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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Online Blockchain Plc | LSE:OBC | 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% | 15.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMOBC
RNS Number : 5152F
Online Blockchain PLC
22 March 2022
22nd March 2022
For immediate release
Online Blockchain PLC
("Online" or the "Group")
Unaudited Interim Results for the Six Months Ended 31 December 2021
Online today announces its unaudited interim results for the six months ended 31 December 2021 (the "Period").
CEO's Statement
We continue to operate in volatile times, but our Umbria project continues to move forward.
Our focus for a number of years has been on Blockchain and our project with the Umbria team has progressed well. Against a backdrop where Bitcoin and Ethereum have rallied and slumped repeatedly, the Umbria project has managed to establish itself within the Blockchain infrastructure initially bridging the movement of tokens between the Ethereum and Polygon networks. After that initial development, the Umbria bridge, named Narni after the famous Roman bridge in Umbria, has expanded to enable tokens to move between Ethereum and Avalanche, Ethereum and Binance Smart Chain and Ethereum and Fantom.
This initial progress has meant that, through staking in the Narni Bridge liquidity pool, Online is accumulating unrealised income from the use of the Narni Bridge. So, for example, in December 2021, Online's stake in bridging Ethereum from the Ethereum Chain to the Polygon Chain, rose by 1.8 Ethereum and by a further 2.3 Ethereum from the bridging back from the Polygon Chain to Ethereum. Ethereum was priced at $3,764 on 1 January 2022. These are promising developments for such an early-stage project and our Ethereum balances are continuing to grow in the initial period of the current half.
We are excited to see how the Umbria project develops as the product continues to grow in scope and becomes more known in the crypto community. We feel that in its current configuration, especially with its potential to grow across other blockchains while expanding to more tokens, that the Umbria Narni bridge has the potential to generate significant future revenue for Online.
Although the Blockchain landscape will continue to be volatile, these risks come with many opportunities for high potential rewards which we will be looking to take advantage of.
Meanwhile, ADVFN PLC is also performing well with reported revenue for the six months ended 31 December 2021 of GBP4.2 million, the same level as the comparable period for the six months ended 31 December 2020, and with a reported profit after tax for the period of GBP202,000.
As you may have seen, I have stepped down as a director of ADVFN PLC which remains an important investment of Online Blockchain PLC. It is clear that subsequent to ongoing corporate activity around ADVFN, that ADVFN will experience an accelerate pace of change which we will work hard to ensure is positive.
ADVFN Plc - Financial performance for the six months ended 31 December 2021
Key financial performance for the period has been summarised as follows:
Six Months ended Six Months ended 31 December 2021 31 December 2020 -------------------------------- ----------------- GBP'000 GBP'000 -------------------------------- ----------------- Revenue 4,228 4,233 -------------------------------- ----------------- Profit / (loss) for the period 202 264 -------------------------------- ----------------- Operating profit / (loss) 229 277 -------------------------------- ----------------- Profit per share - basic (see note 3) 0.77p 1.03 p -------------------------------- -----------------
Clement Chambers
CEO
22/03/2022
Enquiries:
For further information please contact:
Online Blockchain PLC Clem Chambers +44 (0) 20 3868 6702 Beaumont Cornish Limited (Nominated Adviser) www.beaumontcornish.com Roland Cornish/Michael Cornish +44 (0) 207 628 3396 Cassiopeia Ltd (Investor Relations) Stefania Barbaglio stefania@cassiopeia-ltd.com
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018. The person who arranged for the release of this announcement on behalf of the Company was Clem Chambers, Director
A copy of this announcement is available on the Group's website, at: www.onlineblockchain.io
Consolidated income statement
for the six months ended 31 December 2021
Six months Six months ended ended Year ended 31 December 31 December 30 June 2021 2020 2021 Unaudited Unaudited Audited GBP'000 GBP'000 GBP'000 Note Revenue 24 56 65 Cost of sales - - (5) --------------- ---------------- ---------- Gross profit 24 56 60 Other administrative expenses (528) (178) (425) Other operating income - - 124 --------------- ---------------- ---------- Operating loss (504) (122) (241) Finance expense - (1) (1) Impairment of investment in Encryptid Gaming - - (18) Share of post-tax profit/(loss) of equity accounted associate 36 47 285 --------------- ---------------- ---------- (Loss)/Profit before taxation (468) (76) 25 Taxation 38 - 4 --------------- ---------------- ---------- (Loss)/Profit from continuing operations (430) (76) 29 Loss from discontinued operations - - (8) (Loss)/Profit for the period attributable to shareholders of the parent (430) (76) 21 =============== ================ ========== Profit/(Loss) per share from continuing operations Basic loss per ordinary share 3 (3.01p) (0.86 p) 0.25p Diluted loss per ordinary share 3 (3.05p) (0.86 p) 0.26p Profit per share from discontinuing operations Basic loss per ordinary share 3 - - 0.18p Diluted loss per ordinary share 3 - - 0.19p =============== ================ ==========
Consolidated statement of comprehensive income
for the six months ended 31 December 2021
