Stockcube PLC
LSE : SKC

September 12, 2008 02:00 ET

Half-yearly report

                                                                                                    1

Stockcube plc
Interim Report 2008 for the six months ended 30 June 2008
                                                  
The Stockcube group produces research and technical analysis of the relative strengths and weaknesses
of price trends of stocks, stock and sector indices, currencies, bonds and financial data to assist
institutional and private investors with the timing of investment transactions.

Highlights for the six months ended 30 June, 2008
    
    *     Turnover of £1,372,000 (2007: £1,439,000)
    
    *     Operating profit of £111,000 (2007: £208,000)

    *     Profit before tax of £165,000 (2007: £339,000)

    *     Basic earnings per share of 1.0p (2007: 2.6p)

    *     Normalised basic earnings per share 1.4p (2007:2.6p)


"In the light of extremely difficult market conditions we are satisfied with our performance in the
first half of this year. While pre-tax profits may be down by half, much of this shortfall is, of
course, due to the reduction in our investment income following repayment of over half the group's
cash holdings in June 2007 with the remainder due to a modest slippage in income and increased
investment in analytical and technology staff.

"Revenues from our wider market subscription businesses have increased but a number of our
institutional customers have been reducing their market exposure, impacting on our income.  However,
the quality of our research means that we are fortunate to count many of the biggest  and most
successful institutional investors amongst our clients.

"We believe we are consolidating our position as a leading investment adviser in markets which often
favour a technical analysis approach rather than a fundamentally driven one."



Julian Burney
Chief Executive of Stockcube,
11 September, 2008

Enquiries:
Julian Burney                     Chief Executive Officer            +44 (0)207-352-4001
Shirley Yeoh                      Finance Director                   +44 (0)207-352-4001
William Vandyk                    Blue Oar Securities                +44 (0)207-448-4400
Our website is:                   www.stockcube.com     

             
Stockcube Plc
Chairman's Statement


Introduction

We are pleased to report that our reputation for providing clarity and valuable timing advice to our
customers during the recent turmoil in global markets has increased considerably in the last six
months.

Financial review

Revenue for the six months ended 30 June, 2008 was down 5% to £1,372,000 (2007: £1,439,000) and group
operating profit decreased by 47% from £208,000 to £111,000 in 2008.

Profit before tax amounted to £165,000 a decrease of 51% from £339,000 in 2007.

Due to the reversal of the deferred tax asset, basic earnings per share of 1.0p compared to 2.6p in
2007. Normalised earnings per share would be 1.4p (2007: 2.6p), a fall of 46%

Interest income fell 54% reflecting the return to shareholders of over half the group's cash
resources in June, 2007 as well as a general softening of rates.

We remain cash generative. We had cash balances of £2,590,000 at 30 June, 2008 compared with
£2,308,000 at the beginning of the year. Net assets per share amounted to 26.4p per share (2007:
25.0p) of which 'free' cash (net of the sum required to repay outstanding redeemable capital)
represented 25.1p per share (2007: 25.2p).

Review of operations

Our institutional investor consultancy showed a net 11% drop in income during the first six months of
the year, due in the main to the loss of one significant client in mid-2007. Although we experienced
a net loss of two customers between the two periods, the movement generated a modest increase in
income, countered by a general reduction in an increase from the remaining customer base

Demand for Fullermoney, our global investment strategy service has continued to increase. Numbers of
subscribers at 30 June, 2008 were 15% more than a year earlier with subscription income up by 22%.

Income from our US business, Chartcraft Inc, showed a 19% increase in both £ and US$ terms whereas
our non-US activities conducted through Investors Intelligence showed flat revenues between 2007 and
2008.

Ecube, our website developer, is continuing to generate more stable hosting and maintenance income
but the level of development income we enjoyed in the first half of 2007 has not been repeated with a
number of expected third party projects being deferred from the first half of 2008.




Trading outlook

We are unable to foresee when global market conditions will return to 'normal' - whatever that may
mean for the medium term. We are dependent on our institutional customers' appetite and opportunity
to trade and on our subscribers' continuing interest in stock and other markets.

Certainly we expect consolidation, or rather increasing polarisation, in the fund management sector
where smaller funds that lack of critical mass will close and the larger funds will grow. We are
sufficiently flexible to service equally well managers of stand-alone funds or within groups of
larger funds.

Our 'steady as she goes' approach and our concentration on providing our customers with the help they
need and the clearest analysis possible should keep us out of trouble.




