TIDMAFN
RNS Number : 1982C
ADVFN PLC
21 February 2022
21 February 2022
For immediate release
ADVFN PLC
("ADVFN" or the "Group")
Unaudited Interim Results for the Six Months Ended 31 December
2021
ADVFN today announces its unaudited interim results for the six
months ended 31 December 2021
(the "Period").
Chief Executive's Statement
The Board is very pleased to report the results for the six
months ended 31 December, when ADVFN consolidated the progress made
last year.
Revenue was GBP4.2 million, the same level as the comparable
period for the six months ended 31 December 2020, with a profit
after tax for the Period of GBP202,000, which although lower by
GBP62,000 than the previous year was GBP601,000 better than the
comparable period in 2019.
We have been a little more aggressive in investing for the
future in this half with the addition to our offerings of new
features and data, with a special focus on Crypto. We will continue
to freshen our offerings which we see as helping to sustain and
grow our future revenue.
Financial Performance
The key financial performance for the period is summarised in
the table below:
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
-------------------------------- -----------------
Post Period Events
Following the Period end the Board announced that it had
concluded its strategic review of the Company's options and ended
the "formal sale process" of the Company which it had commenced
previously in accordance with Rules 2.4 and 2.6 of the Takeover
Code. The Board concluded that the Company should take advantage of
the available options to grow its business offering and geographic
reach through business partnerships and possible joint venture
arrangements or acquisitions.
While there can be no certainty as to whether these
opportunities can be consummated, the Board believes that these
potential development opportunities would enable the Group to build
value for all shareholders.
Dividend Policy and Interim Dividend
As announced last year, while the Board will continue to deploy
the Group's cash resources to the growth of, and investment in, the
business, the Board concluded that as a result of the much-improved
financial performance of the Group, the Company was in a position
to adopt a dividend policy to generate returns for shareholders.
The Board's adopted policy was to pay dividends twice a year in
equal instalments on a semi-annual basis following the release of
the interim and full year financial results. Accordingly, for the
Period, the Board is therefore pleased to announce that the Company
will pay an interim dividend of 0.75 pence per ordinary share,
which is in line with last year's dividend of 1.5 pence for the
year as a whole. The interim dividend will be payable as per the
timetable below:
- Ex dividend dated: 24 March 2022
- Record date: 25 March 2022
- Payment date: 11 April 2022
Outlook
While we are focused on the successful future development of
ADVFN, on 26 January 2022, the Board announced that it had received
a letter from Mr Yair Tauman in which Mr Yair Tauman requested that
the Company convene a general meeting under section 303 of the
Companies Act, to consider t o consider proposed changes to the
Board including my removal as a director of the Company and the
proposed appointment of Messrs Anthony Wollenberg, Amit Tauman and
Lord David Gold as directors of the Company. The Company requested
information from Mr Yair Tauman in respect of the individuals
proposed by him as directors of the Company and will make a further
announcement in due course.
This may well be my last CEO statement and as such I will take
this opportunity to wish shareholders, customers and staff my best
wishes for a good outcome for all.
Clem Chambers
CEO
21 February 2022
Enquiries:
For further information please contact:
ADVFN PLC
Clem Chambers +44 20 3868 670203
Beaumont Cornish Limited (Nominated
Adviser)
www.beaumontcornish.com
Roland Cornish/Michael Cornish +44 (0) 207 628 3396
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
: www.ADVFNPLC.com
Consolidated income statement
6 months 6 months 12 months
to to to
31 Dec 31 Dec 30 June
2021 2020 2021
GBP'000 GBP'000 GBP'000
unaudited unaudited audited
Notes
Revenue 4,228 4,233 9,059
Cost of sales (162) (244) (452)
---------- ---------- ----------
Gross profit 4,066 3,989 8,607
Share based payment - (44) (43)
Amortisation of intangible assets (138) (128) (251)
Other administrative expenses (3,699) (3,540) (6,849)
Total administrative expense (3,837) (3,712) (7,143)
Government grant - - 162
Operating profit 229 277 1,626
Finance expense (27) (13) (22)
Other income - - 4
Profit/(loss) before tax 202 264 1,608
Taxation - - 10
---------- ---------- ----------
Profit/(loss) for the period attributable
to shareholders of the parent 202 264 1,618
========== ========== ==========
Earnings per share
Basic 3 0.77p 1.03 p 6.28p
Diluted 0.74p 0.99 p 5.97p
Consolidated statement of comprehensive
income
6 months 6 months 12 months
to to to
31 Dec 31 Dec 30 June
2021 2020 2021
GBP'000 GBP'000 GBP'000
unaudited unaudited audited
Profit/ for the period 202 264 1,618
Other comprehensive income:
Items that will be reclassified
subsequently to profit or loss:
Exchange differences on translation
of foreign operations (50) (49) (95)
Total other comprehensive income (50) (49) (95)
---------- ---------- ----------
Total comprehensive income for
the year attributable to shareholders
of the parent 252 215 1,523
========== ========== ==========
Consolidated balance sheet
31 Dec 31 Dec 30 June
2021 2020 2021
GBP'000 GBP'000 GBP'000
unaudited unaudited audited
Assets
Non-current assets
Property, plant and equipment 180 283 239
Goodwill 929 927 870
Intangible assets 1,584 1,460 1,562
Deferred tax asset - - -
Trade and other receivables 25 - 110
2,718 2,670 2,781
Current assets
Trade and other receivables 725 647 546
Cash and cash equivalents 2,032 931 1,939
---------- ---------- --------
2,757 1,578 2,485
Total assets 5,475 4,248 5,266
========== ========== ========
Equity and liabilities
Equity
Issued capital 52 51 52
Share premium 223 167 223
Share based payments reserve 343 411 343
