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REG - ADVFN PLC - Half-year Report

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RNS Number : 3835C  ADVFN PLC  27 March 2025

 
27 March 2025
For immediate release
ADVFN PLC

("ADVFN" or the "Group")

Unaudited Interim Results for the Six Months Ended 31 December 2024

 

ADVFN today announces its unaudited interim results for the six months ended
31 December 2024 (the "Period").

 

Chief Executive's Statement

 

Since the change in management and Board in the second half of 2022, ADVFN has
witnessed an increasingly challenging market environment. The AIM market, the
broader stock market, and ADVFN specifically have faced significant headwinds.
One of the biggest challenges has been a decline in ADVFN's revenue, driven
primarily by a slowdown in sales, a challenge we have observed across our
sector.

Nonetheless, we have made significant progress in optimising our cost
structure and improving operational efficiency. This has been a long and
challenging process, but we have successfully reduced annual costs from £8
million to approximately less than £5 million and have maintained this saving
as more long-term projects take effect in Q1 2025. These efforts have ensured
that ADVFN is becoming a sustainable, flexible and more efficient
organisation.

As a legacy company, we have worked relentlessly to adapt and position ADVFN
as a technology-focused company. These efforts should not be underestimated,
as they have required more time and resources than initially expected. Our
efforts have been dedicated to:

●    Restructuring and optimising our corporate structure while hiring
and onboarding top-tier talents.

●    Restructuring, optimising and heavily investing in our platform to
make it more scalable, agile and frictionless.

●    Building cutting-edge technologies and introducing state-of-the-art
tools that redefine how our users interact with our platform.

●    Laying the groundwork for growth and long-term success.

Headline financial performance for the six month-period ended 31 December 2024
("Period") with a comparison to the six-month period ended 31 December 2023
("Prior Period") is as follows:

Revenue: £2.019 million (Prior Period: £2.294 million)

Gross Profit: £1.919 million (Prior Period: £2.185 million)

Operating Loss: £479k (Prior Period: £611k loss)

Administrative Expenses: £2.398 million (Prior Period: £2.796 million)

Net Loss: £393k (Prior Period: £531k loss)

Cash and Cash Equivalents: £3.535 million

Total Liabilities: £1.290 million

Total Equity: £3.238 million

 

 

The past 12 months have been a period of transformation - AI-driven tools, new
apps, Options Flow, and TraderChat, are just the beginning. These advancements
take time and patience, but I am confident in our team's dedication and hard
work. We remain committed to building the best platform for our users and
delivering long-term value for our shareholders. While ADVFN has made
significant strides in optimising its cost structure and reducing operational
losses, the focus moving forward will shift entirely to growth with a strong
focus on Monthly and Annual Recurrent Revenue Subscriptions.  Our new
optimised operating model ensures that every £1 of marginal unit of revenue
contributes meaningfully to profitability, targeting an 80% gross margin and a
65%-70% operational margin. This shift from cost-cutting to revenue growth
will be the key driver of our future success.

While revenue and profit ratios have remained relatively stable, we still face
some challenges as revenues declined in 2024, albeit at a much slower pace.
Nevertheless, there are encouraging signs: traffic has increased by nearly
30%. The products and developments I have been highlighting over the past year
are now starting to take effect on our platform, and even more innovations are
on the horizon.

At the same time, the results for the Period reflected increased legal costs
from a dispute (now settled) with a former Board member, which significantly
burdened our bottom line.

While product optimisation and operational efficiency have been the
cornerstones of our success, we recognise that these elements alone will not
sustain our long-term growth. In today's dynamic market environment, there is
substantial opportunity to accelerate our expansion through strategic mergers
and acquisitions. We have observed that companies operating on a scale similar
to ADVFN, across diverse countries and markets, with consistent revenue trends
and robust advertising strategies are uniquely positioned to create
significant value when combined with our strengths. Therefore, our strategy
moving forward is built on three key pillars: a steadfast commitment to
enhancing our core products, the integration of advanced AI capabilities, and
a pursuit of M&A opportunities to acquire complementary platforms. By
pursuing these strategic initiatives, we aim not only to drive growth but also
to generate synergies that will significantly enhance our revenue potential
over the mid-long term.

