TIDMONL
RNS Number : 6675A
On-Line PLC
27 March 2017
On-line PLC
('On-line' or 'the Company')
Unaudited Interim Results for the Six Months Ended 31 December
2016
On-line today announces unaudited interim results for the six
months ended 31 December 2016.
Chairman's Statement
Here are our interim accounts and statement.
On-Line plc results have remained stable and as you know we are
working hard to push ADVFN which has made good progress in the past
6 months with the value of our shareholding improving.
ADVFN PLC
Below are a few extracts from ADVFN's interim statement:
"2016 was a year of change at ADVFN. We have, after many years
of striving for growth, realigned ourselves to work towards profit.
These interim results for the six month period to 31 December 2016
sees us hit this target and realise a profit after tax, albeit this
was due largely to foreign exchange gains.
Turning away from growth in order to cut costs has resulted in
our sales falling to GBP3,826,000 from GBP4,274,000. However, the
P&L during this period has gone from a GBP442,000 loss after
tax to an GBP18,000 profit after tax, a considerable reversal.
Whilst this profit may be a meagre one it is, never the less, a
milestone.
This result has been produced as a consequence of a number of
proactive changes in our business: our headcount reduced, the
closure of non-core markets, restrained marketing and the
decommissioning of localised web content.
The second half of the 2016 calendar year improved due to the
surprise turn-up results of Brexit and President Trump. The
outlook, while stronger, is still mixed with much fragility in our
marketplace.
We are on an even keel and we expect to remain on the current
course. In the short term, this will be heavily dependent on the
appetite for trading and investing in our key markets. This outcome
in our view is, to some extent, hedged because our main markets are
in the UK, US and Brazil and as such are disparate.
We believe that by this time next year we will be in a good
position to re-examine a strategy for growth. This will depend on
our success in the next 12 months, which in the era of Brexit and
President Trump is difficult to predict.
This new politico-economic era could pan out well for ADVFN as,
in the past, chaos and uncertainty has worked in our favour. In the
meantime, we will continue to work further to improve our
performance."
Financial performance
Key financial performance for the period has been summarised as
follows:
Six Months ended Six Months ended
31 December 2016 31 December 2015
------------------------- ----------------- -----------------
GBP'000 GBP'000
------------------------- ----------------- -----------------
Turnover 3,826 4,274
------------------------- ----------------- -----------------
Profit/(loss) for the
period 18 (442)
------------------------- ----------------- -----------------
Operating Loss (66) (538)
------------------------- ----------------- -----------------
Profit/(Loss) per share
(see note 3) 0.07 p (1.75)p
------------------------- ----------------- -----------------
Michael Hodges
Chairman
27 March 2017
On-line PLC
Statement of comprehensive income
for the six months ended 31 December 2016
Six months Six months
ended ended Year ended
31 December 31 December 30 June
2016 2015 2016
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Note
Turnover 44 41 85
Administrative expenses (31) (37) (73)
----------- ----------- ----------
Operating profit 13 4 12
Interest payable (1) - -
----------- ----------- ----------
Profit on ordinary activities
before taxation 12 4 12
Tax on profit on ordinary
activities - - -
----------- ----------- ----------
Profit for the financial year 12 4 12
Other comprehensive income - - -
----------- ----------- ----------
Total comprehensive income
for the period 12 4 12
=========== =========== ==========
Earnings per share
Basic profit per ordinary
share 2 0.16 p 0.05 p 0.16 p
Diluted profit per ordinary
share 2 0.16 p 0.05 p 0.15 p
=========== =========== ==========
.
