -          -          -           -       (552)       (552) 
                                ---------  ---------  ---------  ---------  ----------  ----------  ---------- 
 
                                    6,156      7,758        221        456        (18)     (9,341)       5,232 
 
 Issue of shares                       82        142          -          -           -           -         224 
 Exercise of share options              -          -          -       (14)           -          14           - 
 Equity settled share 
  options                               -          -          -         43           -           -          43 
                                ---------  ---------  ---------  ---------  ----------  ----------  ---------- 
 
 Transactions with owners              82        142          -         29           -          14         267 
 
 Profit for the period 
  after tax                             -          -          -          -           -         146         146 
 
 Other comprehensive 
  income 
 Exchange differences 
  on translation of foreign 
  operations                            -          -          -          -         (8)           -         (8) 
                                ---------  ---------  ---------  ---------  ----------  ----------  ---------- 
 
 Total comprehensive 
  income for the year                   -          -          -          -         (8)         146         138 
 
 At 30 June 2010                    6,238      7,900        221        485        (26)     (9,181)       5,637 
 
 Issue of shares                       11         41          -          -           -           -          52 
 Exercise of share options              -          -          -       (36)           -          36           - 
 Equity settled share 
  options                               -          -          -         84           -           -          84 
                                ---------  ---------  ---------  ---------  ----------  ----------  ---------- 
 
 Transactions with owners              11         41          -         48           -          36         136 
 
 Loss for the period 
  after tax                             -          -          -          -           -       (862)       (862) 
 
 Other comprehensive 
  income 
 Exchange differences 
  on translation of foreign 
  operations                            -          -          -          -         253           -         253 
 Deferred tax on translation 
  of foreign held assets                -          -          -          -        (46)           -        (46) 
                                ---------  ---------  ---------  ---------  ----------  ----------  ---------- 
 
 Total comprehensive 
  income for the year                   -          -          -          -         207       (862)       (655) 
 
 At 30 June 2011                    6,249      7,941        221        533         181    (10,007)       5,118 
                                =========  =========  =========  =========  ==========  ==========  ========== 
 
 
 
 Consolidated cash flow statement 
                                                12 months   12 months 
                                                       to          to 
                                                  30 June     30 June 
                                                     2011        2010 
                                                  GBP'000     GBP'000 
                                                             Restated 
 Cash flows from operating activities 
 
 Loss for the period before tax                     (783)       (185) 
 
 Net finance income in the income statement           (2)        (15) 
 Loss from associates                                   -          18 
 Depreciation of property, plant & equipment           44          75 
 Amortisation                                       1,089       1,149 
 Gain on bargain purchase and associated 
  fair value loss on previously held equity 
  investment                                            -         214 
 Impairment of financial assets                       (3)          24 
 Share based payments                                  84          43 
 Decrease in trade and other receivables            (237)         236 
 Increase/(decrease) in trade and other 
  payables                                            403       (142) 
 
 Net cash generated from operations                   595       1,417 
 
 Interest paid                                        (5)         (8) 
 Income tax (payable) / receivable                    101        (17) 
                                               ----------  ---------- 
 
 Net cash generated by operating activities           691       1,392 
 
 Cash flows from investing activities 
 Interest received                                      7          23 
 Payments for property plant and equipment           (66)        (30) 
 Purchase of intangibles                            (571)       (570) 
 Purchase of UK Government gilts                        -       (701) 
 Acquisition of subsidiary (net of cash 
  with subsidiary)                                      -        (22) 
 
 Net cash used in investing activities              (630)     (1,300) 
 
 Cash flows from financing activities 
 Proceeds from issue of equity shares                  52          27 
 Loans repaid (finance leases)                       (13)        (21) 
 
 Net cash generated by financing activities            39           6 
                                               ----------  ---------- 
 
 Net increase in cash and cash equivalents            100          98 
 Exchange differences                                  17         (8) 
                                               ----------  ---------- 
 
 Total increase in cash and cash equivalents          117          90 
 Cash and cash equivalents at the start 
  of the period                                     1,599       1,509 
                                               ----------  ---------- 
 
 Cash and cash equivalents at the end of 
  the period                                        1,716       1,599 
                                               ==========  ========== 
 
   1.      Prior year adjustment 

During the year the Group upgraded its reporting systems for its subscription website which enabled it to generate more accurate information over the unexpired level of live subscriptions at any period end. The information generated by the new reports has enabled the Group to accurately quantify the level of deferred subscription levels at 30 June 2011 and prior year ends. In prior years the Group had calculated deferred revenue using the information available to it, together with certain estimation techniques.

