Last checked at 21 Jan 2020 07:30
For immediate release
21 January 2020
ADVFN PLC
("ADVFN" or the "Company")
Trading update
The Board of ADVFN expects to publish its unaudited interim accounts for the six months ended 31 December 2019 (the first half) towards the end of March in line with the normal reporting timetable.
Sales during the first half were generally flat although sales overall were in the latter part of the first half below management's expectations. Registered users remained broadly constant at around 4.7 million. From time to time ADVFN has experienced similar variations in market conditions and has subsequently adjusted its cost base to accommodate them. Historically, the Company has always looked to grow by investing available capital into the development of the company and has previously reduced its operational cost base and level of investment to align it more closely with the market conditions. Given the lower level of sales in the first half (and in particular the period immediately leading up to Christmas) first half sales are estimated to have been approximately £3.6 million (2018: £4.3 million), reflected in an increased loss in the first half (compared to the first half in 2018). The Company is currently reducing its head count and the Board believes that this cost reduction will be reflected in an improved performance in the second half.
Clem Chambers said:
"While developments in the New Year have been positive, we are adjusting our cost base to accommodate a broader range of outcomes in 2020."
More information on ADVFN can be found at: www.ADVFN.com
For further information please contact:
ADVFN PLC +44 (0) 207 070 0909
Clem Chambers, CEO
Beaumont Cornish Limited (Nominated Adviser)
www.beaumontcornish.com
+44 (0) 207 628 3396
Roland Cornish/Michael Cornish