TIDMAFN

RNS Number : 8574R

ADVFN PLC

10 November 2021

10 November 2021

For immediate release

ADVFN PLC

("ADVFN" or the "Company")

Audited Results for the Year Ended 30 June 2021

ADVFN, the global stocks and shares website, announces its audited results for the year ended 30 June 2021.

Chief Executive's Statement

We have good cause to be delighted to present the results to 30 June 2021. Following our reorganisation in 2019 we have benefited from the silver lining that has accompanied the very dark clouds of the Covid-19 Pandemic.

While the pandemic has boosted business there are other tailwinds pushing us forwards.

There appears to have been an intersection of positive developments over this financial year that have combined to boost our business, including the Covid lockdowns and associated market disruptions, a boom in cryptocurrency markets and the rise of a new generation of traders and investors. We have of course worked hard to grow sales and control costs but the positive changes to ADVFN's business environment cannot be understated. There are always a host of difficult challenges to be faced and this year was no different, but we have solved them at the same time as enjoying a number of positive developments.

Global actions to cope with the pandemic have raised interest in trading and investing in markets and this has increased our subscriptions and advertising revenues. Cryptocurrency prices and investor interest increased substantially mid-year bringing another tailwind to support our progress. Meanwhile, our firm belief is that the next generation of traders and investors have now emerged and that this will represent a secular boost for us in the future. This last factor is possibly more important than the previous two because while emergencies come and go, and are always a business driver for us, underlying those cycles is the size of the audience; the bigger that audience the better our market.

In 2001, just after ADVFN was first floated on AIM, the stock market dotcom crash effectively drove away a generation of traders who had entered the markets as "privatisation novices" in the 1980s and 1990s and who exited the stock market as a result of losses in the Dotcom bust. Consequently, ADVFN has for much of its market existence operated against the headwinds of falling private investor participation in share ownership and stock market trading. However, we believe that falling trend has now reversed and that the next generation of new investors is here and increasingly engaging with the markets, initially through cryptocurrency interest but also responding to the allure of Fintech developments and showing increased interest in stocks. This is most clearly the case in the US, but it is also occurring elsewhere. This is a positive development and we expect it to continue.

At the year-end both advertising and subscription income were up on the previous year and consequently we have delivered a pre-tax profit of GBP1,608,000.

Dividend Policy and maiden dividend

As we announced in August this year, while the Board will continue to deploy the Group's cash resources to the growth of, and investment in, the business, the Board has concluded that as a result of the much-improved financial performance of the Group, the Company is now also in a position to adopt a dividend policy to generate returns for shareholders. Our objective is to provide shareholders with a stable flow of dividends balanced by a policy of prudential capital management and the Board will adhere to a dividend cover ratio of not less than 2 times profit after taxation attributable to shareholders based on a rolling basis of 3 years commencing from 1 July 2020. Accumulated earnings will be used to address short-term profit shortfalls that may occur. In applying the dividend policy, the Board will have regard for a range of factors including the macroeconomic outlook, business performance, balance sheet and growth outlook of the Company and may exercise its discretion and revise the calculated pay-out either up or down, to the extent these factors substantially impact the Company.

For the 2021 financial year only, the Board is pleased to announce that the Company will pay a maiden dividend of 1.5p pence per ordinary share payable as per the timetable below:

- Ex dividend dated: 23 December 2021

- Record date: 24 December 2021

- Payment date: 24 January 2022

This maiden dividend is being made in respect of the whole of the 2021 financial year. Subsequently, the Board intends 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, the dates of which will be communicated to shareholders with disclosure of the financial results.

Clement Chambers

CEO

9 November 2021

The annual report and accounts will shortly be sent to shareholders and will be available on the Company's website, http://www.advfn.com

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.

STRATEGIC REPORT

Financial Overview

These consolidated and company accounts have been prepared under applicable law and International Accounting Standards (IAS) in conformity with the requirements of the Companies Act 2006.

We currently plan to continue to remain on a steady course while retaining perhaps a slightly defensive posture, remaining profitable, cashflow positive and dividend paying.

Results

The profit for the financial year after tax amounted to GBP1,618,000 (2020: loss of GBP225,000). The Directors have proposed the payment of a dividend amounting to GBP391,730 (2020: GBPnil).