Edward Forbes,
Chairman
London
11 September 2008





Stockcube Plc
Consolidated Income Statement
for the six months ended 30 June 2008
                                                                    Unaudited         Unaudited      Audited
                                                                Six Months to     Six Months to      Year to
                                                                     30 June           30 June       31 Dec
                                                                        2008              2007         2007
                                                                       £'000             £'000        £'000
                                                                                                               
Revenue                                                                1,372             1,439        2,849
Cost of sales                                                           (119)             (172)        (355)
                                                                     --------          --------     --------
Gross Profit                                                           1,253             1,267        2,494
                                                                                                               
Administrative expenses                                               (1,142)           (1,059)      (2,143)
                                                                     --------          --------     --------
Group operating profit                                                   111               208          351
                                                                                                               
Share of  operating profit of associate                                   -                 13            8
Investment revenues                                                       54               118          174
                                                                     --------          --------     --------
Profit before taxation                                                   165               339          533
Taxation                                                                 (91)              (85)         (73)
                                                                     --------          --------      -------                                  
Profit for the period                                                    74               254           460
                                                                     --------          --------      -------
Earnings per share                                                                                            
Basic                                                                  1.0p              2.6p           4.8p
Diluted                                                                1.0p              2.6p           4.8p


Stockcube Plc
Consolidated Balance Sheet
as at 30 June 2008

                                                                 Unaudited        Unaudited          Audited
                                                                     As at            As at            As at
                                                                   30 June          30 June           31 Dec
                                                                      2008             2007             2007
                                                                     £'000            £'000            £'000
Non Current Assets                                                                              
Intangible assets                                                       17               17               17
Property, plant and equipment                                          333              346              339
Investments in associate                                                 -              250                -
Deferred tax asset                                                       -               -                55
                                                                  --------         --------         --------
                                                                       350              613              411
                                                                  --------         --------         --------
Current assets                                                                                              
Trade and other receivables                                            856              628              791
Cash and cash equivalents                                            2,590            2,263            2,308
                                                                  --------         --------         --------
                                                                     3,446            2,891            3,099
                                                                  --------         --------         --------
Current Liabilities                                                                                         
Trade and other payables                                           (1,050)            (711)            (698)
Corporation Tax                                                       (41)            (223)             (54)
Financial Liabilities                                                (170)            (170)            (170)
                                                                  --------         --------         --------
                                                                   (1,261)          (1,104)            (922)
                                                                  --------         --------         --------
                                                                                                            
Net current assets                                                   2,185            1,787            2,177
                                                                  --------         --------         --------
Total assets less current liabilities                                2,535            2,400            2,588
                                                                  --------         --------         --------
Equity                                                                                                      
Share Capital                                                          961              961              961
Share premium account                                                1,322            1,350            1,327
Merger reserve                                                         568              568              568
Translation reserve                                                      5                2                7
Retained earnings                                                     (321)            (481)            (275)
                                                                  --------         --------         --------
Equity shareholders' funds                                           2,535            2,400            2,588
                                                                  --------         --------         --------
                                                                                                            

Approved by Order of the Board on 11 September 2008


Julian Burney
Director


Stockcube Plc
Consolidated Statement of Changes in Equity
for the six months ended 30 June 2008

Group                                                                                                                   
                                            Share       Share       Merger     Translation    Retained              
                                           Capital     Premium      Reserve      Reserve      earnings      Total
                                                           
                                               £'000       £'000        £'000         £'000      £'000       £'000
                                                                                                                       
At 1 January 2007                                961       3,774          568             5       (639)      4,669
Exchange differences on retranslation of                                                                               
net assets of subsidiary undertaking               -           -            -             2           -          2
                                             -------     -------      -------       -------     -------    -------
Net income / (expense) recognised                                                                                       
directly in equity                                 -           -            -             2           -          2
Profit for the year                                -           -            -             -         460        460
                                             -------     -------      -------       -------     -------    -------
Total recognised income and expense for 2007       -           -            -             2         460        462 
                                        
Capital reorganisation - cash repaid to                                                                                
shareholders                                       -     (2,403)            -             -          -      (2,403)
Capital reorganisation -legal expenses                                                                                  
                                                   -        (44)            -             -          -         (44)
Dividends paid                                     -           -            -             -        (96)        (96)
                                             -------     -------      -------       -------     -------     -------
At 31 December 2007 (audited)                    961       1,327          568             7       (275)      2,588
Exchange differences on retranslation of                                                                               
net assets of subsidiary undertaking               -           -            -            (2)         -          (2)    
                                             --------     -------      -------       -------     -------    -------
Net income / (expense) recognised                                                                                      
directly in equity                                 -           -            -            (2)          -         (2)
Profit for the period                              -           -            -             -          74         74
                                             -------     -------      -------       -------     -------     -------
Total recognised income and expense for                                                                                
2008                                               -           -            -            (2)        74          72
Capital reorganisation -legal expenses             -         (5)            -             -          -          (5)
Dividends paid                                     -           -            -             -       (120)       (120)
                                             -------     -------      -------       -------     -------     --------
At 30 June 2008 (unaudited)                      961       1,322          568             5       (321)      2,535
                                             -------     -------      -------       -------     -------     --------






