ADVFN PLC
16 January 2008
ADVFN PLC
Result of AGM and CEO's Statement
The Company announces that at its Annual General Meeting, held today 16th
January 2008, that all resolutions were duly passed. In addition, the CEO of
ADVFN, Clem Chambers, made the following statement:
'2007 was another good year of growth for ADVFN with turnover rising 35% to £6
million in the year to June. Growth has progressed since then and continues in
line with expectations.
ADVFN's international traffic has grown to represent the majority of usage. We
plan to monetise this in the same way as we have built our income from UK usage.
As the UK still accounts for the bulk of our income our international business
represents significant growth potential.
Traffic continues to grow at a fast pace and this, we believe, will add further
to our income potential. InvestorsHub and Silicon Investor have made solid
progress and in 2008 and 2009 have the potential to enable ADVFN to become a
major US destination for equity, foreign exchange and commodity investors.
ADVFN's Japan site has been reorganised so that all rights to the site have
reverted to ADVFN PLC. The dissolution of the Joint Venture means that the share
of associated losses carried by ADVFN in the past in its accounts is at an end
and ADVFN will not be incurring any additional overheads in taking the project
forwards.
It is a common concern of some shareholders that the current 'credit crunch'
might affect our business. We are pleased to note that there has been no
negative impact from current equity market volatility. In fact, it is possible
to suggest that the present turmoil is helping our business. However, the
buoyancy that ADVFN is experiencing is mainly due to the maturing of its
platform and the rising profile of the brand around the globe.
Over the years we have been consistent in our strategy for growing the business
and this has brought the company to a point where it is achieving critical mass.
Our important business metrics such as advertising income, subscription numbers
and page impressions are at all time highs, which lead us to be very positive
about prospects going forwards.'
Contacts:
Clem Chambers / Francesca De Franco (ADVFN) 020 7070 0932
Fiona Kindness, Grant Thornton (Nominated Adviser) 020 7728 3414
This information is provided by RNS
The company news service from the London Stock Exchange
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