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LONDON (Alliance News) - Stocks and shares website ADVFN PLC Wednesday narrowed pretax losses despite declining revenues in the year ended June 30.
The company posted full year revenues of GBP8.1 million, down from GBP8.5 million in the previous year. Pretax losses were GBP776,000, narrowed from GBP1.5 million. Administration expenses decreased to GBP8.6 million from GBP9.6 million in the previous year.
The company said that the global backdrop has not been favourable, but it had been able to adjust due to the international spread of its business. Growth in the company's US business offset weakness in other territories such as Brazil. ADVFN said that it was making progress in Mexico, Japan and the Philippines.
The company remained confident for 2013 and 2014, saying that its forays into mobile, events, newsletters and e-books have been met with initial success.
"ADVFN is determined to be an overnight success one day," the company said in a statement. "Any improvement in the global economy can only help and we believe that having ridden out the last 13 years through two of the worst equity downturns in living memory, we are toughened against any unexpected global setbacks."
Shares in ADVFN were trading down 2.3% at 3.25 pence Wednesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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