REG - ADVFN PLC - Half Yearly Report <Origin Href="QuoteRef">AFN.L</Origin>

ADVFNAnnouncement

25/03/2015 17:10

RNS Number : 4829I
ADVFN PLC
25 March 2015
25 March 2015
ADVFN PLC
("ADVFN" or the "Company")
Unaudited Interim Results for the Six Months Ended 31 December 2014
ADVFN today announces its unaudited interim results for the six months ended 31 December 2014.
Chief Executive's Statement
I am pleased to announce a solid start to the new financial year with sales up 7.8 per cent. from 4.46 million to4.8 million from the same period a year ago. Our cash position has also increased slightly compared to the same period last year.
While sales growth has been good, we have won these gains against a background of markets which have ebbed and flowed. This result has therefore come from developments from the broad spread of our offerings, where successes compensate for any downward drift elsewhere.
Our growing newsletter business and new products in the US have been a highlight and we feel these offer strong potential for growth going forward as we roll them out into new territories.
These factors represent a broadening of our revenue potential across our markets as we develop our offerings to reach these wider audiences.
We haven't suffered any disasters or witnessed any miracles in this half year but this period has represented a period of consistent progress as we continue to build on the ADVFN and Investorshub platform.
While doing so, we have re-organised our share capital and completed a US OTC QX market listing with an eye to exposing our huge US audience to the possibility of become shareholders in our company through US listed ADRs. We are hopeful that this will provide a good basis to add to shareholder value in 2015.
Share consolidation
At the Company's General Meeting held on 20 August 2014, the resolution to approve the share consolidation of existing issued Ordinary shares of 0.01 each in the capital of the Company to be consolidated into ordinary shares of 0.25 each ("Ordinary Shares"), was duly passed. The number of post consolidation Ordinary Shares is disclosed above, together with the restated loss per share amounts. In addition, the shares were to be subdivided into 1 ordinary share of par value 1 pence and 1 Deferred share of 24 pence par value; the Deferred shares were then cancelled. Finally, the par value was reduced from 1 pence to 0.2 pence. The number of post consolidation Ordinary Shares is disclosed together with the restated loss per share amounts (see note 3).
Financial performance
Key financial performance for the period has been summarised as follows:

Six Months ended
Six Months ended

31 December 2014
31 December 2013

'000
'000



Turnover 
4,807
4,458
Loss for the period
(552)
(226)
Operating Loss
(647)
(342)
Loss per share (see note 3)
(2.19)p
(0.90)p
Clem Chambers
CEO
25 March 2015
For further information, please contact: 
 
Clem Chambers, 
ADVFN PLC CEO 
0207 0700 909
Salmaan Khawaja
Jen Clarke
Jamie Barklem 
Grant Thornton UK LLP (Nominated Adviser) 
0207 383 5100 


Consolidated income statement






6 months to
31 Dec
6 months to
31 Dec
12 months to
30 June


2014
2013
2014


'000
'000
'000


unaudited
unaudited
audited

Notes

restated






Revenue

4,807
4,458
9,702
Cost of sales

(718)
(491)
(1,165)





Gross profit

4,089
3,967
8,537





Share based payment

(18)
(47)
(54)
Amortisation of intangible assets

(326)
(465)
(914)
Other administrative expenses

(4,392)
(3,797)
(8,232)





Total administrative expense

(4,736)
(4,309)
(9,200)





Operating loss

(647)
(342)
(663)





Finance income

57
53
108





Loss before tax

(590)
(289)
(555)
Taxation

38
63
101





Total loss after taxation

(552)
(226)
(454) 





Loss for the period

(552)
(226)
(454)





Loss per share




Basic and diluted (pence per share)
3
(2.19)
(0.90)
(1.80)





Consolidated statement of comprehensive income






6 months to
31 Dec
6 months to
31 Dec
12 months to
30 June


2014
2013
2014


'000
'000
'000


unaudited
unaudited
audited





Loss for the period

(552)
(226)
(454)