Business Review

ADVFN's websites have operated well through the COVID-19 pandemic, we continue to be structured as a work from home organisation, experienced in maintaining a complex cloud-based offering operating 24/7/365 around the globe. 'Work from home' has helped us cut costs and maintain a very lean organization. Our site infrastructure remains hugely technically demanding and remains a deep defensive moat against competition. It also offers significant operational leverage in times or revenue growth as can be seen by this year's results.

We continue to add news features and functionality and will continue to do so under the company's current cost structure. Meanwhile, economic issues like Covid and Brexit, for better or worse, seem to be settled. With or without those factors, which are so important to so many, we feel very positive about the prospects ahead.

Operating Costs

We continue to monitor the operating costs of the Group and there is currently no plan for further significant change to our virtual organisation.

Research and Development ("R&D")

Research and Development is very important to us as the market we operate in is constantly changing.

Technology development does not stop and, as such, nor can we. Especially as many innovations break the infrastructure that worked before components of it were 'improved'. Beyond the maintenance aspect of R&D, it is the research and development of novel features and the need for scaling that is a key for our future, because technology left alone decays. Web, exchange and mobile environments are also changing all the time and we continue to evolve so that we can stay relevant.

Our R & D investment this year has been GBP294,000 (2020: GBP277,000) and all of this investment has been to develop the website and has been capitalised. This constant investment ensures our web and mobile experience remains up to date and fresh.

Environmental policy

As always, we continue to look for ways to develop in an environmental way. It remains our objective to improve our performance in this area.

Future outlook for the business

Our improved operating performance and significant profit for the current year despite the COVID-19 pandemic suggests that ADVFN continues to be a viable business for the longer term. We have operated for many years without raising further capital, which cannot be said for many small, listed companies, and we have also provided our service to our customers for over 20 years, which is also a rare achievement amongst our peer group. It has been a very challenging year and will, no doubt, continue to be so in the future but we are well placed to take advantage of any opportunities which come our way.

Summary of key performance indicators

Our key indicators have not changed, as they are an important part of the business.

The Directors monitor the Key Performance Indicators on an ongoing basis. The chart below shows the level of performance achieved in the financial year. The individual items are as follows:

 
                               2021       2021       2020       2020 
                             Actual     Target     Actual     Target 
                          ---------  ---------  ---------  --------- 
 
 Turnover                  GBP9.06M   GBP8.70M   GBP7.07M   GBP8.70M 
                                     ---------  --------- 
 Average head count              38         42         52         56 
                          ---------  ---------  --------- 
 ADVFN registered users       5.10M      5.00M      4.80M      4.75M 
                          ---------  ---------  ---------  --------- 
 

Turnover - An important indicator that gives an overall view of our place in the market.

Head count - is a very significant part of the costs of the Group and is fixed as an overhead. Talented people are a vital part of the business. As at the year end, total headcount numbered 38 (2020: 52).

Registered users - give us an accurate indication of our audience pool and the potential available for marketing our service.

COVID-19

We have been most fortunate as a company with little adverse impact on the business resulting from the pandemic. We will continue to monitor the situation and be prepared to change tactics as circumstances and advice arise. Whilst the battle against COVID-19 has not been, and may never be, entirely won, we are optimistic that there is light at the end of the tunnel.

People

I would like to thank the whole team at ADVFN who tirelessly provide a global service for private investors 24 hours a day.

Directors' statement of responsibilities under section 172 Companies Act 2006

The Directors have considered the requirements of Section 172(1) of the Companies Act 2006 to prepare a statement explaining how the Directors have considered the wider stakeholder needs when performing their duties under Section 172 of the Companies Act 2006.

The Directors consider the stakeholders to be the people who work for us, work with us, invest with us, own us, regulate us and live in the societies we serve. The Directors recognise that building strong relationships with our stakeholders will help deliver the Group's strategy in line with the long-term values. The Directors are committed to effective engagement with all of our stakeholders and seek to understand the interests and views of the Group's stakeholders by engaging with them directly as appropriate.

Depending on the nature of the issue in question, the relevance of each stakeholder group may differ and, as such, as part of Group's engagement with stakeholders, the Directors seeks to understand the relative interests and priorities of each group and to have regard to these, as appropriate, in their decision making. The Directors acknowledge, however, that not every decision it makes will necessarily result in a positive outcome for all stakeholders. The directors also challenge management to ensure all stakeholder interests are considered in the day to day management and operations of the Group.

.

