TIDMONL
RNS Number : 4054C
On-Line PLC
14 March 2014
On-line PLC
('On-line' or 'the Company')
Unaudited Interim Results for the Six Months Ended 31 December
2013
On-line today announces unaudited interim results for the six
months ended 31 December 2013.
Chairman's Statement
We have continued with our plan which is to carry on working
with ADVFN which has made very good progress with its sales up 10%
on the previous year's first half and a similar percentage on the
preceding 6 month period.
Below are a few extracts from its interim statement:
ADVFN PLC
Its operating loss and pre-tax losses have fallen materially
relative to the comparative period last year and we are optimistic
that this trend will continue.
In addition, performance in the New Year has been strong with a
rise in online traffic of over 25% relative to the end of 2013.
This is translating directly into increasing subscription levels.
This growth is being felt in our key markets, the UK and US, with
our American online traffic being the main driver.
This increase in online traffic growth has come with the New
Year and bodes well for the rest of the period as increases in
traffic begets subscription growth, which in turn precedes
increases in advertising revenue growth.
Online traffic growth in January and February of 2014 has been
the strongest since 2008.
Financial performance
Key financial performance for the period has been summarised as
follows:
Six Months ended Six Months ended
31 December 2013 31 December 2012
---------------------------- -----------------
GBP'000 GBP'000
---------------------------- -----------------
Turnover
( Discontinued operations
) - 16
( Continuing operations ) 4,458 4,046
---------------------------- -----------------
Loss for the period (226) (312)
---------------------------- -----------------
Operating Loss (342) (416)
---------------------------- -----------------
Loss per share (0.04p) (0.05p)
---------------------------- -----------------
Michael Hodges
Chairman
14 March 2014
Contacts:
Michael Hodges mikeh@on-line.co.uk
Salmaan Khawaja Grant Thornton Corporate Finance (Nominated Adviser) 0207 383 5100
On-line PLC
Profit and Loss Account
for the six months ended 31 December 2013
Six months Six months
ended ended Year ended
31 December 31 December
2013 2012 30 June 2013
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Note
Turnover 36 57 91
Administrative expenses (40) (62) (101)
----------- ------------ ---------------
Loss on ordinary activities
before taxation (4) (5) (10)
Tax on loss on ordinary activities - - (1)
----------- ------------ ---------------
Loss on ordinary activities
after taxation (4) (5) (11)
=========== ============ ===============
Basic loss per ordinary share 2 (0.05)p (0.07)p (0.14)p
Diluted loss per ordinary
share (0.05)p (0.07)p (0.14)p
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 2013
31 December 31 December
2013 2012 30 June 2013
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Note
Fixed assets
Investments 868 868 868
---------------- ---------------- ----------------
Current assets
Debtors 132 116 121
132 116 121
Creditors: amounts falling
due within one year (75) (56) (64)
---------------- ---------------- ----------------
57 60 57
---------------- ---------------- ----------------
Total assets less current
liabilities 925 928 925
================ ================ ================
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 41 34 37
Profit and loss account 3 (4,563) (4,553) (4,559)
---------------- ---------------- ----------------
925 928 925
================ ================ ================
On-line PLC
Cash Flow Statements
for the six months ended 31 December 2013
Six months Six months
ended ended Year ended
31 December 31 December
2013 2012 30 June 2013
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Note
Net cash inflow/(outflow) from
operating activities 4 (11) 23 15
(Decrease)/increase in cash (11) 23 15
Net debt at the beginning of the
period (35) (50) (50)
------------- ------------- -------------
Net debt at the end of the period (46) (27) (35)
============= ============= =============
On-line PLC
Notes to the interim statement
for the six months ended 31 December 2013
1. The unaudited interim financial information is for the six
month period ended 31 December 2013. 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 2013, 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 2013 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 2013 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 per ordinary share
Six months Six months Year ended
ended ended
31 December 31 December 30 June
2013 2012 2013
GBP'000 GBP'000 GBP'000
Loss for the period (4) (5) (11)
Weighted average number of
shares 7,662 7,662 7,662
Basic loss per share (0.05)p (0.07)p (0.14)p
============== ============== ===================
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.
On-line PLC
Notes to the interim statement
for the six months ended 31 December 2013
3. Reserves
Share premium Option valuation Profit and
account reserve loss account
GBP'000 GBP'000 GBP'000
At 1 July 2013 2,205 37 (4,559)
Loss retained for the period - - (4)
Option expense - 4 -
At 31 December 2013 2,205 41 (4,563)
============= ================ =============
4. Reconciliation of operating (loss)/profit to net cash
inflow/(outflow) from operating activities
Six months Six months Year ended
ended ended
31 December 31 December 30 June
2013 2012 2013
GBP'000 GBP'000 GBP'000
Loss on ordinary activity
before taxation (4) (5) (11)
Equity settled share based
payments in the period 4 3 6
(Increase)/decrease in debtors (11) 33 28
Decrease in creditors - (8) (8)
Net cash (outflow)/inflow
from operating activities (11) 23 15
=========== =========== ==========
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/.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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