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(Alliance News) - Private investor website operator ADVFN PLC said Tuesday its sales were generally flat in the first half, but faltered in the latter part of the half, coming in below management expectations.
Due to the lower sales, especially in the period leading up to Christmas, ADVFN is guiding for interim sales of GBP3.6 million, down 16% from GBP4.3 million a year before.
This drop in sales, ADVFN said, will lead to an increased loss year on year.
ADVFN, which provides online data and information services to private investors, swung to a pretax loss of GBP214,000 in the six months to the end of December 2018. Revenue had remained broadly flat at GBP4.3 million.
"The company is currently reducing its head count and the board believes that this cost reduction will be reflected in an improved performance in the second half," ADVFN said.
Registered users remained broadly constant at around 4.7 million, ADVFN noted.
"From time to time ADVFN has experienced similar variations in market conditions and has subsequently adjusted its cost base to accommodate them. Historically, the company has always looked to grow by investing available capital into the development of the company and has previously reduced its operational cost base and level of investment to align it more closely with the market conditions," the company added.
Chief Executive Clem Chambers said: "While developments in the New Year have been positive, we are adjusting our cost base to accommodate a broader range of outcomes in 2020."
Shares in ADVFN were untraded in London on Tuesday but last closed at 18.25 pence each.
By Paul McGowan; paulmcgowan@alliancenews.com
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