Rapport semestriel
21 Mars 2024
Pour diffusion immédiate
API ADVFN
("ADVFN" or the "Group")
Unaudited Interim Results for the Six Months Ended 31 December 2023
ADVFN today announces its unaudited interim results for the six months ended 31 December 2023 (the "Period").
Déclaration du chef de l'exécutif
As we release our interim report, the Board reaffirms its commitment to implementing its long-term plans to improve financial results.
The first stages of this are in place. I wish to highlight our recent partnership with Prodesfin S.R.L, who own and operate the financial website Financiallounge.com in Italy and also the changes and redesign of our product offering some of which are evident on our www.advfn.com site. We're on track to conclude these enhancements by the end of Q2 2024.
We have continued to reduce costs and the cash burn rate and we've maintained a healthy cash balance of £4.7 million at the Period end , aligning with the financial objectives outlined in previous reports. This has led to reduced losses over the comparable period to last year of (£531k; 2023 £622k) despite a decrease in revenues. The decrease in revenues was primarily attributable to continued adverse market conditions and the discontinuance of company units which no longer supported our business goals.
We remain focused on continuing this improved trend in the upcoming H1 and H2 of 2024.
Amit Tauman
PDG
21 Mars 2024
Condensed interim consolidated income statement | ||||
|
| 6 mois à 31 décembre | 6 mois à 31 décembre | 12 mois à Juin 30 |
2023 | 2022 | 2023 | ||
£'000 | £'000 | £'000 | ||
non audité | non audité | vérifié | ||
Notes | ||||
| ||||
Revenu |
| 2,294 | 3,061 | 5,445 |
Coût des ventes |
| (109) | (196) | (316) |
| ||||
Bénéfice brut |
| 2,185 | 2,865 | 5,129 |
| ||||
Paiement basé sur des actions |
| (9) | - | 319 |
Amortissement des actifs incorporels |
| (84) | (91) | (191) |
Dépenses administratives |
| (2,703) | (3,390) | (6,026) |
Administrative expenses - non-recurring items |
| - | - | (1,178) |
| ||||
Dépenses administratives totales |
| (2,796) | (3,481) | (7,076) |
| ||||
Perte d'exploitation |
| (611) | (616) | (1,947) |
| ||||
Revenus financiers |
| 80 | 24 | |
Dépense de financement |
| (1) | (6) | (11) |
Autres revenus |
| - | - | 20 |
| ||||
Perte avant impôt |
| (532) | (622) | (1,914) |
Imposition |
| 1 | - | 58 |
| ||||
Perte des activités poursuivies |
| (531) | (622) | (1,856) |
Perte des activités abandonnées |
| - | - | (313) |
| ||||
Total loss for the period attributable to shareholders of the parent |
|
(531) |
(622) |
(2,169) |
|
|
| ||
Perte par action des activités poursuivies |
| RETRAITÉ |
| |
Basic |
| - | - | (5.16p) |
Dilué |
| - | - | (5.16p) |
|
|
| ||
Loss per share from total operations |
| |||
Basic | 3 | (1.16p) | (2.35p) | (6.03p) |
Dilué | (1.16p) | (2.35p) | (6.03p) |
Condensed interim consolidated statement of comprehensive income | ||||
|
| 6 mois à 31 décembre | 6 mois à 31 décembre | 12 mois à Juin 30 |
2023 | 2022 | 2023 | ||
£'000 | £'000 | £'000 | ||
non audité | non audité | vérifié | ||
| ||||
Perte pour la période |
| (531) | (622) | (2,169) |
|
| |||
L'autre résultat étendu: |
| |||
Éléments qui seront reclassés ultérieurement en résultat : |
| |||
Différences de change sur la conversion des opérations étrangères |
| 28 | 41 | 33 |
| ||||
Total des autres éléments du résultat global |
| 28 | 41 | 33 |
| ||||
Total comprehensive loss for the period attributable to shareholders of the parent |
|
(503) |
(581) |
(2,136) |
| ||||
|
Condensed interim consolidated balance sheet |
| |||
| 31 décembre | 31 décembre | Juin 30 | |
2023 | 2022 | 2023 | ||
£'000 | £'000 | £'000 | ||
non audité | non audité | vérifié | ||
Outils |
| |||
Actifs non courants |
| |||
Property, plant and equipment (including right of use assets) |
| 145 | 51 | 160 |
Goodwill et immobilisations incorporelles |
| 959 | 2,054 | 1,003 |
Autres créances |
| 22 | 26 | 25 |
| ||||
| 1,126 | 2,131 | 1,188 | |
| ||||
Actifs actuels |
| |||
Clients et autres débiteurs |
| 460 | 368 | 466 |
Trésorerie et équivalents de trésorerie |
| 4,798 | 647 | 5,557 |
| ||||
| 5,258 | 1,015 | 6,023 | |
| ||||
Total des actifs |
| 6,385 | 3,146 | 7,211 |
| ||||