Six months Six months ended ended Year ended 31 December 31 December 30 June 2021 2020 2021 Unaudited Unaudited Audited GBP'000 GBP'000 GBP'000 (Loss)/Profit for the period (430) (76) 21 Other comprehensive income: Items that will be reclassified subsequently to profit or loss: Exchange differences on translation of foreign operations 8 (4) (6) ----------- ----------- ---------- Total other comprehensive income 8 (4) (6) ----------- ----------- ---------- Total comprehensive income for the year attributable to shareholders of the parent (422) (80) 15 =========== =========== ==========
Consolidated balance sheet
at 31 December 2021
31 December 31 December 30 June 2021 2020 2021 Unaudited Unaudited Audited GBP'000 GBP'000 GBP'000 Assets Note Non-current assets Property, plant and equipment 3 11 1 Other receivables - 6 - Investment accounted for using the equity method 4 1,463 1,183 1,419 Other equity investments - 18 - ---------------- ---------------- ---------------- 1,466 1,218 1,420 Current assets Trade and other receivables 36 16 33 Cash and cash equivalents 1,060 384 1,497 ---------------- ---------------- ---------------- 1,096 400 1,530 Total assets 2,562 1,618 2,950 ================ ================ ================ Equity and liabilities Equity Issued capital 3,574 3,383 3,574 Share premium 4,484 3,464 4,484 Share based payment reserve 65 69 65 Foreign exchange reserve (3) (3) (5) Retained earnings (5,621) (5,346) (5,199) ---------------- ---------------- ---------------- 2,499 1,567 2,919 Current liabilities Borrowings - bank overdraft - - - Borrowings - lease liabilities - 5 - Trade and other payables 63 46 31 63 51 31 Total equity and liabilities 2,562 1,618 2,950 ================ ================ ================
Statement of changes in equity
at 31 December 2021
Share Share Share Foreign Retained Total capital premium based exchange earnings equity payment reserve reserve GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 At 1 July 2020 3,292 3,155 64 1 (5,269) 1,243 Issue of shares 91 309 - - - 400 Equity settled share options - - 5 - - 5 Transactions with owners 91 309 5 - - 405 Net asset movements of associate - - - - (1) (1) Loss for the period - - - - (76) (76) Other comprehensive income Exchange differences on translation of foreign operations - - - (4) - (4) --------- --------- --------- ---------- ---------- -------- Total other comprehensive income - - - (4) (76) (80) --------- --------- --------- ---------- ---------- -------- Total comprehensive loss for the period - - - (4) (76) (80) --------- --------- --------- ---------- ---------- -------- At 31 December 2020 3,383 3,464 69 (3) (5,346) 1,567 Issue of shares 191 1,161 - - - 1,352 Recycle option costs - - (52) 52 - Share based payment (issue costs) - (53) 48 - - (5) Share issue costs - (88) - - - (88) Net asset movements of associate - - - - (2) (2) Profit for the year after tax - - - - 97 97 Other comprehensive income Exchange differences on translation of foreign operations - - - (2) - (2) --------- --------- --------- ---------- ---------- -------- Total other comprehensive income - - - (2) 97 95 --------- --------- --------- ---------- ---------- -------- Total comprehensive loss for the period (2) 97 95 --------- --------- --------- ---------- ---------- -------- At 30 June 2021 3,574 4,484 65 (5) (5,199) 2,919 Net asset movements of associate - - - - 8 8 Loss for the period - - - - (430) (430) Other comprehensive income Exchange differences on translation of foreign operations - - - 2 - 2 --------- --------- --------- ---------- ---------- -------- Total other comprehensive income - - - 2 - 2 --------- --------- --------- ---------- ---------- -------- Total comprehensive loss for the period - - - 2 (430) (428) --------- --------- --------- ---------- ---------- -------- At 31 December 2021 3,574 4,484 65 (3) (5,621) 2,499 ========= ========= ========= ========== ========== ========
Consolidated cash flow statement
for the six months ended 31 December 2021
Six months Six months ended ended Year ended 31 December 31 December 2021 2020 30 June 2021 Unaudited Unaudited Audited GBP'000 GBP'000 GBP'000 Cash flows from operating activities Profit/(Loss) for the period from continuing operations (430) (76) 29 Loss for the period from discontinued operations - - (8) Add back (profit)/loss from equity accounted associate (36) (47) (285) Net finance charge in the income statement 1 1 1 Depreciation of property, plant & equipment (1) 19 29 Share based payments - 5 - Impairment of investment in Encryptid Gaming - - 18 Decrease/(increase) in trade and other receivables (3) 98 87 Increase/(decrease) in trade and other payables 32 7 (8) -------------- ------------- -------------- Net cash used by operating activities (437) 7 (137) Income tax receivable - - - -------------- ------------- -------------- Net cash used by operating activities (437) 7 (137) Cash flows from financing activities (Repay)/Draw down bank overdraft - - (27) Issue equity shares - 400 1,664 Repay lease - - (13) Interest paid (1) (1) (1) -------------- ------------- --------------
Net cash generated/(used) by financing activities (1) 399 1,623 Cash flows from investing activities Overdraft repaid - (27) - Lease liability repaid - (8) - Payments for property plant and equipment (1) - - Payments for intangible assets - - - Net cash used by investing activities (1) (35) - -------------- ------------- -------------- (Decrease)/Increase in cash and cash equivalents (439) 371 1,486 Foreign exchange differences 2 (4) (6) Cash and cash equivalents at the start of the period 1,497 17 17 -------------- ------------- -------------- Cash and cash equivalents at the end of the period 1,060 384 1,497 ============== ============= ==============
Notes to the interim statements
1. General information
The principal activity of Online Blockchain Plc ("the Company") and its subsidiaries (together "the Group") is that of an incubator and investor in internet and information businesses, developers, administrators and custodians of blockchains and cryptocurrencies.