As part of their deliberations and decision making process, the Directors take into account the following:

-- the likely consequences of any decisions in the long term;

-- interests of the Group's employees;

-- need to foster the Group's business relationships with suppliers, customers and others;

-- impact of the Group's operations on the community and environment;

-- desirability of the Group maintaining a reputation for high standards of business conduct; and

-- need to act fairly as between members of the Group.

As a result of these activities, the Directors believe that they have demonstrated compliance with their obligations under s.172 of the Companies Act 2006

Business

The Directors' aim for the Group is to be and remain a contributing and good "Corporate Citizen".

Our business does not have a high carbon footprint and we consider it a sustainable business. We try to ensure that our planet's precious resources are used appropriately for the benefit of current and future generations. The Board considers that the business and strategic decisions which it takes now, in furtherance of the Group's business objectives, do not damage the global environment.

Employees

The Group has a small number of employees but those it has are situated and are deployed on the Group's business around the World. We ensure that we comply with all local labour laws and apply what the Directors believe are appropriate standards and systems to monitor and to ensure the welfare of those employees.

Stakeholder engagement

The Group is entirely owned and controlled by the shareholders of ADVFN Plc and the shares of the Group are traded on the Alternative Investment Market. The stakeholders of the Group consist predominantly of the shareholders, employees, advisers and suppliers. The Directors recognise the importance of these relationships and take active steps to develop and strengthen them through dialogue and engagement. These relationships are regularly monitored at Board level.

Governance

Each Board meeting addresses compliance by the Group with its corporate governance codes and reinforces the Board's requirement that its business be conducted with integrity and with due regard for ethical standards.

ON BEHALF OF THE BOARD

Clement Chambers

CEO

9 November 2021

 
 Consolidated income statement 
                                                            30 June    30 June 
                                                               2021       2020 
                                                    Notes   GBP'000    GBP'000 
 
 
 Revenue                                                      9,059      7,069 
 Cost of sales                                                (452)      (324) 
                                                           --------  --------- 
 
 Gross profit                                                 8,607      6,745 
 
 Share based payment                                           (43)          - 
 Amortisation of intangible assets                            (251)      (296) 
 Other administrative expenses                              (6,849)    (6,769) 
                                                           --------  --------- 
 
 Total administrative expenses                              (7,143)    (7,065) 
 Government grant                                               162          - 
                                                           --------  --------- 
 
 Operating profit/(loss)                                      1,626      (320) 
 
 Finance income/(expense)                                      (22)       (29) 
 Other income                                                     4          - 
 
 Profit/(loss) before tax                                     1,608      (349) 
 Taxation                                                        10        124 
                                                           --------  --------- 
 
 Total profit/(loss) for the period attributable 
  to shareholders of the parent                               1,618      (225) 
 
 Profit/(loss) per share 
 Basic                                                3       6.28p   (0.88 p) 
 Diluted                                              3       5.97p   (0.88 p) 
 
 
 
 
 Consolidated statement of comprehensive 
  income 
                                                  30 June   30 June 
                                                     2021      2020 
                                                  GBP'000   GBP'000 
 
 
 Profit/(loss) for the period                       1,618     (225) 
 
 Other comprehensive income: 
 Items that will be reclassified subsequently 
  to profit or loss: 
 Exchange differences on translation of 
  foreign operations                                 (95)        23 
 
 Total other comprehensive income                    (95)        23 
 
 Total comprehensive income for the year 
  attributable to shareholders of the parent        1,523     (202) 
                                                 ========  ======== 
 
 
 
 Consolidated balance sheet 
                                          30 June   30 June 
                                             2021      2020 
                                  Notes   GBP'000   GBP'000 
 
 Assets 
 Non-current assets 
 Property, plant and equipment                239       365 
 Goodwill                                     870     1,002 
 Intangible assets                          1,562     1,428 
 Trade and other receivables                  110         - 
 
                                            2,781     2,795 
 
 Current assets 
 Trade and other receivables                  546       574 
 Cash and cash equivalents                  1,939       915 
                                         --------  -------- 
 
                                            2,485     1,489 
 
 Total assets                               5,266     4,284 
 
 Equity and liabilities 
 Equity 
 Issued capital                                52        51 
 Share premium                                223       167 
 Share based payment reserve                  343       367 
 Foreign exchange reserve                     210       305 
 Retained earnings                          2,295       610 
                                         --------  -------- 
 
                                            3,123     1,500 
 
 Non-current liabilities 
 Borrowing - bank loans             4          54       144 
 Borrowing - lease liabilities      4          87        94 
 