Passifs et capitaux propres |
| |||
Équité |
| |||
Capital émis |
| 92 | 53 | 92 |
Partage de prime |
| 6,676 | 305 | 6,676 |
Réserve pour paiements fondés sur des actions |
| 32 | 341 | 22 |
Réserve de conversion de devises |
| 344 | 324 | 316 |
Gains conservés |
| (2,360) | (282) | (1,828) |
| ||||
| 4,783 | 741 | 5,278 | |
| ||||
Passifs non courants |
| |||
Borrowing - bank loans |
| 15 | 34 | 20 |
| ||||
| 15 | 34 | 20 | |
| ||||
Passif à court terme |
| |||
Fournisseurs et autres créditeurs |
| 1,576 | 2,314 | 1,903 |
Borrowing - bank loans |
| 10 | 13 | 10 |
Passif de location |
| - | 44 | - |
| ||||
| 1,586 | 2,371 | 1,913 | |
| ||||
Total du passif |
| 1,601 | 2,405 | 1,933 |
| ||||
Total capitaux propres et passifs |
| 6,384 | 3,146 | 7,211 |
|
Condensed interim état consolidé des variations des capitaux propres
| Partage le capital | Partage de prime | Réserve de paiement basée sur des actions | Réserve de conversion de devises | Gains conservés | Total des capitaux propres |
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 |
Au 1 juillet 2022 | 53 | 305 | 341 | 283 | 340 | 1,322 |
Perte de la période après impôt | - | - | - | - | (622) | (622) |
L'autre résultat étendu | ||||||
Différences de change sur la conversion des opérations étrangères |
- |
- |
- |
41 |
- |
41 |
Total global (perte) / résultat | - | - | - | 41 | (622) | (581) |
|
|
|
|
|
| |
Au 31 décembre 2022 | 53 | 305 | 341 | 324 | (282) | 741 |
Transactions with equity shareholders: | ||||||
Actions émises | 39 | 6,448 | - | - | - | 6,487 |
Cost associated with the issue of shares | - | (77) | - | - | - | (77) |
Émission d'options | - | - | 1 | - | - | 1 |
Lapsed options | - | - | (320) | - | - | (320) |
39 | 6,371 | (319) | - | - | 6,091 | |
Perte de la période après impôt | - | - | - | - | (1,546) | (1,546) |
L'autre résultat étendu | ||||||
Différences de change sur la conversion des opérations étrangères |
- |
- |
- |
(8) |
- |
(8) |
Total des autres éléments du résultat global | - | - | - | (8) | - | (8) |
Total de la perte globale | - | - | - | (8) | (1,546) | (1,554) |
Au 30 juin 2023 | 92 | 6,676 | 22 | 316 | (1,828) | 5,278 |
|
|
|
|
|
| |
Transactions with equity shareholders: |
|
|
|
|
|
|
Émission d'options | - | - | 10 | - | - | 10 |
92 | 6,676 | 32 | 316 | (1,828) | 5,288 | |
|
|
|
|
|
| |
Perte de la période après impôt | - | - | - | - | (531) | (531) |
L'autre résultat étendu | ||||||
Différences de change sur la conversion des opérations étrangères | - | - | - | 28 | - | 28 |
Total global (perte) / résultat | - | - | - | 28 | (531) | (503) |
|
|
|
|
|
| |
Au 31 décembre 2023 | 92 | 6,676 | 32 | 344 | 2,359 | 4,785 |
Condensed interim consolidated cash flow statement |
| |||
|
| 6 mois à 31 décembre | 6 mois à 31 décembre | 12 mois à Juin 30 |
2023 | 2022 | 2023 | ||
£'000 | £'000 | £'000 | ||
non audité | non audité | vérifié | ||
Cash flows from continuing operating activities |
| |||
Perte de la période des activités poursuivies |
| (531) | (622) | (1,855) |
Net finance (income)/expense in the income statement |
| (79) | 6 | (13) |
Amortissement des immobilisations corporelles |
| 16 | 53 | 75 |
Amortissement des actifs incorporels |
| 84 | 91 | 191 |
Write off goodwill |
| - | - | 978 |
Paiements basés sur des actions |
| 10 | (319) | |
Diminution / (Augmentation) des créances commerciales et autres créances |
| (16) | 92 | (20) |
Augmentation / (diminution) des dettes fournisseurs et autres dettes |
| (328) | 167 | (226) |
| ||||
Net cash used by continuing operations |
| (844) | (213) | (1,189) |
| ||||
Cashflow from discontinued operating activities |
| |||
Perte de l'exercice des activités abandonnées |
| - | - | (313) |
Amortissement des actifs incorporels |
| - | - | 23 |
Radier les actifs incorporels |
| - | - | 83 |
Diminution des créances commerciales et autres créances |
| - | - | 14 |
Diminution des dettes commerciales et autres dettes |
| - | - | (23) |
| ||||
Net cash used by discontinued operations |
| - | - | (216) |
| ||||
Impôt sur le revenu à recevoir |
| 25 | - | - |
| ||||
Trésorerie nette utilisée par les activités opérationnelles |
| (819) | (213) | (1,405) |
| ||||
Flux de trésorerie provenant des activités de financement |
| |||
