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LONDON (Alliance News) - ADVFN PLC Wednesday said its first-half net pretax loss widened even as it reported sales growth in the six-month period.
In a statement, ADVFN said it made a GBP590,000 pretax loss in the six months ended December 31, 2014, compared with a GBP289,000 pretax loss in the corresponding period of the prior year.
Revenue rose to GBP4.8 million from GBP4.5 million, resulting in gross profit increasing to GBP4.1 million from GBP4.0 million after including cost of sales. However, this was more than offset by an increase in administrative expenses to GBP4.7 million from GBP4.3 million.
Separately, On-line PLC, which holds an 18% stake in ADVFN, reported a GBP2,000 loss before and after tax in the six months ended December 31, 2014, compared with a GBP4,000 loss before and after tax in the corresponding period of the prior year.
"While sales growth has been good, we have won these gains against a background of markets which have ebbed and flowed. This result has therefore come from developments from the broad spread of our offerings, where successes compensate for any downward drift elsewhere," ADVFN Chief Executive Clem Chambers said in a statement.
"Our growing newsletter business and new products in the US have been a highlight, and we feel these offer strong potential for growth going forward as we roll them out into new territories. These factors represent a broadening of our revenue potential across our markets as we develop our offerings to reach these wider audiences," Chambers said.
"We haven't suffered any disasters or witnessed any miracles in this half year but this period has represented a period of consistent progress as we continue to build on the ADVFN and Investorshub platform," Chambers added.
ADVFN shares closed down 4.0% at 120.00 pence on Wednesday, while On-Line shares were untraded at 41.00p.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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