Corporate update

RNS Number : 9793X

ADVFN PLC

10 May 2021

 

For immediate release

10 May 2021

ADVFN PLC

 ("ADVFN" or the "Company")

Corporate update

In light of recent developments, the Board of ADVFN considers it necessary to update the market on continuing progress since the announcement in February of the Company's interim results for the six months ended 31 December 2020 ("Interims"). As set out in the Interims, we expected growth at a similar pace in the second half, and we were very optimistic about our near and medium-term prospects. We are pleased to report that overall trading conditions have continued to remain positive as indicated in the Interims, and we are expecting a profit before tax for the year ending June 2021 to be in excess of £1m (2020: loss before tax of £349k).

The last 12 months has seen a transformation in the financial performance of the business with steady growth in subscriptions and advertising income throughout the period. In addition, we continue to benefit from the significant cost reduction programme initiated in the latter part of 2019 and early 2020, comprising a reduction in staff numbers, a move in the UK to homeworking and the non-renewal of the lease for office in Throgmorton Street. As a result, the Company has achieved an operating profit every month since February 2020 and a net profit before tax in 9 of the previous 12 months.

Outlook

ADVFN's business currently has momentum, reflecting a good proportion of our income which is subscription based while advertisers are in the main long-term customers. As such, we expect this momentum to be reflected in improving results and continuing growth.

More information on ADVFN can be found at: www.ADVFN.com

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 the release of this announcement on behalf of the Company was Michael Hodges.

For further information please contact: 

ADVFN PLC Clem Chambers, CEO	[phone]
Beaumont Cornish Limited (Nominated Adviser) www.beaumontcornish.com
Roland Cornish/Michael Cornish	[phone]

 

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