ADVFN widens losses

Share trading website ADVFN widened its losses considerably, despite increasing its registered users by 10%.The firm said losses came in at £783,000 for the year to the end of June, up markedly from a loss of £185,000 the previous year.Losses per share came in at 0.14p, compared to a profit per share of 0.02p in 2010.Despite this ADVFN hailed a successful year with users of its site increasing 10% to 2.2m and turnover up 7% to £9.2m.The firm said a weakening dollar which had masked further underlying growth but as it earned income in euro, US dollar, Sterling and Yen it was partially hedged against recent currency fluctuations.Chief executive Clem Chambers said sites in the UK, US and Brazil gave the company a template to expand into the emerging markets "where audiences are vibrant and huge". "Our strategy is to penetrate markets via sales offices, using advertising income to fund growth in the territories that warrant it most," he said."In line with this we have been opening regional sales offices in Japan, India and the Middle East and we have been focusing on expanding in these territories."