Other comprehensive income:




Exchange differences on translation of foreign operations

196
(146)
(190)
Deferred tax on translation of foreign held assets

(24)
21
29





Total comprehensive income for the year

(380)
(351)
(615)







Consolidated balance sheet

31 Dec
31 Dec
30 June


2014
2013
2014


'000
'000
'000


unaudited
unaudited
audited










Assets




Non-current assets




Property, plant and equipment

89
119
71
Goodwill

793
747
724
Intangible assets

1,289
1,502
1,331
Trade and other receivables

202
540
295





Total non-current assets

2,373
2,908
2,421





Current assets




Trade and other receivables

1,264
1,045
1,122
Current tax recoverable

72
33
60
Cash and cash equivalents

1,510
1,493
1,675





Total current assets

2,846
2,571
2,857





Total assets

5,219
5,479
5,278





Equity and liabilities




Equity




Issued capital

50
6,305
6,305
Share premium

-
8,101
8,102
Merger reserve

-
221
221
Share based payments reserve

18
610
617
Foreign exchange reserve

289
153
117
Retained earnings

2,126
(12,289)
(12,517)





Total equity

2,483
3,101
2,845





Non-current liabilities




Deferred tax

128
185
134





Total non-current liabilities

128
185
134





Current liabilities




Trade and other payables

2,606
2,187
2,268
Current tax

2
6
31





Total current liabilities

2,608
2,193
2,299





Total liabilities

2,736
2,378
2,433





Total equity and liabilities

5,219
5,479
5,278







Consolidated statement of changes in equity

Share capital
Share premium
Merger reserve
Share based payment reserve
Foreign exchange
Retained earnings
Total equity

'000
'000
'000
'000
'000
'000
'000








At 1 July 2013
6,291
8,062
221
563
278
(12,063)
3,352








Issue of shares
14
39
-
-
-
-
53
Equity settled share options
-
-
-
47
-
-
47








Transactions with owners
14
39
-
47
-
-
100








Loss for the period after tax
-
-
-
-
-
(226)
(226)








Other comprehensive income







Exchange differences on translation of foreign operations
-
-
-
-
(146)
-
(146)
Deferred tax on translation of foreign held assets
-
-
-
-
21
-
21








Total comprehensive income
-
-
-
-
(125)
(226)
(351)








At 31 December 2013
6,305
8,101
221
610
153
(12,289)
3,101








Issue of shares
-
1
-
-
-
-
1
Equity settled share options
-
-
-
7
-
-
7








Transactions with owners
-
1
-
7
-
-
8








Loss for the period after tax
-
-
-
-
-
(228)
(228) 








Other comprehensive income







Exchange differences on translation of foreign operations
-
-
-
-
(44)
-
(44)
Deferred tax on translation of foreign held assets
-
-
-
-
8
-
8








Total comprehensive income
-
-
-
-
(36)
(228) 
(264) 








At 30 June 2014
6,305
8,102
221
617
117
(12,517)
2,845








Equity settled share options
-
-
-
18
-
-
18








Transactions with owners
-
-
-
18
-
-
18








Loss for the period after tax
-
-
-
-
-
(552)
(552)








Other comprehensive income







Exchange differences on translation of foreign operations
-
-
-
-
196
-
196
Deferred tax on translation of foreign held assets
-
-
-
-
(24)
-
(24)








Total comprehensive income
-
-
-
-
172
(552)
(380)








Share consolidation
(6,255)
(8,102)
(221)
(617)
-
15,195
-








At 31 December 2014
50
-
-
18
289
2,126
2,483


















Consolidated cash flow statement






6 months to
31 Dec
6 months to
31 Dec
12 months to
30 June


2014
2013
2014


'000
'000
'000


unaudited
unaudited
audited





Cash flows from operating activities









Loss for the period before tax

(590)
(289)
(555)





