ADVFN slides on lower revenues

Shares in ADVFN continued their recent fall in spite of final results the company described a 'significant success', as revenues declined but losses almost halved. The AIM-listed financial website publisher cut pre-tax losses from £1.4m to £0.78m, as lower staff numbers helped cut admin costs by £0.9m to make up for revenues down 4.8% to £8.1m.Chief Executive Clem Chambers said he felt the group was "on the brink of positive developments", with the number of registered users on its sites up from 2.6m to 2.8m, ahead of target. Chambers stressed the point that at its core ADVFN was a technology company, "even while many consider us a media company". He said while five years ago users were almost exclusively on the desktop, now the company had large mobile traffic and with it new revenue streams."Nothing in our markets sits still," he said. Indeed, shares in ADVFN slumped 8.3% lower to 3.05p at 15:02 on Wednesday. OH