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Aferian PLC - Cambridge-based business-to-business video streaming solutions company - Expects device revenue for financial year 2022 ending November 30 to be 10% lower than expected in June. Notes Amino business experienced delays as customers reduce working capital. However, notes that exit annual recurring revenue and software growth of 15% and 5% respectively is in line with management expectations, but much lower than on a constant currency basis, for which ARR revenue and software growth are estimated at 25% and 15% respectively. Further, notes USD5.5 million one-off charge for costs.
The firm now expects financial year adjusted operating profit of USD7.8 million to USD8.8 million, down at least 25% from USD11.8 million a year prior. Aferian adds it will recognise a USD5.5m charge in financial year 2022 due to an aborted "significant" acquisition opportunity.
Further, it anticipates net cash to plummet to between USD2 million and USD2 million in debt at the end of November, versus net cash of USD14.2 million a year before.
Current stock price: 84.89 pence, down 35% on Monday in London
12-month change: down 48%
By Tom Budszus; tombudszus@alliancenews.com
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