ADVFN Regulatory News (AFN)

10 Jan 2007 11:49

ADVFN PLC10 January 2007 ADVFN plc (the "Company") Result of AGM The Company announces that at its Annual General Meeting, held today 10thJanuary 2007, all resolutions were duly passed. In addition, the ManagingDirector of ADVFN, Clem Chambers, made the following statement: "2006 was a strong year for ADVFN having seen a turnover rise of 35% to the yearend of June. Turnover growth has since continued in the period up to the end ofDecember. The acquisition of InvestorsHub.com and Silicon Investor marks an important stepfor ADVFN. It significantly expands our traffic and reach and brings with it astrong platform of growth. The integration of these sites into our businessmodel has been proceeding well and the early fruits of this process will make apositive impact in the year to June 2007. The prospects for significant growthfrom these sites will be even greater in 2008. Our overseas sites have been growing well with solid performances in Brazil,Italy and Japan. This has resulted in non-UK subscriptions accounting for over25% of ADVFN's total premium user sign ups. This proportion is steadily rising. Equity Development, acquired at the beginning of 2006, is performing aboveexpectations and is profitable and cash generative. CupidBay and Fotothing continue to generate strong traffic, and while non corerepresent valuable properties which we believe will in due course provide anexcellent return. ADVFN has been through a long period of investment in order to build a globaloffering and while the company will continue investing, its platform has reacheda level of maturity where sales growth will increasingly improve bottom lineperformance. In the past the ADVFN business has grown alongside the growth of the site, whichhas meant sales lagging development. With the growth of localised foreignlanguage sites and with the large traffic of our US acquisitions, the focus willbe less reliant on further investment thereby delivering a strengtheningfinancial performance. With advertising sales levels and subscriber numbers at all time highs thecompany is looking forward to strong growth in 2007 and feels confident that itcan continue to deliver this into 2008." For further information please contact: Clem Chambers, CEO, ADVFN plc, 020 7070 0948Fiona Kindness, Grant Thornton UK LLP (Nominated Adviser), 020 7383 5100Rory Scott, Mirabaud Securities Limited (Broker), 020 7878 3360 This information is provided by RNS The company news service from the London Stock Exchange