                                              141       238 
                                         --------  -------- 
 
 Current liabilities 
 Trade and other payables                   1,886     2,278 
 Borrowing - bank loans             4          13        80 
 Borrowing - lease liabilities      4         103       188 
 
                                            2,002     2,546 
 
 Total liabilities                          2,143     2,784 
                                         --------  -------- 
 
 Total equity and liabilities               5,266     4,284 
                                         ========  ======== 
 
 

Consolidated statement of changes in equity

 
                                           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 2019                               51        167        367         282         835     1,702 
 
 Loss for the period after 
  tax                                          -          -          -           -       (225)     (225) 
 
 Other comprehensive income 
 Exchange differences on translation 
  of foreign operations                        -          -          -          23           -        23 
 
 Total other comprehensive 
  income                                       -          -          -          23           -        23 
                                       ---------  ---------  ---------  ----------  ----------  -------- 
 
 Total comprehensive income                    -          -          -          23       (225)     (202) 
                                       ---------  ---------  ---------  ----------  ----------  -------- 
 
 At 30 June 2020                              51        167        367         305         610     1,500 
 
 Transactions with equity 
  shareholders: 
 Share issues                                  1         56          -           -           -        57 
 Transfer on exercise                          -          -       (67)           -          67         - 
                                       ---------  ---------  ---------  ----------  ----------  -------- 
 
                                               1         56       (67)           -          67        57 
 
 Reprice share options                                              43           -           -        43 
 
 Profit for the year after 
  tax                                          -          -          -           -       1,618     1,618 
 
 Other comprehensive income 
 Exchange differences on translation 
  of foreign operations                        -          -          -        (95)           -      (95) 
                                       ---------  ---------  ---------  ----------  ----------  -------- 
 
 Total other comprehensive 
  income                                       -          -          -        (95)           -      (95) 
                                       ---------  ---------  ---------  ----------  ----------  -------- 
 
 Total comprehensive income                    -          -          -        (95)       1,618     1,523 
                                       ---------  ---------  ---------  ----------  ----------  -------- 
 
 At 30 June 2021                              52        223        343         210       2,295     3,123 
                                       =========  =========  =========  ==========  ==========  ======== 
 
 
 
 Consolidated cash flow statement 
                                                        12 months   12 months 
                                                               to          to 
                                                          30 June     30 June 
                                                             2021        2020 
                                                Notes     GBP'000     GBP'000 
 
 Cash flows from operating activities 
 Profit for the year                                        1,618       (225) 
 
 Taxation                                                    (10)       (124) 
 Net finance income in the income statement                    22          29 
 Depreciation of property, plant & equipment                  167         177 
 Amortisation of intangible assets                            251         296 
 Forgiveness of US loan                                     (174)           - 
 Loss on disposal of PPE                                        -           2 
 Share based payments - options/warrants                       43           - 
 (Increase)/decrease in trade and other 
  receivables                                                (72)         227 
 Decrease in trade and other payables                       (392)       (278) 
 
 Net cash generated by continuing operations                1,453         104 
 
 Income tax receivable                                          -         124 
                                                       ----------  ---------- 
 
 Net cash generated by operating activities                 1,453         228 
 
 Cash flows from financing activities 
 Issue of share capital                                        57           - 
 Drawdown loans                                   4            17         224 
 Repay lease liability                            4          (92)           - 
 Lease interest paid                                         (19)           - 
 Other interest paid                                          (3)        (29) 
 
 Net cash generated by financing activities                  (40)         195 
 
 Cash flows from investing activities 
 Payments for property, plant and equipment                  (39)       (117) 
 Purchase of intangibles                                    (385)       (277) 
 
 Net cash used by investing activities                      (424)       (394) 
 
 Net increase in cash and cash equivalents                    989          29 
 Exchange differences                                          35         (1) 
                                                       ----------  ---------- 
 
 Net increase in cash and cash equivalents                  1,024          28 
 Cash and cash equivalents at the start 
  of the period                                               915         887 
                                                       ----------  ---------- 
 
 Cash and cash equivalents at the end of 
  the period                                                1,939         915 
                                                       ==========  ========== 
 
   1.      Basis of preparation 

The consolidated and company financial statements are for the year ended 30 June 2021. They have been prepared under applicable law and International Accounting Standards (IAS) in conformity with the requirements of the Companies Act 2006 as at 30 June 2021. Whilst the financial information included in the announcement has been prepared in accordance with International Accounting Standards (IAS) in conformity with the requirements of the Companies Act 2006, this announcement itself does not contain sufficient information to comply with International Accounting Standards (IAS) in conformity with the requirements of the Companies Act 2006.

