TIDMAFN
RNS Number : 9043R
ADVFN PLC
06 March 2023
6 March 2023
For immediate release
ADVFN PLC
("ADVFN" or the "Group")
Unaudited Interim Results for the Six Months Ended 31 December
2022
ADVFN today announces its unaudited interim results for the six
months ended 31 December 2022 (the "Period").
Chief Executive's Statement
On behalf of the board of Directors, I am delighted to report
that our recent fundraising has been a success. As announced in
January, we raised GBP4.52 million through the Open Offer and which
will provide us with the necessary resources to pursue our
strategic objectives and drive growth.
We are grateful to our investors for their confidence in our
ability to execute on our mission and deliver value to our
customers. With this infusion of capital, we can invest in our
business to drive growth and scale our operations to meet the
demand for our product offerings.
Looking ahead, we have a positive outlook for the future. Our
roadmap includes expanding our product portfolio, entering new
geographic markets, and strengthening our partnerships with our key
stakeholders. We are confident that these initiatives will drive
further growth and establish our position as a leader in our
industry.
Financial performance
The half-year financial report for the Period is in line with
the statements made in the Open Offer document and our trading
update. The changes in management, structure and employees
disrupted our normal workflow during the Period and made it a
challenge for the Company to meet its financial targets. However,
the Company remains optimistic and with the Open Offer completed
and the changes we are working on, we have confidence in our new
team. The Company acknowledges that changes take time and
appreciates the efforts being made by the team.
The key financial performance for the Period is summarised in
the table below:
Six Months ended 31 Six Months ended 31
December 2022 December 2021
GBP'000 GBP'000
-------------------- --------------------
Revenue 3,061 4,228
-------------------- --------------------
Profit / (loss) for
the period ) 616) 202
-------------------- --------------------
Operating profit /
(loss) (622) 229
-------------------- --------------------
Profit per share -
basic (see note 3) (2.36) p 0.77p
-------------------- --------------------
The Board is not recommending a dividend.
Outlook
As we move forward into 2023, I am excited to share with you our
plans to build new products and invest in our operations to drive
growth and deliver value to our users and shareholders.
With the proceeds from our recent fundraising efforts, we will
be able to accelerate our product development efforts and plan to
bring innovative new solutions to market. Our R&D team is
working tirelessly to identify emerging trends and technologies
that will enable us to stay ahead of the curve and deliver the next
generation of products and services.
We also plan to invest in our operations to improve our
efficiency and scalability. This will involve upgrading our
infrastructure, streamlining our processes, and investing in our
people to ensure that we have the talent and capabilities to
support our growth ambitions.
As we pursue these initiatives, we remain committed to
maintaining a disciplined approach to capital allocation and
managing our resources in a way that delivers the best returns for
our shareholders. We will closely monitor our progress and adjust
our strategy as necessary to ensure that we achieve good
results.
In summary, we are confident that our focus on product
innovation, operational excellence, and disciplined capital
allocation will enable us to achieve our growth objectives and
create long-term value for all our stakeholders.
We thank our shareholders for their continued support, and we
look forward to providing further updates on our progress in the
months ahead.
Amit Tauman
CEO
6 March 2023
For further information please contact:
ADVFN plc
Amit Tauman (CEO) +44 (0) 203 8794 460
Beaumont Cornish Limited
(Nominated Adviser)
Michael Cornish
Roland Cornish +44 (0) 207 628 3396
Peterhouse Capital Limited
(Broker)
Eran Zucker / Lucy Williams
/ Rose Greensmith +44 (0) 207 469 0930
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 Amit Tauman, Director.
A copy of this announcement will be available on the Group's
website:
www.advfnplc.com
Condensed interim consolidated income statement
6 months 6 months 12 months
to to to
31 Dec 31 Dec 30 June
2022 2021 2022
GBP'000 GBP'000 GBP'000
unaudited unaudited audited
Notes
Revenue 3,061 4,228 7,848
Cost of sales (196) (162) (374)
---------- ---------- ----------
Gross profit 2,865 4,066 7,474
Amortisation of intangible assets (91) (138) (256)
Administrative expenses (3,390) (3,699) (7,176)
Administrative expenses - non-recurring
items - (1,420)
Total administrative expense (3,481) (3,837) (8,852)
Operating (loss)/profit (616) 229 (1,378)
Finance expense (6) (27) (14)
(Loss)/profit before tax (622) 202 (1,392)
Taxation - 24
---------- ---------- ----------
(Loss)/profit for the period attributable
to shareholders of the parent (622) 202 (1,368)
========== ========== ==========
Earnings per share
Basic 3 (2.36p) 0.77p (5.22p)
Diluted (2.36p) 0.74p (5.22p)
Condensed interim consolidated statement of comprehensive
income
6 months 6 months 12 months
to to to
31 Dec 31 Dec 30 June
2022 2021 2022
GBP'000 GBP'000 GBP'000
unaudited unaudited audited
(Loss)/profit for the period (622) 202 (1,368)
Other comprehensive income:
Items that will be reclassified
subsequently to profit or loss:
Exchange differences on translation
of foreign operations 41 50 73
Total other comprehensive income 41 50 73
---------- ---------- ----------
Total comprehensive (loss)/income
for the year attributable to shareholders
of the parent (581) 252 (1,295)
========== ========== ==========
Condensed interim consolidated
balance sheet
31 Dec 31 Dec 30 June
2022 2021 2022
GBP'000 GBP'000 GBP'000
unaudited unaudited audited
Assets
Non-current assets
Property, plant and equipment (including
right of use assets) 51 180 98
Goodwill and intangible assets 2,054 2,513 2,112
Other receivables 26 25 26
2,131 2,718 2,236
Current assets