On-line PLC
Balance sheet
at 31 December 2016
31 December 31 December 30 June
2016 2015 2016
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Note
Non-current assets
Investments 3 868 868 868
---------------- ---------------- ----------------
Current assets
Debtors 170 112 159
Cash at bank and in hand - - -
---------------- ---------------- ----------------
170 112 159
Total assets 1,038 980 1,027
================ ================ ================
Equity and liabilities
Equity
Called up share capital 3,242 3,242 3,242
Share premium account 2,205 2,205 2,205
Option valuation reserve 38 36 36
Profit and loss account (4,531) (4,551) (4,543)
---------------- ---------------- ----------------
954 932 940
Current liabilities
Trade and other payables 35 32 32
Borrowings (bank overdraft) 49 16 55
---------------- ---------------- ----------------
84 48 87
Total equity and liabilities 1,038 980 1,027
================ ================ ================
On-line PLC
Statement of changes in equity
at 31 December 2016
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 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
Equity settled share options - - - - -
--------- --------- --------- ---------- --------
Transactions with owners - - - - -
Profit for the period after
tax - - - 8 8
Total comprehensive income - - - 8 8
At 30 June 2016 3,242 2,205 36 (4,543) 940
Equity settled share options - - 2 - 2
Transactions with owners - - 2 - 2
Profit for the period after
tax - - - 12 12
Total comprehensive income - - - 12 12
--------- --------- --------- ---------- --------
At 31 December 2016 3,242 2,205 38 (4,531) 954
========= ========= ========= ========== ========
On-line PLC
Cash flow statements
for the six months ended 31 December 2016
Six months Six months
ended ended Year ended
31 December 31 December
2016 2015 30 June 2016
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Cash flows from operating activities
Profit for the period 12 4 12
Share based payments 2 1 1
Increase in trade and other receivables (11) (32) (79)
Increase/(decrease) in trade and
other payables 3 (13) (13)
------------- ------------- ---------------------
Net cash used by operating activities 6 (40) (79)
------------- ------------- ---------------------
(Decrease)/increase in cash and
cash equivalents 6 (40) (79)
Cash and cash equivalents at the
start of the period (55) 24 24
------------- ------------- ---------------------
Cash and cash equivalents at the
end of the period (49) (16) (55)
============= ============= =====================
Cash and cash equivalents
Six months Six months
ended ended Year ended
31 December 31 December
2016 2015 30 June 2016
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Cash at bank - - -
Borrowings (bank overdraft) (49) (16) (55)
------------- ------------- -------------
(49) (16) (55)
============= ============= =============
On-line PLC
Notes to the interim statement
for the six months ended 31 December 2016
1. Basis of preparation
The 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 under the historical cost convention.
The financial statements are presented in Sterling (GBP) rounded
to the nearest thousand except where specified.
The unaudited interim financial information is for the six month
period ended 31 December 2016. 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 2016.
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.
2. Earnings per ordinary share
Six months Six months Year
ended ended ended
31 December 31 December 30 June
2016 2015 2016
GBP'000 GBP'000 GBP'000
Profit for the period 12 4 12
Shares Shares Shares
Weighted average number of
Ordinary shares 7,662,348 7,662,348 7,662,348
Dilutive effect of options - 168,750 129,000
----------- ----------- -----------------
Weighted average Ordinary
shares for diluted earnings
per share 7,662,348 7,831,098 7,791,348
=========== =========== =================
Earnings per share
Basic earnings per share 0.16 p 0.05p 0.16 p
Diluted earnings per share 0.16 p 0.05p 0.15 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.
In addition, the share price of On-Line plc has moved to the
point where the options are no longer dilutive and therefore the
basic and diluted earnings per share are the same.
3. Fixed asset investments
Six months Six months Year
ended ended ended
31 December 31 December 30 June
2016 2015 2016
GBP'000 GBP'000 GBP'000
At historical cost 868 868 868
Percentage ownership 18.05% 18.13% 18.05%
The Company owns 18.05% (2015: 18.13%) of ADVFN plc (ADVFN)
which 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 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 On-line plc and the resulting level of
significant influence over the associate.
4. Dividends
The directors do not recommend the payment of a dividend.
5. 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 ZMGZFVNRGNZM
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