Given this general trading and market background, we have carefully assessed
the benefits and drawbacks of remaining an AIM-listed company. This evaluation
has been ongoing for some time to determine how best to achieve our corporate
goals and unlock the company's full potential.

To achieve our ambitions as a small company, we need full focus from the
executive management team on operational and funding priorities, and to shift
our efforts from administrative and regulatory priorities arising from our
ongoing listing obligations, to development and product innovation.
Additionally, the Company's falling share price and low levels of liquidity
have deterred potential partners from accepting shares or options as
consideration, restricting deal-making flexibility. As a result of the low
market valuation, nearly every potential acquisition would have required us to
give up substantial equity, even for smaller transactions, on unattractive
terms for our existing shareholders. The persistently low liquidity and
suppressed share price have yielded minimal benefits for our shareholders,
making it hard to justify remaining public from a strategic standpoint

Accordingly, the Board has unanimously decided to pursue the delisting of the
company from AIM and a circular will be sent to shareholders in due course.
Over the past months, we have carefully evaluated all possible options and the
steps necessary for this transition and I want to assure you that this
decision has been made with a clear focus on the company's best interests and
goals.

Recognising the concerns and uncertainties that may arise from this
transition, I want to assure our shareholders that we are taking deliberate
steps to facilitate liquidity and maintain open, transparent communication. To
support ongoing shareholder engagement, we intend to transition to the JPJ
Bargain Match Engine, ensuring that some liquidity potentially remains
available despite the shift to a private structure.

In addition, we will launch a dedicated shareholder portal, accessible via
email login, to serve as a central hub for updates, FAQs, and a direct channel
for addressing any concerns promptly. This shareholder portal will also host
important reports, announcements, and periodic events to keep shareholders
informed and engaged.

Over the coming weeks, I will personally dedicate my full attention to
addressing shareholder concerns and ensuring a smooth transition. Every
shareholder who remains with us post-transition will have direct access to the
ADVFN team and myself, and we will be available for individual communication
to provide clarity and support.

I would like to reaffirm our commitment to taking the right steps for ADVFN's
long-term success while treating every shareholder with the utmost care and
respect. I invite you to embark on this journey with us, confident that
together we will achieve our shared vision and long-term goals.

I want to express my heartfelt gratitude for your unwavering support and
active engagement. It has been truly inspiring to see that so many of you
deeply care about the company, offering invaluable insights along the way.

While our journey as a public company may be coming to an end, our dedication
and ambition remain stronger than ever. The team and I are fully committed to
building a company that not only thrives, but is one in which you will be
proud to be a shareholder. I sincerely hope you will continue this journey
with us so that together we can achieve our shared vision and long-term
goals.

Thank you for being a vital part of this story.

 

Amit Tauman

CEO

27 March 2025

A copy of this announcement is available on the Company's website,
www.advfnplc.com (http://www.advfnplc.com) .

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the
European Union (Withdrawal) Act 2018. The person who arranged for the release
of this announcement on behalf of the Company was Amit Tauman, Director.

 

For further information please contact:

 ADVFN plc                                      +44 (0) 203 8794 460

 Amit Tauman (CEO)
 Beaumont Cornish Limited (Nominated Adviser)   +44 (0) 207 628 3396

 Michael Cornish

 Roland Cornish
 Peterhouse Capital Limited (Broker)            +44 (0) 207 469 0930

 Duncan Vasey

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated
Adviser and is authorised and regulated by the FCA. Beaumont Cornish's
responsibilities as the Company's Nominated Adviser, including a
responsibility to advise and guide the Company on its responsibilities under
the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed
solely to the London Stock Exchange. Beaumont Cornish is not acting for and
will not be responsible to any other persons for providing protections
afforded to customers of Beaumont Cornish nor for advising them in relation to
the proposed arrangements described in this announcement or any matter
referred to in it.