Trade and other receivables 368 725 460
Cash and cash equivalents 647 2,032 915
---------- ---------- --------
1,015 2,757 1,375
Total assets 3,146 5,475 3,611
========== ========== ========
Equity and liabilities
Equity
Issued capital 53 52 53
Share premium 305 223 305
Share based payments reserve 341 343 341
Foreign exchange translation reserve 324 260 283
Retained earnings (282) 2,497 340
---------- ---------- --------
741 3,375 1,322
Non-current liabilities
Borrowing - bank loans 34 47 41
Lease liabilities - 37 -
---------- ---------- --------
34 84 41
Current liabilities
Trade and other payables 2,314 1,902 2,148
Borrowing - bank loans 13 13 13
Lease liabilities 44 101 87
2,371 2,016 2,248
Total liabilities 2,405 2,100 2,289
---------- ---------- --------
Total equity and liabilities 3,146 5,475 3,611
========== ========== ========
Condensed interim consolidated statement of changes in
equity
Share Share Share Foreign Retained Total
capital premium based exchange earnings equity
payment translation
reserve reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 July 2021 52 223 343 210 2,295 3,123
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
Transactions with equity
shareholders:
Shares issued 1 82 - - - 83
Transfer on exercise - - (2) - 2 -
--------- --------- --------- ------------- ---------- ---------
1 82 (2) - 2 83
-
Distribution to owners
Dividends - - - - (589) (589)
Loss for the period after
tax - - - - (1,570) (1,570))
Other comprehensive income
Exchange differences on
translation of foreign operations - - - 23 - 23
--------- --------- --------- ------------- ---------- ---------
Total comprehensive (loss)/income - - - 23 (2,159) (2,136)
At 30 June 2022 53 305 341 283 340 1,322
Loss for the period after
tax - - - - (622) (622)
Other comprehensive income
Exchange differences on
translation of foreign operations - - - 41 - 41
--------- --------- --------- ------------- ---------- ---------
Total comprehensive (loss)/income - - - 41 (622) (581)
--------- --------- --------- ------------- ---------- ---------
At 31 December 2022 53 305 341 324 (282) 741
========= ========= ========= ============= ========== =========
Condensed interim consolidated cash
flow statement
6 months 6 months 12 months
to to to
31 Dec 31 Dec 30 June
2022 2021 2022
GBP'000 GBP'000 GBP'000
unaudited unaudited audited
Cash flows from operating activities
(Loss)/profit for the year (622) 202 (1,368)
Net finance expense in the income statement 6 27 14
Depreciation of property, plant and
equipment 53 110 181
Amortisation of intangible assets 91 138 256
Write off of intangible asset - - 296
Decrease / (Increase) in trade and other
receivables 92 (94) 170
Increase in trade and other payables 167 16 262
Net cash (used) / generated by operating
activities (213) 399 (189)
Cash flows from financing activities
Issue of share capital - - 83
Dividend payments - - (589)
Repayment of loans (7) (59) (13)
Repayments of lease liabilities (44) - (103)
Lease interest paid (3) (6) (10)
Other interest paid (3) (21) (4)
---------- ---------- ----------
Net cash (used)/generated by financing
activities (57) (86) (636)
Cash flows from investing activities
Payments for property, plant and equipment (6) (51) (39)
Purchase of intangibles - (160) (114)
Net cash used by investing activities (6) (211) (153)
Net (decrease)/increase in cash and
cash equivalents (276) 102 (978)
Gain / (loss) on foreign exchange 8 (9) (46)
---------- ---------- ----------
Net increase/(decrease) in cash and
cash equivalents (268) 93 (1,024)
Cash and cash equivalents at the start
of the period 915 1,939 1,939
---------- ---------- ----------
Cash and cash equivalents at the end
of the period 647 2,032 915
========== ========== ==========
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, N A 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
These condensed interim financial statements have been prepared
in accordance with IAS 34, "Interim Financial Reporting".
The financial information does not include all the information
required for full annual financial statements. The same accounting
policies and methods of computation have been followed in the
interim financial statements as compared with the full audited
financial statements and should be read in conjunction with the
consolidated financial statements of the Group for the year ended
30 June 2022, which were prepared under applicable law and in
accordance with UK-adopted international accounting standards.
The unaudited consolidated interim financial information is for
the six-month period ended 31 December 2022.
The financial statements are presented in Sterling (GBP) rounded
to the nearest thousand except where specified.
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 principle risks and uncertainties of the Company remain the
same as those reported in the consolidated financial statements of
the Group for the year ended 30 June 2022.
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 2022 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 2022 31 Dec 2021 30 June
2022
GBP'000 GBP'000 GBP'000
(Loss) / profit for the year attributable
to equity shareholders (622) 202 (1,368)
Shares Shares Shares
Weighted average number of shares in
issue for the period 26,315,319 26,115,318 26,184,360
Dilutive effect of options - 1,144,585 -
------------ ------------ -----------
Weighted average shares for diluted
earnings per share 26,316,319 27,259,903 26,184,360
(Loss) / earnings per share (pence)
Basic (2.36p) 0.77p (5.22p)
Diluted (2.36p) 0.74p (5.22p)
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
The directors are not recommending payment of a dividend in the
current financial year.
5. Events after the balance sheet date
On 6 January 2023, the company raised GBP4.523m by way of an
open offer of shares to qualifying shareholders. A total of
20,676,322 shares were offered to existing shareholders at a price
of 33 pence per share. 13,708,300 shares were taken up.
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
ENDS
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IR QXLFBXXLXBBX
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