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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 | 10.50 | 10.50 | 10.50 | 9,785 | 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 |
TIDMAFN
RNS Number : 6091H
ADVFN PLC
25 March 2020
25 March 2020
For immediate release
ADVFN PLC
("ADVFN" or the "Group")
Unaudited Interim Results for the Six Months Ended 31 December 2019
ADVFN today announces its unaudited interim results for the six months ended 31 December 2019 (the "Period").
Chief Executive's Statement
As previously reported, sales during the first half were generally flat, although in the lead up to Brexit, advertising sales volumes were below management's expectations while traffic levels and subscription levels remained unaffected. The impact of this lower than expected advertising demand in the first half can be seen in the reported loss, which is further increased by higher overheads which represented an effort to grow sales during the Autumn of 2019.
The uncertainty created by this change to our revenue from advertising led us to significantly adjust our cost base at the end of the year and in January. As it turns out, with the uncertain and adverse impact of the Covid-19 on markets and general business activity, this pre-emptive action has proved to be fortunate.
Our reaction to the onset of Covid-19 has been to examine the potential impact of the virus on our operations and our market. We need to ensure that the welfare of our staff and the continued provision of our service is our priority. We are currently a company of home-based staff and we have looked at reasonable worst-case scenarios and discussed potential mitigating strategies to ensure the continuity of our service.
The Board believes it has reduced its cost base sufficiently to ride out the current business environment and we are beginning to see the return of advertising revenues. We are also experiencing a growth in subscriptions levels which, if sustained, will over time make up for suppressed advertising levels.
At the moment, our business seems to be performing well and with February a profitable month, we are feeling confident that we are able to weather the storm.
One of the results of the disruption to advertising revenues is that the Group's cash levels decreased to GBP557,000 at the period end, whereas we would have hoped to see them improve. The Directors believe this has now stabilised and we look to benefit from the reductions made to the cost base, reflected in an improvement in performance in the second half, to restore our usual cash levels in the near future.
While it is clear there are many challenges ahead, your Board is committed to seeing the business through these, suddenly, extremely unpredictable times.
Financial performance
Key financial performance for the period has been summarised as follows:
Six Months ended Six Months ended 31 December 2019 31 December 2018 ----------------------------- ----------------- GBP'000 GBP'000 ----------------------------- ----------------- Revenue 3,748 4,265 ----------------------------- ----------------- Loss for the period (399) (214) ----------------------------- ----------------- Operating loss (397) (210) ----------------------------- ----------------- Loss per share (see note 3) (1.56 p) (0.84 p) ----------------------------- -----------------
Clem Chambers
CEO
25 March 2020
A copy of this announcement is available on the Group's website: www.ADVFN.com
Enquiries:
For further information please contact:
ADVFN PLC +44 (0) 207 070 Clem Chambers 0909 Beaumont Cornish Limited (Nominated Adviser) www.beaumontcornish.com +44 (0) 207 628 Roland Cornish/Michael Cornish 3396
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. The person who arranged for the release of this announcement on behalf of the Group was Clem Chambers, Director.
