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Aferian (LON:AFRN)

38.5p (down 36%)

Market cap £33m

Trading Update, FY22 Results Delay & Board Update (profit warning)

Aferian plc (LSE AIM: AFRN), the B2B video streaming solutions company, today provides an update on current trading and its impact on the outlook for the financial year ending 30 November 2023.

24i business is trading in line with expectations.

Amino business has seen reduced demand -

…device sales in the first half have been materially lower than anticipated.

Recovery is not expected until later in the year, as a result it warns on profit -

… management now expect Amino's outturn for the full year ending 30 November 2023 to be substantially lower than originally anticipated.

Cost savings of $5m (annualised) have already been implemented (cost efficiencies, and R&D teams)

Outlook -

… the Board now expects Group revenue and adjusted EBITDA for the year ending 30 November 2023 to be substantially below its original expectations. Whilst device revenues continue to be negatively impacted by the current market environment, the Board has confidence in the growth drivers of the video streaming market as well as Aferian's ability to address that market. Notwithstanding the difficult trading conditions of the Amino business in the first half of the year, the Company is still…

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