 

 

 Condensed interim consolidated income statement
                                                                                         6 months to       6 months to  12 months to

                                                                                          31 Dec            31 Dec       30 June
                                                                                         2024              2023         2024
                                                                                         £'000             £'000        £'000
                                                                                         Unaudited         Unaudited    Audited
                                                                       Notes                               (RESTATED)

 Revenue                                                                                 2,019             2,294        4,441
 Cost of sales                                                                           (100)             (109)        (218)

 Gross profit                                                                            1,919             2,185        4,223

 Administrative expenses                                               4                 (2,458)           (2,796)      (5,335)

 Operating loss                                                                          (539)             (611)        (1,112)

 Finance income                                                                          86                80           198
 Finance expense                                                                         -                 (1)          (1)
 Other income                                                                            -                 -            2

 Loss before tax                                                                         (453)             (532)        (913)
 Taxation                                                                                -                 1            63

 Loss from continuing operations                                                         (453)             (531)        (850)
 Loss from discontinued operations                                                       -                 -            (68)

 Total loss for the period attributable to shareholders of the parent

                                                                                         (453)             (531)        (918)

 Loss per share from continuing operations
 Basic                                                                                   (0.98p)           (1.16p)      (1.85p)
 Diluted                                                                                 (0.98p)           (1.16p)      (1.85p)

 Loss per share from total operations
 Basic                                                                 5                 (0.98p)           (1.16p)      (1.99p)
 Diluted                                                                                 (0.98p)           (1.16p)      (1.99p)

 

 

 

 

 Condensed interim consolidated statement of comprehensive income
                                                                                                      6 months to             6 months to  12 months to

                                                                                                       31 Dec                  31 Dec       30 June
                                                                                                      2024                    2023         2024
                                                                                                      £'000                   £'000        £'000
                                                                                                      Unaudited               Unaudited    Audited
                                                                                                                              (RESTATED)

 Loss for the period                                                                                  (453)                   (531)        (918)

 Other comprehensive (loss)/income:
 Items that will be reclassified subsequently to profit or loss:
 Exchange differences on translation of foreign operations                                            (49)                    28           48

 Total other comprehensive (loss)/income                                                              (49)                    28           48

 Total comprehensive loss for the period attributable to shareholders of the                          (502)                   (503)        (870)
 parent

 

 Condensed interim consolidated balance sheet
                                                                    31 Dec     31 Dec      30 June
                                                                    2024       2023        2024
                                                                    £'000      £'000       £'000
                                                                               (RESTATED)
                                                                    Unaudited  Unaudited   Audited
 Assets
 Non-current assets
 Property, plant and equipment (including right of use assets)      101        145         115
 Intangible assets                                              3   479        174         311
 Other receivables                                                  25         22          22

                                                                    605        341         448

 Current assets
 Trade and other receivables                                        388        460         561
 Cash and cash equivalents                                          3,535      4,798       4,091

                                                                    3,923      5,258       4,652

 Total assets                                                       4,528      5,599       5,100

 Equity and liabilities
 Equity
 Issued capital                                                     93         92          93
 Share premium                                                      6,705      6,676       6,705
 Share based payments reserve                                       48         32          48
 Foreign exchange translation reserve                               315        344         364
 Retained earnings                                                  (3,984)    (3,144)     (3,531)

                                                                    3,177      4,000       3,679

 Non-current liabilities
 Borrowing - bank loans                                             4          15          9

                                                                    4          15          9

 Current liabilities
 Trade and other payables                                           1,337      1,574       1,402
 Borrowing - bank loans                                             10         10          10

                                                                    1,347      1,584       1,412

 Total liabilities                                                  1,351      1,599       1,421

 Total equity and liabilities                                       4,528      5,599       5,100

Condensed interim consolidated statement of changes in equity

 