Stockcube Plc
Consolidated Cash Flow Statement
for the six months ended 30 June 2008

Group
                                                                Unaudited        Unaudited          Audited
                                                            Six months to    Six months to          Year to
                                                                  30 June          30 June      31 December
                                                                     2008             2007             2007
                                                                    £'000            £'000            £'000

Net cash from operating activities                                    357              329              342
                                                                 --------         --------         --------
Net cash flows from investing activities                                                                   
Interest and other income received                                     54              118              174
Purchases of property, plant and equipment                             (4)             (19)             (20)
                                                                  --------         --------         --------
Net cash generated from investing activities                           50               99              154
                                                                  --------         --------         --------
Cash flows from financing activities                                                                       
Capital reorganisation -Cash repaid to shareholders and                                            
associated expenses                                                   (5)          (2,254)          (2,277)
Equity dividends paid                                               (120)             (96)             (96)
                                                                 --------         --------         --------
Net cash used in financing activities                               (125)          (2,350)          (2,373)
                                                                 --------         --------         --------
                                                                                                           
Net increase/ (decrease) in cash and cash equivalents                 282          (1,922)          (1,877)
                                                                                                           
Cash and cash equivalents at beginning of period                    2,308            4,185            4,185
                                                                 --------         --------         --------
Cash and cash equivalents at end of period                          2,590            2,263            2,308
                                                                 --------         --------         --------


Stockcube Plc
Notes to the Interim Report
for the six months ended 30 June 2008


1. Statement of Compliance

The  consolidated financial information has been prepared using accounting policies  consistent  with
International  Financial  Reporting Standards ("IFRS") as adopted by the European  Union  applied  in
accordance  with  the  provisions of the Companies Act 1985 and in accordance with  IAS  34,  Interim
Financial Reporting.

The results for the year ended 31 December 2007 have been audited whilst the results for the six months
ended  30  June  2007 and 30 June 2008 are un-audited.  The financial information contained  in  this
interim report does not constitute statutory accounts as defined in section 240 of the Companies  Act
1985.  The  statutory  accounts  for the previous year, which were  prepared  under  IFRS  have  been
delivered to the Registrar of Companies. The auditors' opinion on those accounts was unqualified  and
did not contain a statement made under s237 (2) or s237 (3) of the Companies Act 1985

2. Accounting Policies
Basis of preparation of interim financial statements
The interim financial information has been prepared using accounting policies consistent with IFRS, as set
out in the last annual report to 31 December 2007.
They have all been applied consistently throughout the period covered by these financial statements.

Principle risks and uncertainties for the remaining six months of the financial year
The group does not have any gearing which would impact the results over the remaining six months of the
year.
Further, the group has surplus cash available and should be in a strong position to take advantage of
situations arising out of the current economic environment.

3. Revenue
Revenue, which is stated net of value added tax, represents the sales value of work done in the year.
Revenue is attributable mainly to the continuing activity of the provision of research and analysis of price
trends in stocks, commodities, currencies and interest rates.

An analysis of the Group's revenue is as follows:
                                                                  Unaudited            Unaudited        Audited
                                                              Six months to        Six months to        Year to
                                                                    30 June              30 June    31 December
                                                                       2008                 2007           2007
                                                                      £'000                £'000          £'000

Rendering of services                                                 1,372                1,439          2,849
Investment income                                                        54                  118            174
                                                                   --------             --------       --------
                                                                      1,426                1,557          3,023
                                                                   --------             --------       --------




4.     Business and geographical segments

Segmental information is presented in the consolidated financial statements in respect of the Group's
geographical segments, which are the primary basis of segment reporting. The Group's operations are
in two geographical segments, the United Kingdom and United States. The Group's operations are predominantly 
in one business segment.

