ADVFN PLC
10 January 2007
ADVFN plc (the 'Company')
Result of AGM
The Company announces that at its Annual General Meeting, held today 10th
January 2007, all resolutions were duly passed. In addition, the Managing
Director of ADVFN, Clem Chambers, made the following statement:
'2006 was a strong year for ADVFN having seen a turnover rise of 35% to the year
end of June. Turnover growth has since continued in the period up to the end of
December.
The acquisition of InvestorsHub.com and Silicon Investor marks an important step
for ADVFN. It significantly expands our traffic and reach and brings with it a
strong platform of growth. The integration of these sites into our business
model has been proceeding well and the early fruits of this process will make a
positive impact in the year to June 2007. The prospects for significant growth
from these sites will be even greater in 2008.
Our overseas sites have been growing well with solid performances in Brazil,
Italy and Japan. This has resulted in non-UK subscriptions accounting for over
25% of ADVFN's total premium user sign ups. This proportion is steadily rising.
Equity Development, acquired at the beginning of 2006, is performing above
expectations and is profitable and cash generative.
CupidBay and Fotothing continue to generate strong traffic, and while non core
represent valuable properties which we believe will in due course provide an
excellent return.
ADVFN has been through a long period of investment in order to build a global
offering and while the company will continue investing, its platform has reached
a level of maturity where sales growth will increasingly improve bottom line
performance.
In the past the ADVFN business has grown alongside the growth of the site, which
has meant sales lagging development. With the growth of localised foreign
language sites and with the large traffic of our US acquisitions, the focus will
be less reliant on further investment thereby delivering a strengthening
financial performance.
With advertising sales levels and subscriber numbers at all time highs the
company is looking forward to strong growth in 2007 and feels confident that it
can continue to deliver this into 2008.'
For further information please contact:
Clem Chambers, CEO, ADVFN plc, 020 7070 0948
Fiona Kindness, Grant Thornton UK LLP (Nominated Adviser), 020 7383 5100
Rory Scott, Mirabaud Securities Limited (Broker), 020 7878 3360
This information is provided by RNS
The company news service from the London Stock Exchange
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