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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
On-Line | LSE:ONL | London | Ordinary Share | GB0006601479 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 131.00 | 128.00 | 134.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMONL
RNS Number : 4475T
On-Line PLC
29 March 2016
On-line PLC
('On-line' or 'the Company')
Unaudited Interim Results for the Six Months Ended 31 December 2015
On-line today announces its unaudited interim results for the six months ended 31 December 2015.
Chairman's Statement
Here are our interim accounts and statement. As you know we are working hard to push ADVFN which has made good progress in the past 6 months.
Transition to FRS 102
The company will adopt FRS 102 for the year ending 30 June 2016 and has therefore applied that standard for the 6 month period ended 31 December 2015. The directors have decided that the investment in ADVFN should continue to be recognised as an investment in an associate and be carried at historical cost as permitted by the standard. There are no further potential adjustments to the numerical values however the disclosures have changed in line with the changes prescribed by the standard.
ADVFN PLC
Below are a few extracts from ADVFN's interim 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), 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 termination 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 ADVFN for the period has been summarised as follows:
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 (1.75)p (2.19)p --------------------- ----------------- -----------------
Michael Hodges
Chairman
24 March 2016
On-line PLC
Statement of comprehensive income
for the six months ended 31 December 2015
Six months Six months ended ended Year ended 31 December 31 December 30 June 2015 2014 2015 Unaudited Unaudited Audited GBP'000 GBP'000 GBP'000 Note Turnover 41 48 94 Administrative expenses (37) (50) (98) ----------- ----------- ---------- Operating profit/(loss) 4 (2) (4) Interest payable - - - ----------- ----------- ---------- Profit/(loss) on ordinary activities before taxation 4 (2) (4) Tax on profit/(loss) on ordinary activities - - - ----------- ----------- ---------- Profit for the financial year 4 (2) (4) Other comprehensive income - - - ----------- ----------- ---------- Total comprehensive income for the period 4 (2) (4) =========== =========== ========== Earnings per share Basic earnings/(loss) per share 2 0.05p (0.03)p (0.05)p Diluted earnings/(loss) per share 2 0.05p (0.03)p (0.05)p =========== =========== ==========
.
On-line PLC
Balance sheet
at 31 December 2015
31 December 31 December 30 June 2015 2014 2015 Unaudited Unaudited Audited GBP'000 GBP'000 GBP'000 Note Fixed assets Investments 868 868 868 ---------------- ---------------- ---------------- Current assets Debtors 112 107 80 Cash at bank and in hand - - 24 ---------------- ---------------- ---------------- 112 107 104 Current liabilities Trade and other payables 32 35 45 Borrowings (bank overdraft) 16 15 - ---------------- ---------------- ---------------- 48 50 45 Net current assets 64 57 59 ---------------- ---------------- ---------------- Total assets less current liabilities 932 925 927 ================ ================ ================ Capital and reserves Called up share capital 3,242 3,242 3,242 Share premium account 3 2,205 2,205 2,205 Option valuation reserve 3 36 31 35 Profit and loss account 3 (4,551) (4,553) (4,555) ---------------- ---------------- ---------------- 932 925 927 ================ ================ ================
On-line PLC
Statement of changes in equity
at 31 December 2015
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 2014 3,242 2,205 28 (4,551) 924 Equity settled share options - - 3 - 3 --------- --------- --------- ---------- -------- Transactions with owners - - 3 - 3 Loss for the period after tax - - - (2) (2) Total comprehensive income - - - (2) (2) At 31 December 2014 3,242 2,205 31 (4,553) 925 Equity settled share options - - 4 - 4 --------- --------- --------- ---------- -------- Transactions with owners - - 4 - 4 Loss for the period after tax - - - (2) (2)
(MORE TO FOLLOW) Dow Jones Newswires
March 29, 2016 11:28 ET (15:28 GMT)
Total comprehensive income - - - (2) (2) At 30 June 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 ========= ========= ========= ========== ========
On-line PLC
Cash flow statements
for the six months ended 31 December 2015
Six months Six months ended ended Year ended 31 December 31 December 30 June 2015 2014 2015 Unaudited Unaudited Audited GBP'000 GBP'000 GBP'000 Cash flows from operating activities Profit for the period 4 (2) (4) Equity settled share based payments in the period 1 3 7 (Increase)/decrease in debtors (32) 2 29 (Decrease)/increase in creditors (13) (3) 7 ------------- ------------- ------------------- Net cash (outflow)/inflow from operating activities (40) - 39 ------------- ------------- ------------------- Net (decrease)/increase in cash and cash equivalents (40) - 39 Cash and cash equivalents at the beginning of the period 24 (15) (15) ------------- ------------- ------------------- Cash and cash equivalents at the end of the period (16) (15) 24 ============= ============= ===================
Cash and cash equivalents
Six months Six months ended ended Year ended 31 December 31 December 30 June 2015 2014 2015 Unaudited Unaudited Audited GBP'000 GBP'000 GBP'000 Cash at bank - - 24 Borrowings (bank overdraft) (16) (15) - ------------- ------------- ----------- (16) (15) 24 ============= ============= ===========
On-line PLC
Notes to the interim statement
for the six months ended 31 December 2014
1. Basis of preparation
The unaudited 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 financial statements of the company for the year ended 30 June 2015, which were prepared under the historical cost convention and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
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.
Adoption of FRS 102
These 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 on the historical cost basis.
This is the first period in which the financial statements have been prepared under FRS 102. Refer to note 4 for an explanation of the transition.
The financial statements are presented in Sterling (GBP) and rounded to the nearest thousand.
On-line PLC
Notes to the interim statement
for the six months ended 31 December 2014
2. Earnings per ordinary share Six months Six months Year ended ended ended 31 December 31 December 30 June 2015 2014 2015 GBP'000 GBP'000 GBP'000 Profit/(loss) for the period 4 (2) (4) Shares Shares Shares Weighted average number of Ordinary shares 7,662,348 7,662,348 7,662,348 Dilutive effect of options 168,750 - - ----------- ----------- ----------------- Weighted average Ordinary shares for diluted earnings per share 7,831,098 7,662,348 7,662,348 =========== =========== ================= Profit/(loss) for the period Basic earnings/(loss) per share 0.05p (0.03)p (0.05)p Diluted earnings/(loss) per share 0.05p (0.03)p (0.05)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.
3. Fixed asset investments Six months Six months Year ended ended ended 31 December 31 December 30 June 2015 2014 2015 GBP'000 GBP'000 GBP'000 At historical cost 868 868 868 Percentage ownership 18.126% 18.263% 18.263%
The company owns an investment in ADVFN plc (ADVFN). ADVFN 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 director's have concluded that the investment in ADVFN should continue to be recognised as an investment in an associate and be measured at historical cost as permitted by the standard.
On-line PLC
Notes to the interim statement
for the six months ended 31 December 2014
4. Transition to FRS 102
The company will adopt FRS 102 for the year ending 30 June 2016 and therefore have also applied that standard in preparing these interim statements. The director's have decided that the investment in ADVFN should continue to be recognised as an investment in an associate and be carried at historical cost as permitted by the standard. There are no further potential adjustments to the numerical values however the disclosures have changed in line with the changes prescribed by the standard.
Changes for FRS 102 adoption
There are no adjustments to the numerical values however the disclosures have changed in line with the changes prescribed by the standard.
5. Dividends
The directors do not recommend the payment of a dividend.
6. 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 EASDNAAXKEFF
(END) Dow Jones Newswires
March 29, 2016 11:28 ET (15:28 GMT)
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