                                                            Share capital  Share premium  Share based payment reserve  Foreign exchange translation reserve  Retained earnings  Total equity
                                                            £'000          £'000          £'000                        £'000                                 £'000              £'000

 At 1 July 2023 as previously stated                        92             6,676          22                           316                                   (1,828)            5,278
 Effect of prior year adjustment (Note 2)                   -              -              -                            -                                     (785)              (785)
 Balance at 1 July 2023 - As restated                       92             6,676          22                           316                                   (2,613)            4,493

 Transactions with equity shareholders:
 Issue of options                                           -              -              10                           -                                     -                  10
                                                            -              -              10                           -                                     -                  10

 Loss for the period after tax                              -              -              -                            -                                     (531)              (531)

 Other comprehensive income
 Exchange differences on translation of foreign operations  -              -              -                            28                                    -                  28

 Total other comprehensive income                           -              -              -                            28                                    -                  28

 Total comprehensive income/(loss)                          -              -              -                            28                                    (531)              (503)

 At 31 December 2023                                        92             6,676          32                           344                                   (3,144)            4,000

 Transactions with equity shareholders:
 Issue of shares (Note 2)                                   1              29             -                            -                                     -                  30
 Issue of options                                           -              -              16                           -                                     -                  16
                                                            1              29             16                           -                                     -                  46

 Loss for the period after tax                              -              -              -                            -                                     (387)              (387)

 Other comprehensive income
 Exchange differences on translation of foreign operations  -              -              -                            20                                    -                  20

 Total other comprehensive income                           -              -              -                            20                                    -                  20

 Total comprehensive income/(loss)                          -              -              -                            20                                    (387)              (367)

 At 30 June 2024                                            93             6,705          48                           364                                   (3,531)            3,679

 Loss for the period after tax                              -              -              -                            -                                     (453)              (453)

 Other comprehensive income
 Exchange differences on translation of foreign operations  -              -              -                            (49)                                  -                  (49)

 Total other comprehensive loss                             -              -              -                            (49)                                  -                  (49)

 Total comprehensive loss                                   -              -              -                            (49)                                  (453)              (502)

 At 31 December 2024                                        93             6,705          48                           315                                   (3,984)            3,177

 

 

 Condensed interim consolidated cash flow statement
                                                           6 months to  6 months to  12 months to

                                                            31 Dec       31 Dec       30 June
                                                           2024         2023         2024
                                                           £'000        £'000        £'000
                                                           Unaudited    unaudited    audited

 Cash flows from continuing operating activities
 Loss for the period from continuing operations            (453)        (531)        (850)
 Net finance (income)/expense in the income statement      (86)         (79)         (197)
 Depreciation of property, plant and equipment             18           16           49
 Amortisation of intangible assets (Note 3)                31           84           156
 Disposal of intangible assets (Note 3)                    -            -            30
 Share based payments                                      -            10           26
 Issue of shares as directors' compensation (Note 2)       -            -            30
 Decrease / (Increase) in trade and other receivables      171          (16)         (91)
 Decrease in trade and other payables                      (66)         (328)        (501)

 Net cash used by continuing operations                     (385)       (844)        (1,348)

 Cashflow from discontinued operating activities
 Loss for the year from discontinued operations            -            -            (68)

 Net cash used by discontinued operations                  -            -            (68)

 Income tax received                                       -            25           -

 Net cash used by operating activities                     (385)        (819)        (1,416)

 Cash flows from financing activities
 Bank interest received                                    86           80           198
 Repayment of loans                                        (5)          (5)          (9)
 Other interest paid                                       -            (1)          (1)

 Net cash (used)/generated by financing activities          81          74            188

 Cash flows from investing activities
 Payments for property, plant and equipment                (4)          (2)          (6)
 Purchase of intangibles                                   (199)        (40)         (279)

 Net cash used by investing activities                     (203)        (42)          (285)

 Net decrease in cash and cash equivalents                 (507)        (787)        (1,513)
 (Loss)/gain on foreign exchange                           (49)         28           47

 Net decrease in cash and cash equivalents                 (556)        (759)        (1,466)
 Cash and cash equivalents at the start of the period      4,091        5,557        5,557

 Cash and cash equivalents at the end of the period        3,535        4,798        4,091

 

 

Notes to the interim financial statements

 

1.  Legal status and activities

 

The principal activity of ADVFN PLC ("the Company") and its subsidiaries
(together "the Group") is the development and provision of financial
information, primarily via the internet, research services and the development
and exploitation of ancillary internet sites.

