TIDMAFN
RNS Number : 4893P
ADVFN PLC
18 February 2021
18 February 2021
For immediate release
ADVFN PLC
("ADVFN" or the "Group")
Unaudited Interim Results for the Six Months Ended 31 December
2020
ADVFN today announces its unaudited interim results for the six
months ended 31 December 2020 (the "Period").
Chief Executive's Statement
These are very uncertain times, but as I have often alluded to,
times of uncertainty are good for ADVFN. People become more engaged
with their investments when the future looks difficult and the
rolling confinements and the new work-from-home environments
("WFH") have provided impetus to our audience's desire to trade and
invest. Market volatility has also helped. Counter-intuitively it
is not necessarily a bullish period that has helped drive ADVFN
revenue, because it turns out that solid profits for investors only
fuels complacency and complacency is not good for our sales.
Advertising and subscriptions have been growing and so revenue,
which sees us producing a solid bottom-line profit. At the end of
2019 and the beginning of 2020, a sudden and unexpected drop in
advertising sales, coupled with a lack of subscription growth,
caused us to re-evaluate our processes and reorganise the business
from top to bottom. With great good fortune, we decided to become a
fully 'WFH' enterprise with a new, much reduced cost base and
re-engineered business processes around the turn of that year. This
dramatic change was almost complete when the pandemic started,
which by good fortune we were then pre-prepared for.
This intersection of events has meant we have made good progress
across 2020 with the end of the first half showing a profit of
GBP264,000. At this stage there seems no end in sight to the
disruption of the pandemic and even with an end of the pandemic
itself, be it hopefully soon, the global economic aftermath will,
we believe, be with us for years to come. We will therefore remain
an important destination for those wishing to actively navigate the
trying times ahead and we feel a period of investor complacency is
not a prospect for the foreseeable future. As such we believe that
we will continue to grow for the foreseeable future.
While we expect growth at a similar pace in the coming half, our
strategy is to be very conservative and we will expend our energies
growing our platform's capacity rather than looking to broaden our
audience. We are very optimistic about our near and medium-term
prospects, but it seems foolish to contemplate anything but a
conservative risk profile to at least the year end.
While we cannot take credit for fate suddenly providing us with
a strong hand, we can lay claim to having reshaped ADVFN during the
pandemic's disruption into a profitable business that looks set for
a strong performance in 2021.
Financial performance
Key financial performance for the period has been summarised as
follows:
Six Months ended Six Months ended
31 December 2020 31 December 2019
-------------------------------- -----------------
GBP'000 GBP'000
-------------------------------- -----------------
Revenue 4,233 3,748
-------------------------------- -----------------
Profit / (loss) for the period 264 (399)
-------------------------------- -----------------
Operating profit / (loss) 277 (397)
-------------------------------- -----------------
Loss per share - basic (see
note 3) 1.03 p (1.56 p)
-------------------------------- -----------------
Clem Chambers
CEO
18 February 2021
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) 20 3868
Clem Chambers 6702
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
2020 2019 2020
GBP'000 GBP'000 GBP'000
unaudited unaudited audited
Notes
Revenue 4,233 3,748 7,069
Cost of sales (244) (159) (324)
---------- ---------- ----------
Gross profit 3,989 3,589 6,745
Share based payment (44) - -
Amortisation of intangible assets (128) (156) (296)
Other administrative expenses (3,540) (3,830) (6,769)
Total administrative expense (3,712) (3,986) (7,065)
Operating profit/ (loss) 277 (397) (320)
Finance expense (13) (5) (29)
Loan interest expense - Government (2) - -
underwritten loans
Government grant - loan interest 2 - -
Profit/(loss) before tax 264 (402) (349)
Taxation - 3 124
---------- ---------- ----------
Profit/(loss) for the period attributable
to shareholders of the parent 264 (399) (225)
========== ========== ==========
Earnings per share
Basic 3 1.03 p (1.56 p) (0.88 p)
Diluted 0.99 p (1.56 p) (0.88 p)
Consolidated statement of comprehensive
income
6 months 6 months 12 months
to to to
31 Dec 31 Dec 30 June
2020 2019 2020
GBP'000 GBP'000 GBP'000
unaudited unaudited audited
Profit/(loss) for the period 264 (399) (225)
Other comprehensive income:
Items that will be reclassified
subsequently to profit or loss:
Exchange differences on translation
of foreign operations (49) 16 23