Foreign exchange reserve 260 256 210
Retained earnings 2,497 874 2,295
---------- ---------- --------
3,375 1,759 3,123
Non-current liabilities
Borrowing - bank loans 47 83 54
Borrowing - lease liabilities 37 101 87
---------- ---------- --------
84 184 141
Current liabilities
Trade and other payables 1,902 2,082 1,886
Borrowing - bank loans 13 88 13
Borrowing - lease liabilities 101 135 103
2,016 2,305 2,002
Total liabilities 2,100 2,489 2,143
---------- ---------- --------
Total equity and liabilities 5,475 4,248 5,266
========== ========== ========
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 2020 51 167 367 305 610 1,500
Share based payments 44 44
Profit for the period after
tax - - - - 264 264
Other comprehensive income
Exchange differences on
translation of foreign operations - - - (49) - (49)
--------- --------- --------- ---------- ---------- --------
Total comprehensive income - - - (49) 264 215
--------- --------- --------- ---------- ---------- --------
At 31 December 2020 51 167 411 256 874 1,759
Transactions with equity
shareholders:
Shares issued 1 56 - - - 57
Transfer on exercise - - (67) - 67 -
--------- --------- --------- ---------- ---------- --------
1 56 (67) - 67 57
Reprice share options - - (1) - - (1)
Profit for the period after
tax - - - - 1,354 1,354
Other comprehensive income
Exchange differences on
translation of foreign operations - - - (46) - (46)
--------- --------- --------- ---------- ---------- --------
Total comprehensive income - - - (46) 1,354 1,308
At 30 June 2021 52 223 343 210 2,295 3,123
Share based payments - - - - - -
Profit for the period after
tax - - - - 202 202
Other comprehensive income
Exchange differences on
translation of foreign operations - - - 50 - 50
--------- --------- --------- ---------- ---------- --------
Total comprehensive income - - - 50 202 252
--------- --------- --------- ---------- ---------- --------
At 31 December 2021 52 223 343 260 2,497 3,375
========= ========= ========= ========== ========== ========
Consolidated cash flow statement
6 months 6 months 12 months
to to to
31 Dec 31 Dec 30 June
2021 2020 2021
GBP'000 GBP'000 GBP'000
unaudited unaudited audited
Cash flows from operating activities
Profit for the year 202 264 1,618
Taxation expense - - (10)
Net finance expense in the income statement 27 13 22
Depreciation of property, plant and
equipment 110 95 167
Amortisation 138 128 251
Forgiveness of US loan - (174)
Loss on disposal of PPE - - -
Share based payment - 44 43
(Increase) in trade and other receivables (94) (73) (72)
Increase / (Decrease) in trade and other
payables 16 (254) (392)
Net cash generated by continuing operations 399 217 1,453
Income tax recovered - - -
---------- ---------- ----------
Net cash generated/(used) by operating
activities 399 217 1,453
Cash flows from financing activities
Issue of share capital - - 57
Repayment of lease principle (59) (41) (92)
Drawdown of loans - - 17
Lease interest paid (6) (9) (19)
Other interest paid (21) (4) (3)
---------- ---------- ----------
Net cash (used)/generated by financing
activities (86) (54) (40)
Cash flows from investing activities
Payments for property, plant and equipment (51) (13) (39)
Purchase of intangibles (160) (160) (385)
Net cash used by investing activities (211) (173) (424)
Net (decrease)/increase in cash and
cash equivalents 102 (10) 989
Exchange differences (9) 26 35
---------- ---------- ----------
Net increase/(decrease) in cash and
cash equivalents 93 16 1024
Cash and cash equivalents at the start
of the period 1,939 915 915
---------- ---------- ----------
Cash and cash equivalents at the end
of the period 2,032 931 1,939
========== ========== ==========
1. Legal status and activities
The principal activity of ADVFN PLC ("the Company") and its
subsidiaries (together "the Group") is the development and
provision of financial information, primarily via the internet,
research services and the development and exploitation of ancillary
internet sites.
The principal trading subsidiaries are All IPO Plc,
InvestorsHub.com Inc, NA Data Inc, MJAC InvestorsHub International
Conferences Ltd and Cupid Bay Limited.
The Company is a public limited company which is quoted on the
AIM of the London Stock Exchange and is incorporated and domiciled
in the UK. The address of the registered office is Suite 28, Essex
Business Centre, The Gables, Fyfield Road, Ongar, Essex, CM5
0GA.
The registered number of the company is 0 2374988 .
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.
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 2021.
The interim financial information has been prepared on the going
concern basis which assumes the Group will continue in existence
for the foreseeable 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 2021 have been
filed with the Registrar of Companies. The auditors, Saffery
Champness 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. Profit per share
6 months 6 months 12 months
to to to
31 Dec 2021 31 Dec 2020 30 June
2021
GBP'000 GBP'000 GBP'000
Profit for the year attributable to
equity shareholders 202 264 1,618
Earnings per share (pence)
Basic 0.77p 1.03 p 6.28p
Diluted 0.74p 0.99 p 5.97p
============ ============ ===========
Shares Shares Shares
Weighted average number of shares in
issue for the period 26,115,318 25,703,845 25,773,739
Dilutive effect of options 1,144,585 1,092,868 1,336,807
------------ ------------ -----------
Weighted average shares for diluted
earnings per share 27,259,903 26,796,713 27,110,546
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. Dividends
A dividend was announced on 5 July 2021. Final equity dividends
to the shareholders of ADVFN plc are recognised in the period that
they are approved by shareholders. Interim equity dividends are
recognised in the period that they are paid.
Dividends receivable are recognised when the Company's right to
receive payment is established
5. Financial statements
Copies of these accounts are available from ADVFN 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 ADVFN plc website:
www.ADVFNPLC.com
ENDS
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