 

The principal trading subsidiaries are All IPO Plc (strike off applied for),
InvestorsHub.com Inc and N A Data Inc,

 

The Company is a public limited company which is quoted on the AIM of the
London Stock Exchange and is incorporated and domiciled in the UK. The address
of the registered office is Suite 28, Essex Business Centre, The Gables,
Fyfield Road, Ongar, Essex, CM5 0GA.

 

The registered number of the company is 02374988.

 

2.  Basis of preparation of the half-year report

 

These condensed interim financial statements have been prepared in accordance
with IAS 34, "Interim Financial Reporting".

 

The financial information does not include all the information required for
full annual financial statements. The same accounting policies and methods of
computation have been followed in the interim financial statements as compared
with the full audited financial statements and should be read in conjunction
with the consolidated financial statements of the Group for the year ended 30
June 2024, which were prepared under applicable law and in accordance with
UK-adopted international accounting standards.

 

The unaudited consolidated interim financial information is for the six-month
period ended 31 December 2024. These financial statements were approved for
issue on 26 March 2025.

 

The financial statements are presented in Sterling (£) rounded to the nearest
thousand except where specified.

 

The interim financial information has been prepared on the going concern basis
which assumes the Group will continue in existence for the foreseeable future.

 

No material uncertainties that cast significant doubt about the ability of the
Group 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 principal risks and uncertainties of the Company remain the same as those
reported in the consolidated financial statements of the Group for the year
ended 30 June 2024.

 

Estimates and Judgements

The critical estimates and judgements remain the same as those applied to the
consolidated financial statements for the Group for the year ended 30 June
2024.

 

Shares issued

On 16 May 2024, 280,000 shares were issued to non-executive directors in lieu
of salary. The shares had a nominal value of £0.002 per share and were issued
at the market value on the date of issue of 10.5p per share, resulting in an
increase in share capital of £560 and share premium of £28,840. The shares
rank pari passu with the existing shares in issue.

 

Trade and other receivables

These assets are non-derivative financial assets with fixed or determinable
payments that are not quoted in an active market. They arise principally
through the provision of goods and services to customers but also incorporate
other types of contractual monetary assets.

 

They are initially recognised at fair value and measured subsequent to initial
recognition at amortised cost using the effective interest method, less any
impairment loss.

 

The Group's financial assets comprise trade receivables, other receivables
(excluding prepayments) and cash and cash equivalents.

 

Trade and other payables

Trade payables are recognised initially at their fair value, net of
transaction costs and subsequently measured at amortised costs less settlement
payments.

 

Other liabilities are recognised initially at their fair value, net of
transaction costs and subsequently measured at amortised costs less settlement
payments.

Notes to the interim financial statements

 

Prior year adjustment

 

The financial statements for the year ended June 2023 have been restated to
correct for a prior period error. The intangible assets and the retained
earnings have both been reduced by £785,000 which represents an intangible
asset acquired as part of the historic acquisition of All IPO Plc. This asset
had, incorrectly, not been amortised since its acquisition. Note 12 (Group),
intangible assets, shows the effect of the restatement on the cost of the
website development costs as at 1 July 2022. There is no impact on the basic
or diluted earnings per share.

 

Assets had also been incorrectly allocated between the group companies, and
this has been corrected in the Company as shown in note 3. There was no net
impact of this on the Company financial statements.

 

 

Adoption of new and amended standards and interpretations.

