Last checked at 5 Dec 2023 07:00
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.
5 December 2023
AFERIAN PLC
("Aferian", the "Company" or the "Group")
Trading Update
Aferian plc (LSE AIM: AFRN), the B2B video streaming solutions company, announces a trading update for the year ended 30 November 2023.
The Group expects to report revenue of c$47-48 million and a positive adjusted EBITDA of c$1.6-2.6 million. While our pipeline is well-developed, like many others, the Group is experiencing a lengthening of sales cycles with procurement taking longer during the contracting phase. The signing of these deals which are at an advanced stage have now shifted into Q1 FY24.
Following management actions taken during the last twelve months which have reduced the Group's annualised cost base by c$12 million (comprising c$7.5 million operating expenses and c$4.5 million capex) we expect further adjusted EBITDA improvements in FY24.
Net debt at 30 November 2023 (including a shareholder loan of $1.4 million) is expected to have reduced in the last six months to c.$6.0 million (31 May 2023: $12.9 million).
Aferian expects to report its full year results for the year ended 30 November 2023 in March 2024.
The person responsible for the release of this announcement on behalf of the Company for the purposes of MAR is Mark Carlisle.
-ENDS-
For further information please contact:
Aferian plc | +44 (0)1954 234100 |
Mark Wells, Chairman Donald McGarva, Chief Executive Officer Mark Carlisle, Chief Financial Officer | |
Investec bank plc | +44 (0)20 7597 5970 |
David Anderson / Patrick Robb / Nick Prowting / Cameron MacRitchie | |
FTI Consulting (Financial communications) | +44 (0)20 3727 1000 |
Matt Dixon / Emma Hall |
About Aferian plc
Aferian plc (AIM: AFRN) is a B2B video streaming solutions company. Our end-to-end solutions bring live and on-demand video to every kind of screen. We create the forward-thinking solutions that our customers need to drive subscriber engagement, audience satisfaction, and revenue growth.
It is our belief that successful media companies and services will be those that are most consumer-centric, data driven and flexible to change. We focus on innovating technologies that enable our customers stay ahead of evolving viewer demand by providing smarter, more cost-effective ways of delivering end-to-end modern TV and video experiences to consumers. By anticipating technological and behavioural audience trends, our software solutions empower our customers to heighten viewer enjoyment, drive growth in audience share and ultimately their profitability.
Aferian plc has two operating companies: 24i, which focusses on streaming video experiences, and Amino, which connects Pay TV to streaming services. Our two complementary companies combine their products and services to create solutions which ensure that people can consume TV and video how and when they want it. Our solutions deliver modern TV and video experiences every day to millions of viewers globally, via our growing global customer base of over 500 service providers.
Aferian plc is traded on the London Stock Exchange's AIM stock market (AIM: symbol AFRN). Headquartered in Cambridge, UK, the Company has over 300 staff located in 11 offices, including major European cities as Amsterdam, Helsinki, Copenhagen and Brno, as well as in San Francisco and Hong Kong. For more information, please visit www.aferian.com.