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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Advfn Plc | LSE:AFN | London | Ordinary Share | GB00BPT24C10 | ORD 0.2P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 10.50 | 10.00 | 11.00 | 0.00 | 07:42:18 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Information Retrieval Svcs | 5.46M | -2.17M | -0.0471 | -2.23 | 4.83M |
From Apr 2019 to Apr 2024
TIDMAFN
RNS Number : 2827T
ADVFN PLC
24 March 2016
24 March 2016
ADVFN PLC
("ADVFN" or the "Company")
Unaudited Interim Results for the Six Months Ended 31 December 2015
ADVFN today announces its unaudited interim results for the six months ended 31 December 2015.
Chief Executive's 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) and 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 reduction 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 the period has been summarised as follows:
Hot Features
Premium
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 (see note
3) (1.75)p (2.19)p
-------------------------- ----------------- -----------------
Clem Chambers
CEO
24 March 2016
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 6 months 12 months
to to to
31 Dec 31 Dec 30 June
2015 2014 2015
GBP'000 GBP'000 GBP'000
unaudited unaudited audited
Notes
Revenue 4,274 4,807 9,297
Cost of sales (572) (718) (1,628)
---------- ---------- ----------
Gross profit 3,702 4,089 7,669
Share option charge (156) (18) (189)
Amortisation of intangible assets (209) (326) (630)
Other administrative expenses (3,875) (4,392) (8,755)
Total administrative expense (4,240) (4,736) (9,574)
Operating loss (538) (647) (1,905)
Finance income 68 57 114
Finance expense (1) - -
Loss before tax (471) (590) (1,791)
Taxation 29 38 231
---------- ---------- ----------
Loss for the period attributable
to shareholders of the parent (442) (552) (1,560)
========== ========== ==========
Loss per share
Basic and diluted (pence per share) 3 (1.75)p (2.19)p (6.19)p
Consolidated statement of comprehensive
income
6 months 6 months 12 months
to to to
31 Dec 31 Dec 30 June
2015 2014 2015
GBP'000 GBP'000 GBP'000
unaudited unaudited audited
Loss for the period (442) (552) (1,560)
Other comprehensive income:
Items that will be reclassified
subsequently to profit or loss:
Exchange differences on translation
of foreign operations 46 196 185
Deferred tax on translation of
foreign held assets (17) (24) (21)
---------- ---------- ----------
Total other comprehensive 29 172 164
Total comprehensive income for
the year attributable to shareholders
of the parent (413) (380) (1,396)
========== ========== ==========
Consolidated balance sheet
31 Dec 31 Dec 30 June
2015 2014 2015
GBP'000 GBP'000 GBP'000
unaudited unaudited audited
Assets
Non-current assets
Property, plant and equipment 90 89 99
Goodwill 833 793 784
Intangible assets 1,247 1,289 1,216
Trade and other receivables 196 202 103
Investments - - 6
2,366 2,373 2,208
Current assets
Trade and other receivables 1,036 1,264 1,095
Current tax recoverable - 72 181
Cash and cash equivalents 784 1,510 986
---------- ---------- --------
1,820 2,846 2,262
---------- ---------- --------
Total assets 4,186 5,219 4,470
========== ========== ========
Equity and liabilities
Equity
Issued capital 51 50 50
Share premium 95 - -
Share based payments reserve 344 18 189
Foreign exchange reserve 310 289 281
Retained earnings 676 2,126 1,118
---------- ---------- --------
Total equity 1,476 2,483 1,638
Non-current liabilities
Deferred tax 91 128 97
Total non-current liabilities 91 128 97
Current liabilities
Trade and other payables 2,619 2,606 2,731
Current tax - 2 4
Total current liabilities 2,619 2,608 2,735
---------- ---------- --------
Total liabilities 2,710 2,736 2,832
---------- ---------- --------
Total equity and liabilities 4,186 5,219 4,470
========== ========== ========
(MORE TO FOLLOW) Dow Jones Newswires
March 24, 2016 13:45 ET (17:45 GMT)
Consolidated statement of changes in equity
Share Share Merger Share Foreign Retained Total
capital premium reserve based exchange earnings equity
payment
reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 July 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
Equity settled share
options - - - 171 - - 171
--------- --------- --------- --------- ---------- ---------- --------