 

The following standards and interpretations apply for the first time to
financial reporting periods commencing on or after 1 January 2023:

 

 New standard or amendment                                                     Effective date (annual periods beginning on or after):

 IFRS 17 - Insurance Contracts 1 January 2023                                  1(st) January 2023

 Amendments to IFRS 17 - Insurance Contracts; and Extension of the Temporary   1(st) January 2023
 Exemption from Applying IFRS 9 (Amendments to IFRS 4 Insurance Contracts)
 Disclosure of Accounting Policies - Amendments to IAS 1 IFRS Practice         1(st) January 2023
 Statement 2
 Definition of Accounting Estimates - Amendments to IAS 8                      1(st) January 2023
 Deferred Tax related to Assets and Liabilities arising from a Single          1(st) January 2023
 Transaction - Amendments to IAS 12
 International Tax Reform - Pillar Two Model Rules (Amendments to IAS 12)      1(st) January 2023

 

None of the standards or amendments which became effective in the year had a
significant impact on the company.

New standard or amendment - issued but not yet effective in the year

As at 30 June 2024, the following standards and interpretations had been
issued but were not mandatory for annual reporting periods ending on 30 June
2024.

 New standard or amendment                                                       Effective date (annual periods beginning on or after):

 Classification of Liabilities as Current or Non-current - Amendments to IAS 1,  1(st) January 2024
 Non-current liabilities with Covenants - Amendments to IAS 1
 Lease Liability in a Sale and Leaseback - Amendments to IFRS 16                 1(st) January 2024
 Supplier finance arrangements - Amendments to IAS 7 and IFRS 7                  1(st) January 2024
 Amendments to IAS 21 to clarify the accounting when there is a lack of          1(st) January 2025
 exchangeability
 Classification and Measurement of Financial Instruments (Amendments IFRS 7 and  1(st) January 2026
 IFRS 9)
 IFRS 18 Presentation and Disclosure in Financial Statements                     1(st) January 2027
 IFRS 19 Subsidiaries without Public Accountability: Disclosures                 1(st) January 2027

 

 

Notes to the interim financial statements

 

The following IFRS Sustainability standards had been issued but were not
mandatory for annual reporting periods ending on 30 June 2024.

 

 New standard                                                            Effective date (annual periods beginning on or after):

 IFRS S1: General requirements for disclosure of sustainability-related  1(st) January 2024
 financial information
 IFRS S2: Climate-related disclosures                                    1(st) January 2024

 

The company have not early adopted and standards or amendments which are not
yet effective.

The Directors continue to monitor developments in the relevant accounting
standards but do not believe that these changes will significantly impact the
Group.

 

 

 

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 Group's statutory accounts for the
year to 30 June 2024 have been filed with the Registrar of Companies. The
auditors, Saffery Champness 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.

 

 

 

 

 

3. Intangible assets

 

                                 Licences    Brands & subscriber lists        Website development costs    Mobile application    Crypto-currencies    Total
                                 £'000       £'000                            £'000                        £'000                 £'000                £'000
 Cost or valuation
 At 01 July 2024 (restated)      100         1,522                            2,035                        10                    1                    3,668
 Additions                       -           -                                199                          -                     -                    199
 Disposals                        -          -                                -                            -                     -                    -

 At 31 December 2024             100         1,522                            2,234                        10                    1                    3,867

 Amortisation
 At 1 July 2024 (restated)       100         1,522                            1,725                        10                    -                    3,357
 Charge for the period           -           -                                31                           -                     -                    31
 Disposals                       -           -                                -                            -                     -                    -

 At 31 December 2024             100         1,522                            1,756                        10                    -                    3,388

 Net book value
 At 31 December 2024             -           -                                478                          -                     1                    479

 Cost or valuation
 At 01 July 2023 (restated)      162         2,129                            1,939                        10                    1                    4,241
 Additions                       -           -                                40                           -                     -                    40
 Disposals                       -           -                                -                            -                     -                    -

 At 31 December 2023             162         2,129                            1,979                        10                    1                    4,281

