ADVFN PLC Trading and corporate update (5202B)
June 02 2023 - 7:14AM
UK Regulatory
TIDMAFN
RNS Number : 5202B
ADVFN PLC
02 June 2023
2 June 2023
For immediate release
ADVFN PLC
(" ADVFN " or the "Company")
Trading and corporate update
The Board of ADVFN is pleased to provide an update on current
initiatives and trading during the current period. The Company has
made significant progress in addressing legacy constraints and
complexities which required substantial investment in technology
and infrastructure, and a change in leadership, and organizational
structure. We have achieved a clean break from these legacy issues,
and over the next 12 months we plan for ADVFN to undergo
transformative changes to enhance its users' experience, improve
our product offerings, and enable us to achieve our most important
KPI's - growth in revenues - and ultimately profitability.
We are currently pursuing a diverse range of initiatives and are
pleased to announce that we have recently expanded our offering
into the Korean market and we have established our first presence
there. This move holds significant potential value for our targeted
user base and opens up new opportunities for ADVFN. In addition, we
have successfully concluded a deal with our joint venture partners
in Brazil, resulting in the integration of the Brazilian operation
into ADVFN including the absorption of costs and revenues.
Additionally, we have agreed the terms of a call option to acquire
our partner's 50 per cent. interest in our Brazilian joint venture
in due course. These strategic initiatives reflect our commitment
to progress and grow the business and they signify the promising
direction of travel.
Current market conditions remained challenging, with revenue
running at low levels, mostly derived by low advertising sales,
reflecting the continuing soft market for financial media. However,
we are currently experiencing a positive upturn as there are signs
of a change in direction for both traffic and sales.
At an operational level, costs have increased reflecting our
investment in the business and our technology platform and we
expect this current trading period to the end of June to continue
to be lossmaking.
We believe that we are now increasingly better positioned to
develop and expand ADVFN and are confidently looking towards the
future.
A copy of this announcement is available on the Company's
website, www.advfnplc.com.
For further information please contact:
ADVFN plc
Amit Tauman (CEO) +44 (0) 203 8794 460
Beaumont Cornish Limited
(Nominated Adviser)
Michael Cornish
Roland Cornish +44 (0) 207 628 3396
Peterhouse Capital Limited
(Broker)
Eran Zucker / Lucy Williams
/ Rose Greensmith +44 (0) 207 469 0930
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 Amit Tauman, Director.
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END
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