(Alliance News) - Aferian PLC on Monday said it expects to report improved annual results in line with board expectations, while also announcing a new banking facility and a new chair.
For the financial year that ended November 30, the Leeds-based media technology company said it expects revenue of USD92.0 million, up 11% from USD82.7 million the previous year.
The company said it expects to report adjusted operating profit growth of more than 10%. Last year, this was USD10.5 million, so suggesting at least USD11.6 million for financial 2021.
Aferian said it had a strengthened net cash position of USD14.0 million as of November 30, up 47% from USD9.5 million a year before. Aferian added that this improved net cash position is despite its expectation that it will report a net working capital outflow for the year as a whole.
Aferian also announced a new committed loan facility of USD50 million, signed with Barclays Bank PLC, Silicon Valley Bank and Bank of Ireland Group PLC. The facility has a three-year term with options to extend by one or two years and offers a further USD50 million by way of an accordion.
Aferian said Mark Wells has been appointed the company's new non-executive chair, effective from January. Wells will replace Karen Bach who has been in the position for six years. Wells had previously worked as chief executive of California-based visual effects company, Image Metrics, as well as non-executive director for Kofax Inc, a California-based intelligent automation software provider.
Aferian said it expects to release its full-year results during the week starting February 7.
Shares in Aferian PLC were up 0.1% at 159.70 pence on Monday afternoon in London.
By Heather Rydings; heatherrydings@alliancenews.com
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Aferian (AFRN)