TIDMOBC
RNS Number : 0281I
Online Blockchain PLC
16 March 2018
16 March 2018
For immediate release
Online Blockchain PLC
("Online" or the "Company", formerly On-Line PLC)
Unaudited Interim Results for the Six Months Ended 31 December
2017
Online today announces unaudited interim results for the six
months ended 31 December 2017 (the "Period").
Chairman's Statement
On 20 December 2017, we changed Online's corporate name to
Online Blockchain to reflect the projects we had been working on
for some time and our activity in this emerging technology. When we
had first started our research and development on Blockchain
projects, general market interest in Blockchain technology was at a
low level, but that changed during 2017. We believe that Blockchain
development is a complimentary extension of the Company's
activities and experience in the online sector.
Our first Blockchain project we announced in the Period was the
first phase of our Plus 1 Coin cryptocurrency project, which we had
developed in conjunction with ADVFN PLC ("ADVFN"). Following
testing within the ADVFN community, ADVFN offered its customers and
members a Plus 1 coin wallet, which had been built on software
developed by Online. Plus 1 coin is designed as a social media
cryptocurrency to enable social media users to interact and "up
vote" content of other social media. As previously announced,
Online and ADVFN are each bearing their own costs in respect of the
Plus 1 Coin cryptocurrency cooperation project and while there are
currently no financial arrangements between the two companies in
respect of this project, we anticipate that Online will in due
course charge publishers like ADVFN a license fee for its software
which supports the wallet, on terms to be agreed.
In addition to our development activities, Online has a 17.98
percent interest in ADVFN, which has also released its interim
results for the six months ended 31 December and which are
summarised further below.
Following the Period end, we raised GBP1m through an issue of
new shares to provide general working capital for the Company and
to provide additional resources to invest further in the
development of Blockchain projects as and when they arise. This
development work dovetails with our efforts with ADVFN, which is
broadening its own information service on cryptocurrencies whilst
implementing our Plus1 Coin product for its international
community.
We are excited about the potential opportunities for Blockchain
technology. Shareholders should note that the Company's own
development of additional Blockchain products are still at an early
stage but we look forward to reporting further progress this
year.
Following the Period end on 23 February 2018, we were also
particularly pleased to announce the appointment of Bill Louden to
the Board as a non-executive director, and the following provides
some additional background and context to his appointment. Bill is
considered one of the early pioneers of the online industry,
joining CompuServe in 1979, which played a key role in the
commercial development of the internet at that time. Between 1979
and 1984 at Compuserve, Bill was responsible for personal computing
and communication product lines, including InfoPlex, a CompuServe
commercial store and forward system, which was re-designed and
developed under Bill as a consumer product, renamed as "EMAIL" and
launched in 1981 (and subsequently trademarked by Compuserve
between 1983 and 1984). Bill is particularly recognised for his
role in leading the development and commercialisation of
multi-player games at Compuserve (and thereafter as founder of the
GEnie online service at General Electric), including MegaWars, the
first commercial multi-player online game. Bill's reputation within
the online industry and experience will be of great value to
us.
Change of name
On 20 December 2017 the name of the Company was changed from
On-Line PLC to Online Blockchain PLC.
More information about Online Blockchain PLC can be found at:
www.onlineblockchain.io
ADVFN PLC
2017 was a year of consolidation at ADVFN. As reported by ADVFN
in its unaudited interim accounts for the six months ended 31
December 2017, ADVFN was profitable, as set out in the table of
financial performance further below.
ADVFN's sales in the 6-month interim period have shown a top
line growth of GBP456,000, an increase of 12% on the comparable
period last year, from approximately GBP3.8m to GBP4.3m. Reported
operating profit for the 6-month interim period was GBP24,000
(2016: operating loss, GBP66,000).
ADVFN Financial performance for the six months ended 31 December
2017
Key financial performance for the period has been summarised as
follows:
Six Months ended Six Months ended
31 December 2017 31 December 2016
------------------------- ----------------- -----------------
GBP'000 GBP'000
------------------------- ----------------- -----------------
Turnover 4,282 3,826
------------------------- ----------------- -----------------
Profit for the period 24 18
------------------------- ----------------- -----------------
Operating profit/(loss) 24 (66)
------------------------- ----------------- -----------------
Profit per share
(see note 3) 0.09 p 0.07 p
------------------------- ----------------- -----------------
Michael Hodges
Chairman
16 March 2018
A copy of this announcement is available on the Company's
website, at www.onlineblockchain.io
Enquiries:
For further information please contact:
Online Blockchain PLC +44 (0) 207 070
Michael Hodges 0909
Beaumont Cornish Limited
(Nominated Adviser)
www.beaumontcornish.com
+44 (0) 207 628
Roland Cornish/Michael Cornish 3396
Smaller Company Capital +44 (0) 203 651
Limited (Broker) 2910
Jeremy Woodgate
Cassiopeia Ltd (Investor stefania@cassiopeia-ltd.com
Relations)
Stefania Barbaglio
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. The person who arranged for the
release of this announcement on behalf of the Company was Michael
Hodges, Director.
