(Alliance News) - Investing website operator ADVFN PLC on Monday reported a narrowed loss for its recently ended financial year on lower administrative costs, despite a fall in revenue.
For the year to the end of June, ADVFN reported a pretax loss of GBP349,000, narrowed from GBP435,000 the year before, as total administrative expenses fell to GBP7.1 million from GBP8.8 million.
Revenue fell by 18% to GBP7.1 million from GBP8.7 million the prior year. For the first half of the year, before the impact of Covid-19, ADVFN suffered from an unexpected drop in advertising income, leading to a restructure of the business, including a move to homeworking and a reduction in staff numbers.
With the outbreak of the pandemic, the slump in advertising income continued. However, there was still an increase in subscription income, as the number of registered users rose to 4.8 million from 4.7 million.
Looking ahead, ADVFN said its improved operating performance and reduced losses throughout the pandemic makes it a viable business, allowing the company to have more certainty on the future than earlier in the year.
"Our reorganisation meant we have created a lower-cost platform for us to operate during the Covid-19 pandemic with no loss of operational capability during the lockdowns in either the UK or US. Our lower cost base and continuing subscriptions income has ensured we have long term visibility of the way ahead," said Chief Executive Officer Clement Chambers.
"As I write I would be foolhardy to make brave positive predictions but, looking back over the last six months, I can stress that the whole ADVFN team has put in a massive effort and delivered a tremendous performance through challenging times. We will be aiming to continue the progress we have made in the second half if circumstances allow," Chambers added.
Shares in ADVFN were up 9.0% at 16.90 pence on Monday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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ADVFN (AFN)