By Xavier Fontdegloria

 

ADVFN PLC on Wednesday reported a swing to a pretax profit for fiscal 2021 on higher revenue as the business was boosted by Covid-19 related lockdowns, a boom in cryptocurrency markets and the rise of a new generation of investors.

The London-listed provider of financial information posted a pretax profit of 1.6 million pounds ($2.2 million) for the year ended June 30, compared with a pretax loss of GBP349,000 a year earlier.

The company said revenue increased 28% to GBP9.1 million from GBP7.1 million a year ago.

ADVFN said that measures to cope with the Covid-19 pandemic over the period raised interest in trading and investing, increasing the company's subscriptions and advertising revenue. A growing interest in the cryptocurrency market and activity coming from a new generation of traders also provided tailwind to the business, it said.

The company declared a dividend of 1.5 pence a share for fiscal 2021.

 

Write to Xavier Fontdegloria at xavier.fontdegloria@wsj.com

 

(END) Dow Jones Newswires

November 10, 2021 03:25 ET (08:25 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
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