Last checked at 2 Jun 2023 12:14
2 June 2023
For immediate release
ADVFN PLC
("ADVFN" or the "Company")
Trading and corporate update
The Board of ADVFN is pleased to provide an update on current initiatives and trading during the current period. The Company has made significant progress in addressing legacy constraints and complexities which required substantial investment in technology and infrastructure, and a change in leadership, and organizational structure. We have achieved a clean break from these legacy issues, and over the next 12 months we plan for ADVFN to undergo transformative changes to enhance its users' experience, improve our product offerings, and enable us to achieve our most important KPI's - growth in revenues - and ultimately profitability.
We are currently pursuing a diverse range of initiatives and are pleased to announce that we have recently expanded our offering into the Korean market and we have established our first presence there. This move holds significant potential value for our targeted user base and opens up new opportunities for ADVFN. In addition, we have successfully concluded a deal with our joint venture partners in Brazil, resulting in the integration of the Brazilian operation into ADVFN including the absorption of costs and revenues. Additionally, we have agreed the terms of a call option to acquire our partner's 50 per cent. interest in our Brazilian joint venture in due course. These strategic initiatives reflect our commitment to progress and grow the business and they signify the promising direction of travel.
Current market conditions remained challenging, with revenue running at low levels, mostly derived by low advertising sales, reflecting the continuing soft market for financial media. However, we are currently experiencing a positive upturn as there are signs of a change in direction for both traffic and sales.
At an operational level, costs have increased reflecting our investment in the business and our technology platform and we expect this current trading period to the end of June to continue to be lossmaking.
We believe that we are now increasingly better positioned to develop and expand ADVFN and are confidently looking towards the future.
A copy of this announcement is available on the Company's website, www.advfnplc.com.
For further information please contact:
ADVFN plc Amit Tauman (CEO) | +44 (0) 203 8794 460 |
Beaumont Cornish Limited (Nominated Adviser) Michael Cornish Roland Cornish | +44 (0) 207 628 3396 |
Peterhouse Capital Limited (Broker) Eran Zucker / Lucy Williams / Rose Greensmith | +44 (0) 207 469 0930 |
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018. The person who arranged for the release of this announcement on behalf of the Company was Amit Tauman, Director.