Consolidated income statement 6 months 6 months 12 months to to to 31 Dec 31 Dec 30 June 2019 2018 2019 GBP'000 GBP'000 GBP'000 unaudited unaudited audited Notes Revenue 3,748 4,265 8,714 Cost of sales (159) (227) (421) ---------- ---------- ---------- Gross profit 3,589 4,038 8,293 Share based payment - - (2) Amortisation of intangible assets (156) (69) (220) Other administrative expenses (3,830) (4,179) (8,546) Total administrative expense (3,986) (4,248) (8,768) Operating (loss)/profit (397) (210) (475) Finance income and expense (5) (4) (7) Profit from sale of equity investment to a related party - - 47 Loss before tax (402) (214) (435) Taxation 3 - 24 ---------- ---------- ---------- Loss for the period attributable to shareholders of the parent (399) (214) (411) ========== ========== ========== Earnings per share Basic and diluted 3 (1.56 p) (0.84 p) (1.60 p) Consolidated statement of comprehensive income 6 months 6 months 12 months to to to 31 Dec 31 Dec 30 June 2019 2018 2019 GBP'000 GBP'000 GBP'000 unaudited unaudited audited Loss for the period (399) (214) (411) Other comprehensive income: Items that will be reclassified subsequently to profit or loss: Exchange differences on translation of foreign operations 16 33 37 Deferred tax on translation of - - - foreign held assets ---------- ---------- ---------- Total other comprehensive income 16 33 37 Total comprehensive income for the year attributable to shareholders of the parent (383) (181) (374) ========== ========== ========== Consolidated balance sheet 31 Dec 31 Dec 30 June 2019 2018 2019 GBP'000 GBP'000 GBP'000 unaudited unaudited audited Assets Non-current assets Property, plant and equipment 172 161 145 Goodwill 978 971 978 Intangible assets 1,467 1,417 1,447 Investments - 3 - Deferred tax 1 1 - Trade and other receivables 108 108 108 2,726 2,661 2,678 Current assets Trade and other receivables 491 812 693 Cash and cash equivalents 557 871 887 ---------- ---------- -------- 1,048 1,683 1,580 Total assets 3,774 4,344 4,258 ========== ========== ======== Equity and liabilities Equity Issued capital 51 51 51 Share premium 167 145 167 Share based payments reserve 367 365 367 Foreign exchange reserve 298 278 282 Retained earnings 436 1,063 835 ---------- ---------- -------- 1,319 1,902 1,702 Current liabilities Trade and other payables 2,455 2,442 2,556 Current tax - - - 2,455 2,442 2,556 Total liabilities 2,455 2,442 2,556 ---------- ---------- -------- Total equity and liabilities 3,774 4,344 4,258 ========== ========== ========
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 2018 - as originally stated 51 145 365 245 1,277 2,083 Effect of the application of IFRS 9* - - - - (31) (31) --------- --------- --------- ---------- ---------- ---------- 51 145 365 245 1,246 2,052 Loss for the period after tax* - - - - (183) (183) Other comprehensive income Exchange differences on translation of foreign operations - - - 33 - 33 Total comprehensive income - - - 33 (183) (150) --------- --------- --------- ---------- ---------- ---------- At 31 December 2018 51 145 365 278 1,063 1,902 Equity settled share options - - 2 - - 2 Share issues 22 22 --------- --------- --------- ---------- ---------- ---------- Transactions with owners - 22 2 - - 24 Loss for the period after tax - - - - (228) (228) Other comprehensive income Exchange differences on translation of foreign operations - - - 4 - 4 --------- --------- --------- ---------- ---------- ---------- Total comprehensive income - - - 4 (228) (224) --------- --------- --------- ---------- ---------- ---------- At 30 June 2019 51 167 367 282 835 1,702 Loss for the period after tax - - - - (399) (399) Other comprehensive income Exchange differences on translation of foreign operations - - - 16 - 16 --------- --------- --------- ---------- ---------- ---------- Total comprehensive income - - - 16 (399) (383) --------- --------- --------- ---------- ---------- -------- At 31 December 2019 51 167 367 298 436 1,319 ========= ========= ========= ========== ========== ==========
*The application of the Expected Loss method under IFRS 9 on 1 July 2018 has resulted in an adjustment of GBP31,000 at that date. This, combined with GBP183,000 above, amounts to GBP214,000 which is the total loss for the period after tax as previously reported at 31 December 2018.