Online Blockchain PLC (formerly On-Line PLC)
Statement of comprehensive income
for the six months ended 31 December 2017
Six months Six months
ended ended Year ended
31 December 31 December 30 June
2017 2016 2017
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Note
Turnover 32 44 98
Share based payment (3)
Administrative expenses (21) (31) (78)
----------- ----------- ----------
Operating profit 8 13 20
Interest payable (15) (1) (2)
----------- ----------- ----------
(Loss)/profit on ordinary
activities before taxation (7) 12 18
Tax on profit on ordinary
activities - - -
----------- ----------- ----------
(Loss)/profit and total
comprehensive income
for the period attributable
to shareholders of the
parent (7) 12 18
=========== =========== ==========
(Loss)/earnings per
share
Basic (loss)/earnings (0.09)
per ordinary share 2 p 0.16 p 0.24 p
Diluted (loss)/earnings (0.09)
per ordinary share 2 p 0.16 p 0.24 p
=========== =========== ==========
.
Online Blockchain PLC (formerly On-Line PLC)
Balance sheet
at 31 December 2017
31 December 31 December 30 June
2017 2016 2017
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Note
Non-current assets
Investments 3 868 868 868
---------------- ---------------- ----------------
Current assets
Trade and other receivables 159 170 125
Cash at bank and in
hand - - 2
---------------- ---------------- ----------------
159 170 127
Total assets 1,027 1,038 995
================ ================ ================
Equity and liabilities
Equity
Called up share capital 3,242 3,242 3,242
Share premium account 2,205 2,205 2,205
Share based payment
reserve 39 38 36
Profit and loss account (4,532) (4,531) (4,525)
---------------- ---------------- ----------------
954 954 958
Current liabilities
Trade and other payables 24 35 37
Borrowings (bank overdraft) 49 49 -
---------------- ---------------- ----------------
73 84 37
Total equity and liabilities 1,027 1,038 995
================ ================ ================
Online Blockchain PLC (formerly On-Line PLC)
Statement of changes in equity
at 31 December 2017
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 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
Equity settled share
options - - (2) - (2)
--------- --------- --------- ---------- --------
Transactions with owners - - (2) - (2)
Profit for the period
after tax - - - 6 6
Total comprehensive
income - - - 6 6
At 30 June 2017 3,242 2,205 36 (4,525) 958
Equity settled share
options - - 3 - 3
Transactions with owners - - 3 - 3
Loss for the period
after tax - - - (7) (7)
Total comprehensive
loss - - - (7) (7)
--------- --------- --------- ---------- --------
At 31 December 2017 3,242 2,205 39 (4,532) 954
========= ========= ========= ========== ========
Online Blockchain PLC (formerly On-Line PLC)
Cash flow statements
for the six months ended 31 December 2017
Six months Six months
ended ended Year ended
31 December 31 December 30 June
2017 2016 2017
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Cash flows from operating
activities
(Loss)/profit for the period (7) 12 18
Share based payments 3 2 -
(Increase)/decrease in
trade and other receivables (34) (11) 34
(Decrease)/increase in
trade and other payables (13) 3 5
------------- ------------- -------------------
Net cash used by operating
activities (51) 6 57
------------- ------------- -------------------
(Decrease)/increase in
cash and cash equivalents (51) 6 57
Cash and cash equivalents
at the start of the period 2 (55) (55)
------------- ------------- -------------------
Cash and cash equivalents
at the end of the period (49) (49) 2
============= ============= ===================
Cash and cash equivalents
Six months Six months
ended ended Year ended
31 December 31 December 30 June
2017 2016 2017
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Cash at bank - - 2
Borrowings (bank overdraft) (49) (49) -
------------- ------------- ----------
(49) (49) 2
============= ============= ==========
Online Blockchain PLC (formerly On-Line PLC)
Notes to the interim statement
for the six months ended 31 December 2017
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 2017. 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 2017.
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 2017 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)/earnings per ordinary share
Six months Six months Year
ended ended ended
31 December 31 December 30 June
2017 2016 2017
GBP'000 GBP'000 GBP'000
(Loss)/profit for the
period (7) 12 18
Shares Shares Shares
Weighted average number
of Ordinary shares 7,662,348 7,662,348 7,662,348
Dilutive effect of options 142,860 - -
----------- ----------- -----------------
Weighted average Ordinary
shares for diluted earnings
per share 7,805,208 7,662,348 7,662,348
=========== =========== =================
(Loss)/earnings per
share
(0.09)
Basic earnings per share p 0.16 p 0.24 p
Diluted earnings per (0.09)
share p 0.16 p 0.24 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, where a profit has been recorded but the average
share price for the period remains under the exercise price the
existence of options is not dilutive.
Online Blockchain PLC (formerly On-Line PLC)
Notes to the interim statement
for the six months ended 31 December 2017
3. Fixed asset investments
Six months Six months Year
ended ended ended
31 December 31 December 30 June
2017 2016 2017
GBP'000 GBP'000 GBP'000
At historical cost 868 868 868
Percentage ownership 17.98% 18.05% 17.98%
The Company owns 17.98% (2016: 18.05%) of ADVFN plc (ADVFN)
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 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, www.onlineblockchain.io
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR SFAFLMFASESD
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March 16, 2018 10:12 ET (14:12 GMT)
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