The consolidated and company financial statements have been prepared under the historical cost convention and are presented in Sterling rounded to the nearest thousand (GBP'000) except where indicated otherwise.

Standards and amendments to existing standards adopted in these accounts

IAS 1 Presentation of Financial Statements and IAS 8 Accounting policies, Changes in Accounting Estimates and Errors (Amendment - Definition of Material)

Interest Rate Benchmark Reform - IBOR 'phase 2' (Amendments to IFRS 7)

IFRS 3 Business Combinations (Amendment - Definition of Business)

Revised Conceptual Framework for Financial Reporting

COVID-19 Related Rent Concessions (Amendments to IFRS 16)

Standards, amendments and interpretations to existing standards that are not yet effective and have not been early adopted by the Company in the 30 June 2021 financial statements

Onerous Contracts - Cost of Fulfilling a Contract (Amendments to IAS 37)

Property Plant and Equipment: Proceeds before intended use. (Amendments to IAS 16)

Annual improvements to IFRS Standards 2018-2020

References to Conceptual Framework (Amendments to IFRS 3)

Classification of liabilities as Current or Non-current (Amendments to IAS 1)

IFRS 17 - Insurance Contracts

Amendments to IFRS 17 - Insurance Contracts; and Extension of the Temporary Exemption from Applying IFRS 9 (Amendments to IFRS 4 Insurance Contracts)

Disclosure of Accounting Policies (Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements)

Definition of Accounting Estimates (Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors)

Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12 Income Taxes)

The Directors continue to monitor developments in the accounting standards they see as relevant but do not believe that these changes will significantly impact the Group.

   2.      Segmental analysis 

The directors identify operating segments based upon the information which is regularly reviewed by the chief operating decision maker. The Group considers that the chief operating decision makers are the executive members of the Board of Directors. The Group has identified two reportable operating segments, being that of the provision of financial information and that of other services. The provision of financial information is made via the Group's various website platforms.

The parent entities operations are entirely of the provision of financial information.

Three minor operating segments, for which IFRS 8's quantitative thresholds have not been met, are currently combined below under 'other'. The main sources of revenue for these operating segments is the provision of financial broking services, financial conference events and other internet services not related to financial information. Segment information can be analysed as follows for the reporting period under review:

 
 2021                                   Provision     Other     Total 
                                     of financial 
                                      information 
                                          GBP'000   GBP'000   GBP'000 
 
 Revenue from external customers            9,020        39     9,059 
 Depreciation and amortisation              (408)      (21)     (429) 
 Other operating expenses                 (6,763)     (403)   (7,166) 
 Other operating income                       162         -       162 
                                   --------------  --------  -------- 
 
 Segment operating (loss)/profit            2,011     (385)     1,626 
 
 Interest income                                -         -         - 
 Interest expense                            (21)       (1)      (22) 
                                   ==============  ========  ======== 
 
 Segment assets                             4,451       815     5,266 
 Segment liabilities                      (2,113)      (30)   (2,143) 
 Purchases of non-current assets              424         -       424 
                                   ==============  ========  ======== 
 
 
 
 2020                                   Provision     Other     Total 
                                     of financial 
                                      information 
                                          GBP'000   GBP'000   GBP'000 
 
 Revenue from external customers            7,034        35     7,069 
 Depreciation and amortisation              (426)      (41)     (467) 
 Other operating expenses                 (6,482)     (440)   (6,922) 
                                   --------------  --------  -------- 
 
 Segment operating (loss)/profit              126     (446)     (320) 
 
 Interest income                                -         -         - 
 Interest expense                              29         -        29 
                                   ==============  ========  ======== 
 
 Segment assets                             3,671       613     4,284 
 Segment liabilities                      (2,755)      (29)   (2,784) 
 Purchases of non-current assets              581        95       676 
                                   ==============  ========  ======== 
 

Revenue recognition per IFRS 15

 
                        Point in   Over time     Total 
                            time 
                         GBP'000     GBP'000   GBP'000 
 
 Revenue during 2020       3,715       3,354     7,069 
 Revenue during 2021       5,266       3,793     9,059 
                       =========  ==========  ======== 
 
