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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% | 11.00 | 10.00 | 12.00 | 11.00 | 11.00 | 11.00 | 116,873 | 07:47:41 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Information Retrieval Svcs | 5.46M | -2.17M | -0.0471 | -2.34 | 5.06M |
From Apr 2019 to Apr 2024
TIDMAFN
RNS Number : 5254A
ADVFN PLC
24 March 2017
24 March 2017
ADVFN PLC
("ADVFN" or the "Company")
Unaudited Interim Results for the Six Months Ended 31 December 2016
ADVFN today announces its unaudited interim results for the six months ended 31 December 2016.
Chief Executive's Statement
2016 was a year of change at ADVFN. We have, after many years of striving for growth, realigned ourselves to work towards profit. These interim results for the six month period to 31 December 2016 sees us hit this target and realise a profit after tax, albeit this was due largely to foreign exchange gains.
Turning away from growth in order to cut costs has resulted in our sales falling to GBP3,826,000 from GBP4,274,000. However, the P&L during this period has gone from a GBP442,000 loss after tax to an GBP18,000 profit after tax, a considerable reversal. Whilst this profit may be a meagre one it is, never the less, a milestone.
This result has been produced as a consequence of a number of proactive changes in our business: our headcount reduced, the closure of non-core markets, restrained marketing and the decommissioning of localised web content.
The second half of the 2016 calendar year improved due to the surprise turn-up results of Brexit and President Trump. The outlook, while stronger, is still mixed with much fragility in our marketplace.
We are on an even keel and we expect to remain on the current course. In the short term, this will be heavily dependent on the appetite for trading and investing in our key markets. This outcome in our view is, to some extent, hedged because our main markets are in the UK, US and Brazil and as such are disparate.
We believe that by this time next year we will be in a good position to re-examine a strategy for growth. This will depend on our success in the next 12 months, which in the era of Brexit and President Trump is difficult to predict.
This new politico-economic era could pan out well for ADVFN as, in the past, chaos and uncertainty has worked in our favour. In the meantime, we will continue to work further to improve our performance.
Financial performance
Key financial performance for the period has been summarised as follows:
Hot Features
Premium
Six Months ended Six Months ended
31 December 2016 31 December 2015
--------------------- ----------------- -----------------
GBP'000 GBP'000
--------------------- ----------------- -----------------
Turnover 3,826 4,274
--------------------- ----------------- -----------------
Loss for the period 18 (442)
--------------------- ----------------- -----------------
Operating Loss (66) (538)
--------------------- ----------------- -----------------
Loss per share (see
note 3) 0.07 p (1.75)p
--------------------- ----------------- -----------------
Clem Chambers
CEO
24 March 2017
For further information, please contact:
Clem Chambers,
ADVFN PLC CEO
0207 0700 909
Salmaan Khawaja
Jamie Barklem
Carolyn Sansom
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
2016 2015 2016
GBP'000 GBP'000 GBP'000
unaudited unaudited audited
Notes
Revenue 3,826 4,274 8,303
Cost of sales (130) (572) (1,077)
---------- ---------- ----------
Gross profit 3,696 3,702 7,226
Share option charge - (156) (275)
Amortisation of intangible
assets (161) (209) (425)
Other administrative expenses (3,601) (3,875) (7,176)
Total administrative expense (3,762) (4,240) (7,876)
Operating loss (66) (538) (650)
Finance income 84 68 126
Finance expense - (1) -
Loss before tax 18 (471) (524)
Taxation - 29 46
---------- ---------- ----------
Profit/(loss) for the period
attributable to shareholders
of the parent 18 (442) (478)
========== ========== ==========
Profit/(loss) per share
Basic and diluted (pence 0.07 (1.75) (1.89)
per share) 3 p p p
Consolidated statement
of comprehensive income
6 months 6 months 12 months
to to to
31 Dec 31 Dec 30 June
2016 2015 2016
GBP'000 GBP'000 GBP'000
unaudited unaudited audited
Profit/(loss) for the period 18 (442) (478)
Other comprehensive income:
Items that will be reclassified
subsequently to profit
or loss:
Exchange differences on
translation of foreign
operations 167 46 233
Deferred tax on translation
of foreign held assets (29) (17) (47)
---------- ---------- ----------
Total other comprehensive 138 29 186
Total comprehensive income
for the year attributable
to shareholders of the
parent 156 (413) (292)
========== ========== ==========
Consolidated balance sheet
31 Dec 31 Dec 30 June
2016 2015 2016
GBP'000 GBP'000 GBP'000
unaudited unaudited audited
Assets
Non-current assets
Property, plant and equipment 65 90 68
Goodwill 999 833 918
Intangible assets 1,438 1,247 1,321
Trade and other receivables 126 196 155
2,628 2,366 2,462
Current assets
Trade and other receivables 1,091 1,036 1,025
Current tax recoverable - - -
Cash and cash equivalents 840 784 843
---------- ---------- --------
1,931 1,820 1,868
Assets in disposal group
classified as held for
sale - - 142
---------- ---------- --------