Finance costs 

(57)
(53)
(108)
Depreciation of property, plant and equipment

30
30
47
Amortisation

326
465
914
Impairment of financial assets

-
-
250
Share based payments

18
47
54
Decrease/(increase) in trade and other receivables

8
(122)
(149)
Increase in trade and other payables

338
233
314





Net cash generated by operations

73
311
767
Income tax (paid)/received

(9)
12
(3)





Net cash generated by operating activities

64
323
764





Cash flows from investing activities




Payments for property, plant and equipment

(48)
(179)
(57)
Purchase of intangibles

(284)
(156)
(495)





Net cash used by investing activities

(332)
(335)
(552)





Cash flows from financing activities




Proceeds from issue of equity shares

-
53
-





Net cash generated by financing activities

-
53
-





Net (decrease)/increase in cash and cash equivalents

(268)
41
212
Exchange movements

103
(9)
2





Total (decrease)/increase in cash and cash equivalents

(165)
32
214
Cash and cash equivalents at the start of the period

1,675
1,461
1,461





Cash and cash equivalents at the end of the period

1,510
1,493
1,675


1. Legal status and activities
ADVFN Plc ("the Company") is principally involved in the development and provision of financial information primarily via the internet and the development and exploitation of ancillary internet sites.
The Company is a public limited liability company incorporated and domiciled in England and Wales. The address of its registered office is Suite 27, Essex Technology Centre, The Gables, Fyfield Road, Ongar, Essex, CM5 0GA.
The Company is quoted on the London Stock Exchange's AIM market under the ticker "AFN".
2. Basis of preparation
The unaudited consolidated interim financial information is for the six month period ended 31December2014. The financial information does not include all the information required for full annual financial statements and should be read in conjunction with the consolidated financial statements of the Group for the year ended 30 June 2014, which were prepared under IFRS as adopted by the European Union (EU).
The accounting policies adopted in this report are consistent with those of the annual financial statements for the year to 30 June 2014 as described in those financial statements.
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 2014 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.
The financial statements have been prepared on the going concern basis which assumes the Group will continue in existence for the foreseeable future. At 31 December 2014 the Group's cash balances amounted to 1.5 million and the forecasts indicate that this balance will be broadly maintained and then increase in the remainder of the financial year. Accordingly the directors have prepared these financial statements on the going concern basis.
3. Loss per share

6 months to
31 Dec
6 months to
31 Dec
12 months to
30 June

2014
2013
2014

'000
'000
'000


Restated





Loss for the year attributable to equity shareholders
(552)
(226)
(454)




Loss per share - basic and diluted 
(2.19)
(0.90)
(1.80) 





Shares
Shares
Shares
Issued ordinary shares at start of the period
25,220,210
25,164,560
25,164,560
Ordinary shares issued in the period
-
55,650
55,650




Issued ordinary shares at end of the period
25,220,210
25,220,210
25,220,210








Weighted average number of shares in issue for the period
25,220,210
25,219,905
25,219,905
Dilutive effect of options
-
-
-




Weighted average shares for diluted earnings per share
25,220,210
25,219,905
25,219,905




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.
Restatement
The shares in issue for the 6 months to 31 December 2013 have been restated as a result of the share consolidation exercise at 1 new share for 25 old shares. This results in a change of the loss per share. The details of this exercise are given below.


3. Loss per share (continued)
Share consolidation
At the company's General Meeting held on 20 August 2014, the resolution to approve the share consolidation of existing issued Ordinary shares of 0.01 each in the capital of the company to be consolidated into Ordinary shares of 0.25 each, was duly passed. The number of post consolidation Ordinary shares is disclosed above together with the restated loss per share amounts. In addition, the shares were to be subdivided into 1 Ordinary share of par value 1p and 1 Deferred share of 24p par value; the Deferred shares were then cancelled. Finally, the par value was reduced from 1p to 0.2p.
4. Dividends
The directors do not recommend the payment of a dividend.
5. Financial statements
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. Electronic copies of this statement will be available on the Company's website at uk.advfn.com.

This information is provided by RNS
The company news service from the London Stock Exchange
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