TIDMONL
RNS Number : 4475T
On-Line PLC
29 March 2016
On-line PLC
('On-line' or 'the Company')
Unaudited Interim Results for the Six Months Ended 31 December
2015
On-line today announces its unaudited interim results for the
six months ended 31 December 2015.
Chairman's Statement
Here are our interim accounts and statement. As you know we are
working hard to push ADVFN which has made good progress in the past
6 months.
Transition to FRS 102
The company will adopt FRS 102 for the year ending 30 June 2016
and has therefore applied that standard for the 6 month period
ended 31 December 2015. The directors have decided that the
investment in ADVFN should continue to be recognised as an
investment in an associate and be carried at historical cost as
permitted by the standard. There are no further potential
adjustments to the numerical values however the disclosures have
changed in line with the changes prescribed by the standard.
ADVFN PLC
Below are a few extracts from ADVFN's interim statement:
"2015 was a tumultuous year for ADVFN. An unexpected attack to
wrest control from your board during the year was extremely
disruptive and very costly. We were pleased to see the matter
conclude satisfactorily from the Company's perspective through the
intervention of the FCA. Notwithstanding this, the business has
subsequently held up well during a period of radical change (as
discussed further below), months of distraction and dislocation
earlier.
2015 saw a sluggish bear market for the first time since 2008
and this combined with low volatility in the markets created a
headwind. At the same time a broad section of exchanges exerted
serious pricing pressures. This required radical price and content
changes to our offering to avoid the adverse effects of this
pressure. To add to this pressure, traffic has been moving quickly
to our mobile platform, changing patterns of usage and revenue
generation, which we have had to adapt to. As if this was not
enough to keep us occupied, the internet advertising space has been
revolutionized by the emergence of programmatic advertising
platforms which we have had to embrace aggressively.
Consequentially our sales have been depressed by 11.1% on the
same period last year.
We have taken these changes as an opportunity to reorganize the
business and have brought down our operating overheads
significantly. The early effects of this can be seen in a fall of
administrative expenses for the half year by 10.5% from
GBP4,736,000 to GBP4,240,000. This has helped lower the operating
loss to GBP538,000 from GBP647,000 even while top line sales have
fallen.
More cost cutting benefits have been felt in the new calendar
year as contract and headcount termination periods have passed with
January and February showing good levels of operational
performance. This has been helped by a pickup in advertising
sales.
At an operational level we have seen improvement in the first
few months of the calendar year of 2016. Our aim is to capitalise
on last year's hard work to build upon the good start seen during
January and February and continue to improve performance on a
running basis in the final half of this financial year".
Financial performance
Key financial performance for ADVFN for the period has been
summarised as follows:
Six Months ended Six Months ended
31 December 2015 31 December 2014
--------------------- ----------------- -----------------
GBP'000 GBP'000
--------------------- ----------------- -----------------
Turnover 4,274 4,807
--------------------- ----------------- -----------------
Loss for the period (442) (552)
--------------------- ----------------- -----------------
Operating Loss (538) (647)
--------------------- ----------------- -----------------
Loss per share (1.75)p (2.19)p
--------------------- ----------------- -----------------
Michael Hodges
Chairman
24 March 2016
On-line PLC
Statement of comprehensive income
for the six months ended 31 December 2015
Six months Six months
ended ended Year ended
31 December 31 December 30 June
2015 2014 2015
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Note
Turnover 41 48 94
Administrative expenses (37) (50) (98)
----------- ----------- ----------
Operating profit/(loss) 4 (2) (4)
Interest payable - - -
----------- ----------- ----------
Profit/(loss) on ordinary
activities before taxation 4 (2) (4)
Tax on profit/(loss)
on ordinary activities - - -
----------- ----------- ----------
Profit for the financial
year 4 (2) (4)
Other comprehensive
income - - -
----------- ----------- ----------
Total comprehensive
income for the period 4 (2) (4)
=========== =========== ==========
Earnings per share
Basic earnings/(loss)
per share 2 0.05p (0.03)p (0.05)p
Diluted earnings/(loss)
per share 2 0.05p (0.03)p (0.05)p
=========== =========== ==========
.