Transactions with owners - - - 171 - - 171
Loss for the period after
tax - - - - - (1,008) (1,008)
Other comprehensive income
Exchange differences
on translation of foreign
operations - - - - (11) - (11)
Deferred tax on translation
of foreign held assets - - - - 3 - 3
--------- --------- --------- --------- ---------- ---------- --------
Total comprehensive income - - - - (8) - (8)
At 30 June 2015 50 - - 189 281 1,118 1,638
Equity settled share
options - - - 155 - - 155
Share issues 1 95 - - - - 96
--------- --------- --------- --------- ---------- ---------- --------
Transactions with owners 1 95 - 155 - - 251
Loss for the period after
tax - - - - - (442) (442)
Other comprehensive income
Exchange differences
on translation of foreign
operations - - - - 46 - 46
Deferred tax on translation
of foreign held assets - - - - (17) - (17)
--------- --------- --------- --------- ---------- ---------- --------
Total comprehensive income - - - - 29 (442) (413)
--------- --------- --------- --------- ---------- ---------- --------
At 31 December 2015 51 95 - 344 310 676 1,476
========= ========= ========= ========= ========== ========== ========
Consolidated cash flow statement
6 months 6 months 12 months
to to to
31 Dec 31 Dec 30 June
2015 2014 2015
GBP'000 GBP'000 GBP'000
unaudited unaudited audited
Cash flows from operating activities
Loss for the period before tax (471) (590) (1,791)
Finance income (net) (67) (57) (114)
Depreciation of property, plant
and equipment 28 30 61
Amortisation 209 326 647
Impairment of financial assets 125 - 200
Share based payments 96 - -
Share option charge 156 18 189
Decrease/(increase) in trade and
other receivables (91) 8 133
Increase in trade and other payables (112) 338 463
Net cash generated by operations (127) 73 (212)
Interest paid (1) - -
Income tax (paid)/received 200 (9) 46
---------- ---------- ----------
Net cash generated by operating
activities 72 64 (166)
Cash flows from investing activities
Payments for property, plant and
equipment (19) (48) (89)
Purchase of intangibles (193) (284) (472)
Disposal/(purchase) of investments 6 - (6)
Net cash used by investing activities (206) (332) (567)
Net (decrease)/increase in cash
and cash equivalents (134) (268) (733)
Exchange movements (68) 103 44
---------- ---------- ----------
Total (decrease)/increase in cash
and cash equivalents (202) (165) (689)
Cash and cash equivalents at the
start of the period 986 1,675 1,675
---------- ---------- ----------
Cash and cash equivalents at the
end of the period 784 1,510 986
========== ========== ==========
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 AIM Market ("AIM") of the London Stock Exchange.
2. Basis of preparation
The unaudited consolidated 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 consolidated financial statements of the Group for the year ended 30 June 2015, 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 2015 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 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.
3. Loss per share
6 months 6 months 12 months
to to to
31 Dec 31 Dec 30 June
2015 2014 2015
GBP'000 GBP'000 GBP'000
Loss for the year attributable to equity
shareholders (442) (552) (1,560)
Loss per share - basic and diluted (1.75)p (2.19)p (6.19)p
=========== =========== ===========
Shares Shares Shares
Issued ordinary shares at start of
(MORE TO FOLLOW) Dow Jones Newswires
March 24, 2016 13:45 ET (17:45 GMT)
the period 25,220,210 25,220,210 25,220,210
Ordinary shares issued in the period 190,000 - -
----------- ----------- -----------
Issued ordinary shares at end of the
period 25,410,210 25,220,210 25,220,210
=========== =========== ===========
Weighted average number of shares in
issue for the period 25,335,862 25,220,210 25,220,210
Dilutive effect of options - - -
----------- ----------- -----------
Weighted average shares for diluted
earnings per share 25,335,862 25,220,210 25,220,210
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.
During December 2015 the company issued 190,000 shares of nominal value GBP0.002 at GBP0.50 per share. This resulted in a share premium of GBP94,620.
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
END
IR DMGZFNDMGVZM
(END) Dow Jones Newswires
March 24, 2016 13:45 ET (17:45 GMT)
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