Total other comprehensive income (49) 16 23
---------- ---------- ----------
Total comprehensive income for
the year attributable to shareholders
of the parent 215 (383) (202)
========== ========== ==========
Consolidated balance sheet
31 Dec 31 Dec 30 June
2020 2019 2020
GBP'000 GBP'000 GBP'000
unaudited unaudited audited
Assets
Non-current assets
Property, plant and equipment 283 172 365
Goodwill 927 978 1,002
Intangible assets 1,460 1,467 1,428
Deferred tax asset - 1 -
Trade and other receivables - 108 -
2,670 2,726 2,795
Current assets
Trade and other receivables 647 491 574
Cash and cash equivalents 931 557 915
---------- ---------- --------
1,578 1,048 1,489
Total assets 4,248 3,774 4,284
========== ========== ========
Equity and liabilities
Equity
Issued capital 51 51 51
Share premium 167 167 167
Share based payments reserve 411 367 367
Foreign exchange reserve 256 298 305
Retained earnings 874 436 610
---------- ---------- --------
1,759 1,319 1,500
Non-current liabilities
Borrowing - bank loans 83 - 144
Borrowing - lease liabilities 101 - 94
---------- ---------- --------
184 - 238
Current liabilities
Trade and other payables 2,082 2,455 2,278
Borrowing - bank loans 88 - 80
Borrowing - lease liabilities 135 - 188
2,305 2,455 2,546
Total liabilities 2,489 2,455 2,784
---------- ---------- --------
Total equity and liabilities 4,248 3,774 4,284
========== ========== ========
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 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
Profit for the period after
tax - - - - 174 174
Other comprehensive income
Exchange differences on
translation of foreign operations - - - 7 - 7
--------- --------- --------- ---------- ---------- --------
Total comprehensive income - - - 7 174 181
At 30 June 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
========= ========= ========= ========== ========== ========
Consolidated cash flow statement
6 months 6 months 12 months
to to to
31 Dec 31 Dec 30 June
2020 2019 2020
GBP'000 GBP'000 GBP'000
unaudited unaudited audited
Cash flows from operating activities
Profit/(loss) for the year 264 (399) (225)
Taxation expense - - (124)
Net finance expense in the income statement 13 5 29
Depreciation of property, plant and
equipment 95 52 177
Amortisation 128 156 296
Loss on disposal of PPE - - 2
Share based payment 44 - -
(Increase)/decrease in trade and other
receivables (73) 202 227
Decrease in trade and other payables (254) (101) (278)
Net cash generated by continuing operations 217 (85) 104
Income tax recovered - - 124
---------- ---------- ----------
Net cash generated/(used) by operating
activities 217 (85) 228
Cash flows from financing activities
Repayment of lease principle (41) - -
Drawdown of loans - - 224
Interest paid (13) (5) (29)
---------- ---------- ----------
Net cash (used)/generated by financing
activities (54) (5) 195
Cash flows from investing activities
Payments for property, plant and equipment (13) (79) (117)
Purchase of intangibles (160) (176) (277)
Net cash used by investing activities (173) (255) (394)
Net (decrease)/increase in cash and
cash equivalents (10) (345) 29
Exchange differences 26 15 (1)
---------- ---------- ----------
Net increase/(decrease) in cash and
cash equivalents 16 (330) 28
Cash and cash equivalents at the start
of the period 915 887 887
---------- ---------- ----------
Cash and cash equivalents at the end
of the period 931 557 915
========== ========== ==========
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 28, Ongar Business 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 2020. 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 2020, 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 2020 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 2020.
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 2020 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. Earnings per share
6 months 6 months 12 months
to to to
31 Dec 2020 31 Dec 2019 30 June
2020
GBP'000 GBP'000 GBP'000
Loss for the year attributable to equity
shareholders 264 (399) (225)
Earnings per share (pence)
Basic 1.03 p (1.56 p) (0.88p)
Diluted 0.99 p (1.56 p) (0.88p)
============ ============ ===========
Shares Shares Shares
Weighted average number of shares in
issue for the period 25,703,845 25,657,927 25,703,845
Dilutive effect of options 1,092,868 - -
------------ ------------ -----------
Weighted average shares for diluted
earnings per share 26,796,713 25,657,927 25,703,845
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 of a
specific grant of options, the existence of those options is not
dilutive.
4. Events after the balance sheet date
There are no 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 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
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END
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