Émission de capital social |
| - | - | 6,410 |
Paiements de dividendes |
| - | - | (589) |
Intérêts bancaires perçus |
| 80 | - | 24 |
Remboursement des prêts |
| (5) | (7) | (24) |
Remboursements de dettes de location |
| - | (44) | (91) |
Intérêts de location payés |
| - | (3) | (4) |
Autres intérêts payés |
| (1) | (3) | (1) |
| ||||
Net cash (used)/generated by financing activities |
| 74 | (57) | 6,314 |
| ||||
Flux de trésorerie liés aux activités d'investissement |
| |||
Paiements pour immobilisations corporelles |
| (2) | (6) | (136) |
Achat d'actifs incorporels |
| (40) | - | (175) |
| ||||
Trésorerie nette utilisée par les activités d'investissement |
| (42) | (6) | (311) |
| ||||
Net (diminution) / augmentation de la trésorerie et des équivalents de trésorerie |
| (787) | (276) | 4,598 |
Gain de change |
| 28 | 8 | 44 |
| ||||
Augmentation/(diminution) nette de la trésorerie et des équivalents de trésorerie |
| (759) | (268) | 4,642 |
Trésorerie et équivalents de trésorerie en début de période |
| 5,557 | 915 | 915 |
| ||||
Trésorerie et équivalents de trésorerie à la fin de la période |
| 4,798 | 647 | 5,557 |
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 (strike off applied for), InvestorsHub.com Inc and N A Data Inc,
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 02374988.
2. Basis of preparation of the half-year report
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 2023, 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 2023. These financial statements were approved for issue on 19th March 2024.
The financial statements are presented in Sterling (£) 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 principal 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 2023. The critical estimates and judgements remain the same as those applied to the consolidated financial statements for the Group for the year ended 30 June 2023.
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 2023 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. Loss per share
| 6 mois à | 6 mois à | 12 mois à |
31 Dec 2023 | 31 Dec 2022 | 30 Juin 2023 | |
£'000 | £'000 | £'000 | |
Loss for the year attributable to equity shareholders from continuing operations |
(531) |
(622) |
(1,856) |
Loss for the year attributable to equity shareholders from total operations |
(531) |
(622) |
(2,169) |
Partages | Partages | ||
Nombre moyen pondéré d'actions | |||
Number of shares in issue prior to rights issue (prior year: weighted average) | 46,004,758 | 26,315,318 | 26,315,318 |
Correction for deemed rights issue | - | 169,179 | 169,179 |
Deemed number of shares before rights issue | 46,004,758 | 26,484,497 | 26,484,497 |
Actions moyennes pondérées | |||
26,484,497 x 188/365 (prior to rights issue) | - | - | 13,641,330 |
46,004,758 x 177/365 (post rights issue) | - | - | 22,309,157 |
Total weighted average number of shares | 46,004,758 | 26,484,497 | 35,950,487 |
Loss per share for the year attributable to equity shareholders from continuing operations: | |||
Basique et dilué | - | - | (5.16p) |
Total loss per share for the year attributable to equity shareholders: | |||
Basique et dilué | (1.16p) | (2.35p) | (6.03p) |
Basic and diluted loss per share as previously stated | - | (2.36p) | - |
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.
During the year to 30 June 2023, the company made a rights issue. The prior year earnings to 31 December 2022 have been restated to allow for the effects of this rights issue.
4. Dividendes
The directors are not recommending payment of an interim dividend in the current financial year.
5. Events after the balance sheet date
An application for strike off has been submitted for All IPO Plc, in line with the strategic plans for the business.
In February 2024 a partnership agreement was signed with Prodesfin S.r.l in relation to the creation and maintenance of an ADVFN Italian website.
The company is in the process of issuing proceedings against a former director in order to seek damages for various breaches of fiduciary duty. The Company is also in the process of issuing proceedings against Online Blockchain PLC for monies transferred to that company.
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