ADVFN PLC Trading and Corporate Update (6937N)
June 06 2022 - 1:02AM
UK Regulatory
TIDMAFN
RNS Number : 6937N
ADVFN PLC
06 June 2022
6 June 2022
For immediate release
ADVFN PLC
(" ADVFN " or the "Company")
Trading and corporate update
The Board of ADVFN (the "Board") today provides a trading update
for the second half of the financial year ending 30 June 2022 (the
"Half Year Period").
At set out in the interim results announcement published by the
Company in February, ADVFN's sales in the six months ended 31
December 2021 were in line with the comparable period in the prior
year. Subsequently, sales to date in the Half Year Period have been
disappointing and, while the run rate is broadly flat, sales are
below the first half performance and significantly less than the
comparable period for the six months ended 30 June 2021. In
particular, advertising sales have been disappointing reflecting
among other things a softer market for financial media.
At an operational level, there has to date been a small loss in
the Half Year Period, although the Company has generated an
operating profit overall for the financial year to date (i.e. the
10 months ended 30 April 2022).
There have been a high level of additional non-recurring
non-operating expenses principally incurred in the Half Year Period
as a result of the level of corporate activity including the
strategic review, formal sales process and the requisitioned
general meeting and associated expenses, which has been costly, and
the settlement payment to a former director as announced earlier in
the Half Year Period. When these exceptional non-operating costs
are taken into account, the net loss before tax will be
significant. As at 30 May 2022, cash balances amounted to
GBP902,071.
Against the background of current trading and the Board's
expectation of future financial performance over the remainder of
the Half Year Period, the Board has decided that it will not be
recommending any final dividend for the current financial year
ending 30 June 2022 and, in addition, has decided to suspend the
payment of any future dividends for the time being.
Board and management arrangements are to be concluded and
continue to impact on the operational performance of the Company,
and in particular sales. Future sales are anticipated to be
significantly lower than the current run rate.
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 for the release of this announcement
on behalf of the Company was Michael Hodges, Director.
Enquiries:
For further information please contact:
ADVFN PLC
Jonathan Mullins +44 (0) 203 8794 460
Beaumont Cornish Limited (Nominated
Adviser)
www.beaumontcornish.com
Roland Cornish/Michael Cornish +44 (0) 207 628 3396
Beaumont Cornish Limited, which is authorised and regulated in
the United Kingdom by the Financial Conduct Authority, is acting as
nominated adviser to the Company in relation to the matters
referred to in this announcement and its responsibilities as the
Company's nominated adviser under the AIM Rules for Nominated
Advisers are owed solely to London Stock Exchange plc and are not
owed to the Company or to any Director or to any other person.
Furthermore, Beaumont Cornish Limited is acting exclusively for the
Company and for no one else in relation to the matters described in
this announcement and is not advising any other person and
accordingly will not be responsible to anyone other than the
Company for providing the protections afforded to clients of
Beaumont Cornish Limited, or for providing advice in relation to
the contents of this document or any matter referred to in it.
A copy of this announcement and the Notice will be available on
the Group's website:
www.advfnplc.com
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END
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