On-line PLC
Balance sheet
at 31 December 2015
31 December 31 December 30 June
2015 2014 2015
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Note
Fixed assets
Investments 868 868 868
---------------- ---------------- ----------------
Current assets
Debtors 112 107 80
Cash at bank and in
hand - - 24
---------------- ---------------- ----------------
112 107 104
Current liabilities
Trade and other payables 32 35 45
Borrowings (bank overdraft) 16 15 -
---------------- ---------------- ----------------
48 50 45
Net current assets 64 57 59
---------------- ---------------- ----------------
Total assets less current
liabilities 932 925 927
================ ================ ================
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 36 31 35
Profit and loss account 3 (4,551) (4,553) (4,555)
---------------- ---------------- ----------------
932 925 927
================ ================ ================
On-line PLC
Statement of changes in equity
at 31 December 2015
Share Share Share Retained Total
capital premium based earnings equity
payment
reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 July 2014 3,242 2,205 28 (4,551) 924
Equity settled share
options - - 3 - 3
--------- --------- --------- ---------- --------
Transactions with owners - - 3 - 3
Loss for the period
after tax - - - (2) (2)
Total comprehensive
income - - - (2) (2)
At 31 December 2014 3,242 2,205 31 (4,553) 925
Equity settled share
options - - 4 - 4
--------- --------- --------- ---------- --------
Transactions with owners - - 4 - 4
Loss for the period
after tax - - - (2) (2)
(MORE TO FOLLOW) Dow Jones Newswires
March 29, 2016 11:28 ET (15:28 GMT)
Total comprehensive
income - - - (2) (2)
At 30 June 2015 3,242 2,205 35 (4,555) 927
Equity settled share
options - - 1 - 1
Transactions with owners - - 1 - 1
Profit for the period
after tax - - - 4 4
Total comprehensive
income - - - 4 4
--------- --------- --------- ---------- --------
At 31 December 2015 3,242 2,205 36 (4,551) 932
========= ========= ========= ========== ========
On-line PLC
Cash flow statements
for the six months ended 31 December 2015
Six months Six months
ended ended Year ended
31 December 31 December 30 June
2015 2014 2015
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Cash flows from operating
activities
Profit for the period 4 (2) (4)
Equity settled share based
payments in the period 1 3 7
(Increase)/decrease in
debtors (32) 2 29
(Decrease)/increase in
creditors (13) (3) 7
------------- ------------- -------------------
Net cash (outflow)/inflow
from operating activities (40) - 39
------------- ------------- -------------------
Net (decrease)/increase
in cash and cash equivalents (40) - 39
Cash and cash equivalents
at the beginning of the
period 24 (15) (15)
------------- ------------- -------------------
Cash and cash equivalents
at the end of the period (16) (15) 24
============= ============= ===================
Cash and cash equivalents
Six months Six months
ended ended Year ended
31 December 31 December 30 June
2015 2014 2015
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Cash at bank - - 24
Borrowings (bank overdraft) (16) (15) -
------------- ------------- -----------
(16) (15) 24
============= ============= ===========
On-line PLC
Notes to the interim statement
for the six months ended 31 December 2014
1. Basis of preparation
The unaudited interim financial information is for the six month
period ended 31 December 2015. 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 2015, which
were prepared under the historical cost convention and United
Kingdom Accounting Standards (United Kingdom Generally Accepted
Accounting Practice).
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 2015 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.
Adoption of FRS 102
These financial statements have been prepared in accordance with
applicable United Kingdom accounting standards, including Financial
Reporting Standard 102 - 'The Financial Reporting Standard
applicable in the United Kingdom and Republic of Ireland' ('FRS
102'), and with the Companies Act 2006. The financial statements
have been prepared on the historical cost basis.
This is the first period in which the financial statements have
been prepared under FRS 102. Refer to note 4 for an explanation of
the transition.
The financial statements are presented in Sterling (GBP) and
rounded to the nearest thousand.
On-line PLC
Notes to the interim statement
for the six months ended 31 December 2014
2. Earnings per ordinary share
Six months Six months Year ended
ended ended
31 December 31 December 30 June
2015 2014 2015
GBP'000 GBP'000 GBP'000
Profit/(loss) for the
period 4 (2) (4)
Shares Shares Shares
Weighted average number
of Ordinary shares 7,662,348 7,662,348 7,662,348
Dilutive effect of options 168,750 - -
----------- ----------- -----------------
Weighted average Ordinary
shares for diluted earnings
per share 7,831,098 7,662,348 7,662,348
=========== =========== =================
Profit/(loss) for the
period
Basic earnings/(loss)
per share 0.05p (0.03)p (0.05)p
Diluted earnings/(loss)
per share 0.05p (0.03)p (0.05)p
=========== =========== =================
Where a loss occurs 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.
3. Fixed asset investments
Six months Six months Year ended
ended ended
31 December 31 December 30 June
2015 2014 2015
GBP'000 GBP'000 GBP'000
At historical cost 868 868 868
Percentage ownership 18.126% 18.263% 18.263%
The company owns an investment in ADVFN plc (ADVFN). ADVFN is
incorporated in England and Wales and its 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 director's have concluded that the investment in ADVFN
should continue to be recognised as an investment in an associate
and be measured at historical cost as permitted by the
standard.
On-line PLC
Notes to the interim statement
for the six months ended 31 December 2014
4. Transition to FRS 102
The company will adopt FRS 102 for the year ending 30 June 2016
and therefore have also applied that standard in preparing these
interim statements. The director's have decided that the investment
in ADVFN should continue to be recognised as an investment in an
associate and be carried at historical cost as permitted by the
standard. There are no further potential adjustments to the
numerical values however the disclosures have changed in line with
the changes prescribed by the standard.
Changes for FRS 102 adoption
There are no adjustments to the numerical values however the
disclosures have changed in line with the changes prescribed by the
standard.
5. Dividends
The directors do not recommend the payment of a dividend.
6. Accounts
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
IR EASDNAAXKEFF
(END) Dow Jones Newswires
March 29, 2016 11:28 ET (15:28 GMT)
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