The principal trading subsidiaries are Awesome Animation Limited and Online Development Inc.
The Company is a public limited company which is quoted on the AIM market of the London Stock Exchange and is incorporated in England and Wales and domiciled in the UK. The address of the registered office is Ongar Business Centre, The Gables, Fyfield Road, Ongar, Essex, CM5 0GA.
The registered number of the company is 03203042.
2. Basis of preparation
The unaudited consolidated interim financial information is for the six-month period ended 31 December 2021. 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 2021, which were prepared under applicable law and International Accounting Standards (IAS) in conformity with the requirements of the Companies Act 2006 as at 30 June 2021.
The accounting policies adopted in this report are consistent with those of the annual financial statements for the year to 30 June 2021 as described in those financial statements.
The financial statements are presented in Sterling (GBP) rounded to the nearest thousand except where specified.
Going concern
The interim financial information has been prepared on the going concern basis which assumes the Group will continue in existence for the foreseeable future. The Directors believe that trading will gradually improve over the next 12 months.
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 2021 have been filed with the Registrar of Companies. The auditors, Saffery Champness LLP reported on those 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.
Risks and uncertainties
The Group continuously assesses and monitors the key risks of the business. The risks identified in the financial statements dated 30 June 2021 have not substantially changed.
Notes to the interim statements
3. Loss per ordinary share Six months Six months Year to to to 31 Dec 2021 31 Dec 2020 30 June 2021 GBP'000 GBP'000 GBP'000 Profit/(Loss) from continuing operations (430) (76) 29 (Loss) from discontinued operations - - (8) Profit/(loss) for the year attributable to equity shareholders (430) (76) 21 Shares Shares Weighted average number of Ordinary shares 14,311,709 8,800,688 11,423,439 Dilutive effect of options (192,979) - (164,090) ------------ ----------- ------------ Weighted average Ordinary shares for diluted earnings per share 14,118,730 8,800,688 11,259,350 ============ =========== ============ Loss per share for continuing operations Basic earnings per share (pence) (3.01p) (0.86 p) 0.25p Diluted earnings per share (pence) (3.05p) (0.86 p) 0.26p ============ =========== ============ Total loss per share Basic earnings per share (pence) (3.01p) (0.86 p) 0.18p Diluted earnings per share (pence) (3.05p) (0.86 p) 0.19p ============ =========== ============
Where a loss has been recorded for the year the diluted loss per share does not differ from the basic loss per share. Where a profit has been recorded but the average share price for the year remains under the exercise price the existence of options is not normally dilutive. However, whilst the average exercise price of all outstanding options is above the average share price there are a number of options which are not. Under these circumstances those options where the exercise price is below the average share price are treated as dilutive.
4. Investments in associate undertakings Six months Six months Year ended ended ended 31 December 31 December 30 June 2021 2020 2021 GBP'000 GBP'000 GBP'000 Listed investments at cost 868 868 868 Listed investments at market value 3,316 875 3,017 Total net assets of ADVFN Plc 3,375 1,759 3,123 Percentage ownership interest held by the group 17.64% 17.92% 17.64% Share of net assets of ADVFN Plc 595 315 551 Cost of investment in ADVFN Plc 868 868 868 ----------- ----------- ------- 1,463 1,183 1,419 =========== =========== =======
The investment in ADVFN plc is treated for the purposes of financial reporting as an associate due to the common directorships held between ADVFN plc and Online Blockchain plc and the resulting level of significant influence over the associate. It is an investment accounted for using the equity method.
Online Blockchain Plc owns 17.64% (2020: 17.92%) of ADVFN plc which is incorporated in England and Wales and whose 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 carrying value of the associate in the balance sheet of Online Blockchain Plc is GBP1,463,000 and is based on the share of the balance sheet of the associate company.
Notes to the interim statements
5. Events after the balance sheet date
There are no events of significance occurring after the balance sheet date to report.
6. Dividends
The directors do not recommend the payment of a dividend.
7. Financial statements
Copies of these accounts are available from Online Blockchain Plc's registered office at Suite 28, Ongar Business 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 Online Blockchain plc website:
www.onlineblockchain.io
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