Consolidated cash flow statement 6 months 6 months 12 months to to to 31 Dec 31 Dec 30 June 2019 2018 2019 GBP'000 GBP'000 GBP'000 unaudited unaudited audited Cash flows from operating activities (Loss)/profit for the year (399) (214) (411) Taxation expense - - (24) Net finance income in the income statement 5 4 7 Share based payment - - 2 Depreciation of property, plant and equipment 52 36 81 Amortisation 156 69 220 Disposal of equity investment to a related party - - (47) Decrease in trade and other receivables 202 46 134 (Decrease)/increase in trade and other payables (101) 129 243 Net cash generated by continuing operations (85) 70 205 Income tax paid - (22) 2 ---------- ---------- ---------- Net cash generated by operating activities (85) 48 207 Cash flows from financing activities Issue of share capital - 22 Interest paid (5) (4) (7) ---------- ---------- ---------- (5) (4) 15 Cash flows from investing activities Payments for property, plant and equipment (79) (61) (90) Purchase of intangibles (176) (179) (360) Receipt from related party - - 50 Net cash used by investing activities (255) (240) (400) Net decrease in cash and cash equivalents (345) (196) (178) Exchange differences 15 6 4 ---------- ---------- ---------- Net decrease in cash and cash equivalents (330) (190) (174) Cash and cash equivalents at the start of the period 887 1,061 1,061 ---------- ---------- ---------- Cash and cash equivalents at the end of the period 557 871 887 ========== ========== ========== 1. Legal status and activities
ADVFN Plc is principally involved in the development and provision of financial information primarily via the internet and the development and exploitation of ancillary internet sites.
ADVFN Plc 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 .
ADVFN Plc 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 2019. 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 2019, 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 2019 as described in those financial statements.
The financial statements are presented in Sterling (GBP) rounded to the nearest thousand except where specified.
The unaudited interim 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 Group for the year ended 30 June 2019.
The interim financial information has been prepared on the going concern basis which assumes the Group will continue in existence for the foreseeable future.
Our reaction to the onset of Covid-19 has been to examine the potential impact of the virus on our operations and our market. We need to ensure that the welfare of our staff and the continued provision of our service is our priority. We are already a company of home-based staff and we have looked at reasonable worst-case scenarios and discussed potential mitigating strategies to ensure the continuity of our service.
The Board believes it has reduced its cost base sufficiently to ride out the current business environment and we are beginning to see the return of advertising revenues. We are also experiencing a growth in subscriptions levels which, if sustained, will over time make up for suppressed advertising levels.
At the moment, our business seems to be performing well and with February a profitable month we are feeling confident that we are able to weather the storm.
One of the results of the disruption to advertising revenues is that the Group's cash levels decreased to GBP557,000 at the period end, whereas we would have hoped to see them improve. The Directors believe this has now stabilised and we look to benefit from the reductions made to the cost base, reflected in an improvement in performance in the second half, to restore our usual cash levels in the near 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 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 2019 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.
New standards adopted in the period:
IFRS 16 Leases
The standard has replaced IAS 17 and introduces a single lessee accounting model. Under the provisions of the new standard most leases, including the majority of those previously classified as operating leases, are brought onto the financial position statement as a right-of-use asset and as an offsetting lease liability. Both asset and liability are based on present values of the lease payments due over the term of the lease with the asset being depreciated in accordance with IAS 16 'Property, plant and equipment' and the liability increased by the addition of interest and reduced as lease payments are made.
3. Earnings per share 6 months 6 months 12 months to to to 31 Dec 2019 31 Dec 2018 30 June 2019 GBP'000 GBP'000 GBP'000 Loss for the year attributable to equity shareholders (399) (214) (411) Earnings per share (pence) Basic (1.56 p) (0.84 p) (1.60p) Diluted (1.56 p) (0.84 p) (1.60p) ============ ============ =========== Shares Shares Shares Weighted average number of shares in issue for the period 25,657,927 25,623,845 25,657,927 Dilutive effect of options - - - ------------ ------------ ----------- Weighted average shares for diluted earnings per share 25,657,927 25,623,845 25,657,927
Where a loss is reported for the period 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.
In addition, where a profit has been recorded but the average share price for the period remains under the exercise price the existence of options is not dilutive.
4. Events after the balance sheet date
Our assessment of the impact of the COVID-19 virus is set out in Note 2. There are no other events of significance occurring after the balance sheet date to report.
5. Dividends
The directors do not recommend the payment of a dividend.
6. Financial statements
Copies of these accounts are available from ADVFN Plc's registered office at Suite 27, Essex Technology Centre, The Gables, Fyfield Road, Ongar, Essex, CM5 0GA or from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.
www.companieshouse.gov.uk
and from the ADVFN plc website:
www.ADVFN.com
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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March 25, 2020 12:20 ET (16:20 GMT)
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