ADVFN PLC Corporate update (9793X)
May 10 2021 - 1:00AM
UK Regulatory
TIDMAFN
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 GBP1m (2020: loss before tax of GBP349k).
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 +44 (0) 20 3868
Clem Chambers, CEO 6702
Beaumont Cornish Limited (Nominated
Adviser)
www.beaumontcornish.com
+44 (0) 207 628
Roland Cornish/Michael Cornish 3396
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END
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