 

The Group's revenues, which wholly relate to the sale of services, from external customers and its non-current assets, are divided into the following geographical areas:

 
                  Revenue   Non-current   Revenue   Non-current 
                                 assets                  assets 
                     2021          2021      2020          2020 
 
 
 UK (domicile)      3,655         1,734     3,111         1,515 
 USA                5,240         1,047     3,746         1,280 
 Other                164             -       212             - 
 
                    9,059         2,781     7,069         2,795 
                 ========  ============  ========  ============ 
 
 

Revenues are allocated to the country in which the customer resides. During both 2021 and 2020 no single customer accounted for more than 10% of the Group's total revenues.

   3.             Profit per share 
 
                                                      12 months     12 months 
                                                          to            to 
                                                        30 June      30 June 
                                                            2021         2020 
                                                         GBP'000      GBP'000 
 
 Profit/(loss) for the year attributable to equity 
  shareholders                                             1,618        (225) 
 
 Total loss per share - basic and diluted 
 Basic                                                     6.28p     (0.88 p) 
 Diluted                                                   5.97p     (0.88 p) 
 
                                                          Shares       Shares 
 
 Weighted average number of shares in issue for 
  the year                                            25,773,739   25,703,845 
 Dilutive effect of options                            1,336,807            - 
                                                     -----------  ----------- 
 
 Weighted average shares for diluted earnings 
  per share                                           27,110,546   25,703,845 
                                                     ===========  =========== 
 
 

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.             Interest bearing borrowings 

Bank loans

As a result of the COVID-19 pandemic the Directors considered it prudent to take further steps to ensure that short term cashflow did not present a problem for the Group. Short term finance offered under the Business Bounce Back loan scheme and the US equivalent has provided an additional layer of protection whilst the economy rides out the effects of the pandemic. The US loan was drawn down on the basis that the loan would be over 2 years at 1% interest with a payment free period. However, this loan has now been 'forgiven' by the US Government and has become a grant, The UK loan is charged at 2.5% over 6 years with an interest and payment free period for the first 12 months.

Lease liabilities

The carrying value of the lease liabilities is included in the borrowing classification. There are no leases carried in the Company. For further details please see Note 21

GROUP

 
                        2021     2020 
                     GBP'000  GBP'000 
 Non-current 
 Bank loans               54      144 
 Lease liability          87       94 
                     -------  ------- 
 
                         141      238 
 
 Brought forward         238        - 
 Cash flows            (106)      230 
 Interest and fees         9        8 
                     -------  ------- 
 
 As at 30 June           141      238 
                     =======  ======= 
 
 Current 
 Bank loans               13       80 
 Lease liability         103      188 
                     -------  ------- 
 
                         116      268 
 
 Brought forward         268        - 
 Cash flows            (160)      255 
 Interest and fees         8       13 
                     -------  ------- 
 
 As at 30 June           116      268 
                     =======  ======= 
 
   5.             Events after the balance sheet date 

On 5 July 2021 the Directors proposed a dividend amounting to GBP391,730 which is at the rate of approximately 1.5 pence per share. There are no other events of significance to report occurring after the balance sheet date.

   6.             Publication of non-statutory accounts 

The financial information set out in this preliminary announcement does not constitute statutory accounts as defined in section 435 of the Companies Act 2006.

The consolidated balance sheet at 30 June 2021 and the consolidated income statement, consolidated statement of comprehensive income, consolidated statement of changes in equity, consolidated cash flow statement and associated notes for the year then ended have been extracted from the Company's 2021 statutory financial statements upon which the auditors' opinion is unqualified and does not include any statement under Section 498(2) or (3) of the Companies Act 2006.

The annual report and accounts will shortly be sent to shareholders and will be available on the Company's website, http://www.advfn.com .

ADVFN Capital Markets Event - Clem Chambers, CEO of ADVFN, will be providing a live company presentation for analysts and investors on Thursday, 11(th) November at 2pm . The event will be hosted by the London Stock Exchange on its Spark Live Platform and will encompass an update on current trading and strategy, provide details on the company's maiden dividend and present ADVFN's full year results. It will conclude with a Q&A session.

Register interest here:

https://www.lsegissuerservices.com/spark/ADVFN/events/af99e8e4-22a6-4367-a4ad-2766635588ea

Analysts wishing to participate in the call and receive a dial in code should email: ir@advfnplc.com .

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