                                Unaudited     Unaudited      Unaudited     Unaudited    Unaudited     Unaudited
                                  30 June       30 June        30 June       30 June      30 June       30 June
                                     2008          2008           2008          2007         2007          2007
                                       UK           USA          Total            UK          USA         Total
                                    £'000         £'000          £'000         £'000        £'000         £'000

External Revenue                    1,227           145          1,372         1,321          118         1,439
                                                                                                               
Intersegment sales                   113              -            113            98            -            98
Eliminations                        (113)             -           (113)          (98)           -           (98)
                                  -------       -------        -------       -------      -------       -------
Total Revenue                       1,227           145          1,372         1,321          118         1,439
Segment Results                       143            57            200           248           43           291
Unallocated Expenses                                              (89)                                     (83)
                                  -------       -------        -------       -------      -------       -------
Group Operating Profit                                             111                                      208
Net Financing Income                   54             -             54           118            -           118
Share of associate's profit             -             -              -            13            -            13
                                  -------       -------        -------       -------      -------       -------
                                                                   165                                      339
Income tax expense                                                 (91)                                     (85)
                                                               -------                                  -------
Profit for the period                                               74                                      254
                                                               -------                                  -------

                                   Audited     Audited       Audited
                                    31Dec        31Dec         31Dec
                                     2007         2007          2007
                                       UK          USA         Total
                                    £'000        £'000         £'000

External Revenue                    2,609          240         2,849
                                                              
Intersegment sales                    166            -           166
Eliminations                         (166)           -          (166)  
                                  -------      -------       -------           
Total Revenue                       2,609          240         2,849
                                  -------      -------       -------
Segment Results                       490           86           576
Unallocated Expenses                                            (225)
                                  -------      -------       -------
Group Operating Profit                                           351
Net Financing Income                  174            -           174
Share of associate's profits            8            -             8
                                  -------      -------       -------
                                                                 533
Income tax expense                                               (73)
                                                             -------
Profit for the period                                            460
                                                             -------
                                                                    
There is no material seasonality associated with the group's activities.




Segment assets and liabilities

                      Unaudited    Unaudited    Unaudited     Unaudited    Unaudited   Unaudited  
                        30 June      30 June      30 June       30 June      30 June    30 June
                           2008         2008         2008          2007         2007       2007
                             UK          USA        Total            UK          USA      Total
                          £'000        £'000        £'000         £'000        £'000      £'000   
 
Segment Assets            3,763           33        3,796         3,488           16      3,504    
Unallocated assets            -            -            -           -             -           -      
                          -------      -------     -------       -------      -------   -------   
Total assets              3,763           33        3,796         3,488           16      3,504    
                         --------      -------     -------       -------      -------   -------
                                                                                              
Segment Liabilities        (952)        (114)      (1,066)         (691)         (91)      (782)   
Unallocated liabilities    (190)          (5)        (195)         (322)           -       (322)
                          -------       -------    --------      --------    -------     -------
                                                                                                                 
Total liabilities        (1,142)        (119)      (1,261)       (1,013)         (91)     (1,104)    
                         -------      -------       ------       -------      -------    -------   
Net assets/(liabilities)  2,621          (86)       2,535         2,475          (75)      2,400    
                         -------      -------       ------       -------      -------    -------   


                         Audited      Audited     Audited
                         31 Dec       31 Dec       31 Dec  
                           2007         2007         2007
                             UK          USA        Total
                          £'000        £'000        £'000
  
Segment Assets            3,433           22        3,455
Unallocated assets           55            -           55
                         ------        -------      ------
Total assets              3,488           22        3,510
                         ------        -------      ------

Segment liabilities        (603)         (95)        (698)
Unallocated liabilities    (224)           -         (224)
                         -------       -------     -------
Total liabilities          (827)         (95)        (922)  
                         -------       -------     -------

Net assets/(liabilities)   2,661         (73)       2,588
                         -------       -------     -------




5. Earnings per share
                                                                  Unaudited     Unaudited     Audited
                                                                     30 Jun        30 Jun       31Dec
                                                                       2008          2007        2007
Earnings                                                              £'000         £'000       £'000
Earnings for the purposes of basic and diluted earnings per                                          
share being net profit attributable to equity shareholders               74           254         460
                                                                   --------      --------    --------
Number of shares                                                       '000          '000        '000
Weighted average number of ordinary shares for the purposes of                                       
basic earnings per  share                                             9,611         9,611       9,611
Number of dilutive shares under option                                    -            -           -
                                                                   ---------      -------    --------
Weighted average number of ordinary shares for the purposes of                                       
basic earnings per  share                                             9,611         9,611       9,611
                                                                   --------      --------    --------

Profit per ordinary share (pence):

Basic                                                                   1.0p         2.6p        4.8p
Normalised basic                                                        1.4p         2.6p        4.8p
Diluted                                                                 1.0p         2.6p        4.8p

Diluted earnings per share is calculated by adjusting the weighted average number of ordinary  shares
outstanding to assume conversion of all dilutive potential ordinary shares.  A calculation is done to
determine the number of shares that could have been acquired at fair value (determined as the average
annual  market  share price of the company's shares) based on the monetary value of the  subscription
rights  attached to outstanding share options. The number of shares calculated as above  is  compared
with  the  number of shares that would have been issued assuming the exercise of the  share  options.
Based on these calculations there were no dilutive potential ordinary shares in 2008 (2007: nil).