 Amortisation
 At 1 July 2023 (restated)       162         2,129                            1,722                        10                    -                    4,023
 Charge for the period           -           -                                84                           -                     -                    84
 Disposals                       -           -                                -                            -                                          -

 At 31 December 2023             162         2,129                            1,806                        10                    -                    4,107

 Net book value
 At 31 December 2023             -           -                                173                          -                     1                    174

 

Notes to the financial statements

 

3. Intangible assets (continued)

 

                                        Licences  Brands & subscriber lists      Website development costs  Mobile application  Crypto-currencies  Total
                                        £'000     £'000                          £'000                      £'000               £'000              £'000
 Cost or valuation
 At 1 July 2023 (as previously stated)  162       2,129                          2,724                      10                  1                  5,026
 Prior year adjustment (note 2)         -         -                              (785)                      -                   -                  (785)
 At 1 July 2023 as restated             162       2,129                          1,939                      10                  1                  4,241
 Additions                              -         -                              278                        -                   -                  278
 Disposals                              (62)      (607)                          (182)                      -                   -                  (851)

 At 30 June 2024                        100       1,522                          2,035                      10                  1                  3,668

 Amortisation
 At 1 July 2023                         162       2,129                          1,722                      10                  -                  4,023
 Charge for the year                    -         -                              156                        -                   -                  156
 Disposals                              (62)      (607)                          (153)                      -                   -                  (822)

 At 30 June 2024                        100       1,522                          1,725                      10                  -                  3,357

 Net book value
 At 30 June 2024                        -         -                              310                        -                   1                  311

 

 

The opening balances as at 1 July 2023 have been restated. Details of the
restatement can be found in Note 2.

 

All additions are internally generated by capitalisation of development work
on websites and software projects.

 

The directors are satisfied that no indication of impairment exists in respect
of these assets.

 

Notes to the financial statements

 

4. Administrative expenses

 

                                                6 months to  6 months to  12 months to
                                                31 Dec 2024  31 Dec 2023  30 June 2024
                                                £'000        £'000        £'000

 Depreciation of property, plant and equipment  18           16           49
 Amortisation of intangible assets              31           84           156
 Employee costs                                 1,195        1,218        2,228
 Legal & professional                           235          127          333
 Other administrative expenses                  979          1,351        2,569
 Total administrative expenses                  2,458        2,796        5,335

 

 

5.   Loss per share

 

                                                                              6 months to  6 months to  12 months to
                                                                              31 Dec 2024  31 Dec 2023  30 June 2024
                                                                              £'000        £'000        £'000

 Loss for the year attributable to equity shareholders from continuing
 operations

                                                                              (453)        (531)        (850)

 Loss for the year attributable to equity shareholders from total operations

                                                                              (453)        (531)        (918)

                                                                              Shares       Shares       Shares

 Number of shares
 Number of shares in issue                                                    46,284,758   46,004,758   46,284,758

 Weighted average number of shares used as the denominator for calculating    46,284,758   46,004,758   46,039,279
 basic and diluted loss per share

 Loss per share for the year attributable to equity shareholders from
 continuing operations:
 Basic and diluted                                                            (0.98p)      (1.16p)      (1.85p)

 Total loss per share for the year attributable to equity shareholders:
 Basic and diluted                                                            (0.98p)      (1.16p)      (1.99p)

 

Where a loss has been recorded for the year the diluted loss per share does
not differ from the basic loss per share.

 

Where a profit has been recorded but the average share price for the year
remains under the exercise price the existence of options is not normally
dilutive. However, whilst the average exercise price of all outstanding
options is above the average share price, there are a number of options which
are not. Under these circumstances those options where the exercise price is
below the average share price are treated as dilutive.

 

On 16 May 2024, 280,000 shares were issued (note 2).

 

6.   Dividends

 

The directors are not recommending payment of an interim dividend in the
current financial year.

 

7.   Events after the balance sheet date

 

        There were no relevant events after the balance sheet date.

 

ENDS

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