1,931 1,820 2,010
Total assets 4,559 4,186 4,472
========== ========== ========
Equity and liabilities
Equity
Issued capital 51 51 51
Share premium 145 95 119
Share based payments reserve 344 344 344
Foreign exchange reserve 605 310 467
Retained earnings 658 676 640
---------- ---------- --------
1,803 1,476 1,621
Non-current liabilities
Deferred tax 122 91 100
122 91 100
Current liabilities
Trade and other payables 2,610 2,619 2,583
Current tax 24 - 10
2,634 2,619 2,593
Liabilities directly associated
with assets in disposal
groups classified as held
for sale - - 158
2,634 2,619 2,751
Total liabilities 2,756 2,710 2,851
---------- ---------- --------
Total equity and liabilities 4,559 4,186 4,472
========== ========== ========
Consolidated statement of changes in equity
Share Share Share Foreign Retained Total
capital premium based exchange earnings equity
payment
reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 July 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
Equity settled share - - - - - -
options
Share issues - 24 - - - 24
--------- --------- --------- ---------- ---------- --------
Transactions with
owners - 24 - - - 24
Loss for the period
after tax - - - - (36) (36)
Other comprehensive
income
Exchange differences
on translation of
foreign operations - - - 187 - 187
Deferred tax on translation
of foreign held assets - - - (30) - (30)
--------- --------- --------- ---------- ---------- --------
Total comprehensive
income - - - 157 (36) 121
At 30 June 2016 51 119 344 467 640 1,621
Equity settled share - - - - - -
options
Share issues - 26 - - - 26
--------- --------- --------- ---------- ---------- --------
Transactions with
owners - 26 - - - 26
Profit for the period
after tax - - - - 18 18
Other comprehensive
income
Exchange differences
on translation of
foreign operations - - - 167 - 167
Deferred tax on translation
of foreign held assets - - - (29) - (29)
--------- --------- --------- ---------- ---------- --------
Total comprehensive
income - - - 138 18 156
--------- --------- --------- ---------- ---------- --------
At 31 December 2016 51 145 344 605 658 1,803
========= ========= ========= ========== ========== ========
Consolidated cash flow
statement
6 months 6 months 12 months
to to to
31 Dec 31 Dec 30 June
2016 2015 2016
GBP'000 GBP'000 GBP'000
unaudited unaudited audited
Cash flows from operating
activities
Loss for the period before
tax 18 (471) (524)
Net finance income in the
income statement (84) (67) (126)
Depreciation of property,
plant and equipment 32 28 83
Amortisation 161 209 425
Profit on disposal of Investor (56) - -
Events
Adjustment to fair value
of embedded derivative 112 125 225
Share based payments - 96 155
Share based payments - - 156 -
options
Issue of share capital 26 - 120
Increase in trade and other
receivables (66) (91) (80)
Increase/(decrease) in
trade and other payables 27 (112) (148)
Net cash generated /(used)
by continuing operations 170 (127) 130
Income tax (paid)/received 36 200 236
---------- ---------- ----------
Net cash generated/(used)
by operating activities 206 73 366
Cash flows from financing
activities
Interest paid - (1) (1)
Cash flows from investing
activities
Interest received 1 - -
Payments for property,
plant and equipment (29) (19) (52)
Purchase of intangibles (198) (193) (399)
Sale of Investor Events 40 - -
Sale/(purchase) of investments - 6 6
Net cash used by investing
activities (186) (206) (445)
Net increase/(decrease)
in cash and cash equivalents 20 (134) (80)
Exchange differences (23) (68) (79)
---------- ---------- ----------
Decrease in cash and cash
equivalents continuing
operations (3) (202) (159)
Cash generated by disposal
group - - 16
Net decrease in cash and
cash equivalents (3) (202) (143)
Cash and cash equivalents
at the start of the period 843 986 986
---------- ---------- ----------
Cash and cash equivalents
at the end of the period 840 784 843
========== ========== ==========
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 Alternative Investment 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 2016. 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 2016, 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 2016 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 2016 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
2016 2015 2016
GBP'000 GBP'000 GBP'000
Profit/(loss) for the year
attributable to equity shareholders 18 (442) (478)
Profit/(loss) per share -
basic and diluted 0.07 p (1.75)p (1.89)p
Shares Shares Shares
Issued ordinary shares at
start of the period 25,523,845 25,220,210 25,220,210
Ordinary shares issued in
the period 100,000 190,000 303,635
----------- ----------- -----------
Issued ordinary shares at
end of the period 25,623,845 25,410,210 25,523,845
=========== =========== ===========
Weighted average number of
shares in issue for the period 25,901,019 25,335,862 25,237,597
Dilutive effect of options - - -
----------- ----------- -----------
Weighted average shares for
diluted earnings per share 25,901,019 25,335,862 25,237,597
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.
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR QZLFLDXFEBBK
(END) Dow Jones Newswires
March 24, 2017 13:00 ET (17:00 GMT)
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