6.        Dividends and other appropriations
                                                              Unaudited         Unaudited        Audited
                                                          Six Months to     Six Months to        Year to
                                                                30 June           30 June         31 Dec
                                                                   2008              2007           2007
                                                                  £'000             £'000           £000

Equity dividends on ordinary shares -Paid                           120                96             96
                                                               --------          --------       --------

7.        Capital reorganisation

On 20 June 2007, the Company was granted court approval to repay part of its capital by way of capitalisation of
part of the share premium account. For each one Ordinary share, five 'B' shares of 5p each were
credited as fully paid at par.  Each 'B' share was then cancelled and repaid to shareholders on 27
June 2007, unless subject to an election to defer cancellation until 2008. The nominal value of 'B'
shares subject to this election is £170,071. This is shown as a financial liability in the Balance
sheet as at 30 June 2008 and was repaid on 3 July 2008.

8.        Cash generated from operations
Group                                                    Unaudited         Unaudited          Audited
                                                     Six Months to     Six Months to          Year to
                                                           30 June           30 June           31 Dec
                                                              2008              2007             2007
                                                             £'000             £'000            £'000

Operating profit                                               111               208              351
Depreciation                                                     9                 8               18
Loss on disposal of associate                                    -                 -               20
(Increase)/decrease in trade receivables                       (65)               90              (17)
Increase in trade payables                                     352                11              176
                                                          --------          --------         --------
Cash generated from operations                                407                317              548
Tax (paid)/refunded                                           (50)                12             (206)
                                                          --------          --------         --------
Net cash from operating activities                            357                329              342
                                                          --------          --------         --------
                                                                                                     

          9.Reconciliation of net cash flow

Group                                                    Unaudited         Unaudited          Audited
                                                     Six Months to     Six Months to          Year to
                                                           30 June           30 June           31 Dec
                                                              2008              2007             2007
                                                             £'000             £'000            £'000
Cash at bank and in hand                                                                             
At start of period                                           2,308             4,185            4,185
Net increase/(decrease) in cash flow                           282            (1,922)          (1,877)
                                                          --------          --------         --------
At end of period                                             2,590             2,263            2,308
                                                          --------          --------         --------


10.          Share-based payments

During the period, the Enterprise Management Incentive ("EMI") scheme was launched, which will eventually 
replace the current Approved Scheme. Options under the EMI scheme were issued at the mid-market price 
of 36.5p on 16 June 2008. These options have a life of 10 years from the date of grant.

At 30 June 2008, the following options were outstanding:

                                            Founders    Executive      Approved      EMI       Total
                                                             No.2        Scheme

1 January 2008     Brought forward            559,500     544,705       239,341         -      1,343,546

2 June 2008        Renunciations             (516,500)   (474,705)     (143,694)        -     (1,134,899) 
                                                                                                         
16 June 2008       New options                     -            -             -   1,464,500    1,464,500
                                            --------     --------      --------    --------    ----------
30 June 2008       Outstanding                43,000       70,000        95,647   1,464,500    1,673,147
                                            --------     --------      --------    --------    ----------

The model used in the calculation of share-based payments was the Binomial model and the charge for
the period was not material.

11.          Publication of non-statutory accounts

The financial information for the six months ended 30 June 2008 has not been reviewed in accordance
with the guidance contained ISRE 2140 "Review of interim financial information."





Statement of directors' responsibilities

The directors' confirm that this condensed consolidated interim financial information has been prepared in
accordance with IAS 34 as adopted by the European Union and that the interim management report
includes a fair review of the information required, namely:

*     An indication of important events that have occurred during the first six months and their
impact on the condensed set of financial statements, and a description of the principal risks and
uncertainties for the remaining six months of the financial year; and
*     Material related party transactions in the first six months and any material changes in the
related party transactions described in the last annual report.

The directors of Stockcube plc are listed in the Stockcube plc Annual Report for 31 December 2007 and a list of
current directors is maintained on the Stockcube plc website: www.stockcube.com.

By order of the board



--------------------------------------           -------------------------------------------
Edward Forbes                                    Julian Burney
Chairman                                         Chief Executive



















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