The new reports have identified that the deferred income calculated and reflected in the financial statements for prior periods was materially incorrect. In accordance with IAS 8 'Accounting Policies, Changes in Accounting Estimates and Errors' the comparative financial statements have been restated. The effect of the prior year adjustment on each line item within the prior year financial statements is set out below:

 
 Consolidated income statement 
                                       As originally 
                                            reported                  As restated 
                                           12 months    Prior year      12 months 
                                          to 30 June    adjustment     to 30 June 
                                                2010                         2010 
                                             GBP'000       GBP'000        GBP'000 
 
 Revenue                                       8,475           116          8,591 
 
 Profit for the period attributable 
  to shareholders of the parent                   30           116            146 
 
 (Loss)/earnings per share - from 
  continuing operations 
 Basic and diluted (pence per 
  share)                                           -          0.02           0.02 
 
 
 Consolidated statement of comprehensive 
  income 
                                            As originally 
                                                 reported                  As restated 
                                                12 months    Prior year      12 months 
                                               to 30 June    adjustment     to 30 June 
                                                     2010                         2010 
                                                  GBP'000       GBP'000        GBP'000 
                                                                              Restated 
 
 Total comprehensive income for 
  the year attributable to shareholders 
  of the parent                                        22           116            138 
                                           ==============  ============  ============= 
 
 
 
 Consolidated cash flow statement 
                                         As originally 
                                              reported                  As restated 
                                             12 months    Prior year      12 months 
                                            to 30 June    adjustment     to 30 June 
                                                  2010                         2010 
 
 Loss for the period before tax                  (301)           116          (185) 
 Decrease in trade and other payables             (26)         (116)          (142) 
 Other movements                                 1,744             -          1,744 
 Net cash generated from operations              1,417             -          1,417 
 
 
   2.      Segmental analysis 

The directors identify reportable segments based upon the information which is regularly reviewed by the chief operating decision maker. The Group considers that the chief operating decision maker is the Board of Directors. The Group has identified two reportable operating segments, being that of the provision of financial information and that of research services. The provision of financial information is made via the Group's various website platforms. Research activities are provided by the Group's staff, primarily to corporate customers.

Two minor operating segments, for which IFRS 8's quantitative thresholds have not been met, are currently combined below under 'other'. The main sources of revenue for these operating segments is the provision of financial broking services and other internet services not related to financial information. Segment information can be analysed as follows for the reporting period under review:

 
 2011                                   Provision    Research     Other     Total 
                                     of financial    services 
                                      information 
                                          GBP'000     GBP'000   GBP'000   GBP'000 
 
 Revenue from external customers            8,422         604       141     9,167 
 Depreciation and amortisation            (1,177)         (6)       (3)   (1,186) 
 Other operating expenses                 (8,254)       (589)        45   (8,798) 
 
 Segment operating (loss)/profit          (1,009)           9       183     (817) 
 
 Interest income                                7           -         -         7 
 Interest expense                             (4)         (1)         -       (5) 
 
 Segment assets                             9,178         216        23     9,417 
 Segment liabilities                      (2,357)       (162)       (5)   (2,524) 
 Purchases of non-current assets            (662)           -         -     (662) 
                                   ==============  ==========  ========  ======== 
 
 
 2010                                   Provision    Research     Other      Total 
                                     of financial    services 
                                      information 
                                          GBP'000     GBP'000   GBP'000    GBP'000 
                                         Restated                         Restated 
 Revenue from external customers            7,979         526       102      8,607 
 Depreciation and amortisation            (1,327)         (7)       (3)    (1,337) 
 Other operating expenses                 (6,514)       (684)      (61)    (7,259) 
                                   --------------  ----------  --------  --------- 
 
 Segment operating (loss)/profit              138       (165)        38         11 
 
 Results from associates                     (18)           -         -       (18) 
 Interest income                               23           -         -         23 
 Interest expense                             (5)         (3)         -        (8) 
 Segment assets                             9,618         196        26      9,840 
 Segment liabilities                      (1,958)       (127)       (8)    (2,093) 
 Purchases of non-current assets            (895)        (10)       (1)      (906) 
                                   ==============  ==========  ========  ========= 
 

The Group's revenues, which wholly relate to the sale of services, from external customers and its non-current assets are divided into the following geographical areas:

 
                  Revenue   Non-current    Revenue   Non-current 
                                 assets                   assets 
                     2011          2011       2010          2010 
                  GBP'000       GBP'000    GBP'000       GBP'000 
                                          Restated 
 UK (domicile)      4,802         4,326      4,906         3,119 
 USA                3,419         1,456      3,071         1,641 
 Other                946             -        630             - 
                 --------  ------------  ---------  ------------ 
 
                    9,167         5,782      8,607         4,760 
                 ========  ============  =========  ============ 
 
 

Revenues are allocated to the country in which the customer resides. During both 2011 and 2010 no single customer accounted for more than 10% of the Group's total revenues.

