Last checked at 
LONDON (Alliance News) - Financial information firm ADVFN PLC said Thursday its pretax loss narrowed for the first half of its financial year, despite sales falling in the period, due to lower administrative costs.
In a statement, ADVFN said it made a GBP471,000 pretax loss in the six months ended December 31, 2015, compared with a GBP590 pretax loss in the corresponding period of the prior year.
Revenue fell to GBP4.3 million from GBP4.8 million, resulting in gross profit increasing to GBP3.7 million from GBP4.0 million after including cost of sales. However, administrative costs were down at GBP4.2 million from GBP4.7 million.
ADVFN added it has seen an improvement in the first few months of 2016, going into its second half.
"2015 was a tumultuous year for ADVFN. An unexpected attack to wrest control from your board during the year was extremely disruptive and very costly. We were pleased to see the matter conclude satisfactorily from the Company's perspective through the intervention of the FCA,@ said Chief Executive Clem Chambers.
"Notwithstanding this, the business has subsequently held up well during a period of radical change (as discussed further below) and months of distraction and dislocation earlier," Chambers added.
Shares in ADVFN were untraded on Thursday, having last traded at 27.00 pence.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
Copyright 2016 Alliance News Limited. All Rights Reserved.