The segmental information regularly reviewed by the Board is presented under UK GAAP and, as a result, a key reconciling item between the segmental and the Group financial information relates to IFRS conversion.

The totals presented for the Group's operating segments reconcile to the entity's key financial figures as presented in its financial statements as follows:

 
                                                   2011       2010 
                                                GBP'000    GBP'000 
                                                          Restated 
 Segment revenues 
 Total segment revenues                           9,167      8,607 
 Consolidation adjustments                            -       (16) 
                                               --------  --------- 
 
                                                  9,167      8,591 
                                               ========  ========= 
 
 Segment profit or loss 
 Total segment operating (loss)/profit            (817)         11 
 Consolidation adjustments                        (324)       (15) 
 IFRS conversion adjustments                        356         36 
                                               --------  --------- 
 
 Group operating (loss)/profit                    (785)         32 
 Finance income                                       7         23 
 Finance expense                                    (5)        (8) 
 Negative goodwill and associated fair value 
  loss on previously held equity investment           -      (214) 
 Result from associate after taxation                 -       (18) 
                                               --------  --------- 
 
 Group loss before tax                            (783)      (185) 
                                               ========  ========= 
 
 
 
                                   2011       2010       2009 
                                GBP'000    GBP'000    GBP'000 
                                          Restated   Restated 
 Segment assets 
 Total segment assets             9,417      9,840      7,950 
 Consolidation adjustments      (2,113)    (1,777)    (1,382) 
 IFRS conversion adjustments        826       (13)      1,103 
                               --------  ---------  --------- 
 
 Total Group assets               8,130      8,050      7,671 
                               ========  =========  ========= 
 
 Segment liabilities 
 Total segment liabilities      (2,524)    (2,093)    (2,128) 
 Consolidation adjustments         (46)          -          - 
 IFRS conversion adjustments      (442)      (320)      (311) 
                               --------  ---------  --------- 
 
 Total Group liabilities        (3,012)    (2,413)    (2,439) 
                               ========  =========  ========= 
 
 

Consolidation adjustments primarily relate to the elimination of investments and the calculation of goodwill. IFRS conversion adjustments primarily relate to the different accounting bases for the Group's intangible and tangible assets under IFRS and UK GAAP.

   3.     (Loss) / earnings per share 
 
                                                      12 months     12 months 
                                                             to            to 
                                                        30 June       30 June 
                                                           2011          2010 
                                                        GBP'000       GBP'000 
 
 (Loss) / profit for the year from continuing 
  operations attributable to equity shareholders          (862)           146 
                                                   ============  ============ 
 
 (Loss) / earnings per share from continuing 
  operations 
 Basic (loss) / earnings per share (pence)               (0.14)          0.02 
 Diluted (loss) / earnings per share (pence)             (0.14)          0.02 
 
                                                         Shares        Shares 
 
 Issued ordinary shares at start of the year        623,764,505   615,568,903 
 Ordinary shares issued in the year (Note 23)         1,149,999     8,195,602 
                                                   ------------  ------------ 
 
 Issued ordinary shares at end of the year          624,914,504   623,764,505 
                                                   ============  ============ 
 
 Weighted average number of shares in issue for 
  the year                                          624,207,656   622,267,954 
 Dilutive effect of options                                   -     7,100,433 
                                                   ------------  ------------ 
 
 Weighted average shares for diluted earnings 
  per share                                         624,207,656   629,368,387 
                                                   ============  ============ 
 
 

Where a loss has been recorded for the year 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.

   4.    Publication of Non Statutory Accounts 

The financial information set out in this preliminary announcement does not constitute statutory accounts as defined in section 435 of the Companies Act 2006.

The consolidated balance sheet at 30 June 2011 and the consolidated income statement, consolidated statement of comprehensive income, consolidated statement of changes in equity, consolidated cash flow statement and associated notes for the year then ended have been extracted from the Company's 2011 statutory financial statements upon which the auditors' opinion is unqualified and does not include any statement under Section 498(2) or (3) of the Companies Act 2006.

The annual report and accounts will shortly be sent to shareholders and will be available on the Company's website, http://www.advfn.com.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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