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REG - ADVFN PLC - Trading and Corporate Update

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RNS Number : 6937N  ADVFN PLC  06 June 2022

 

6 June 2022
For immediate release
ADVFN PLC

("ADVFN" or the "Company")

Trading and corporate update

The Board of ADVFN (the "Board") today provides a trading update for the
second half of the financial year ending 30 June 2022 (the "Half Year
Period").

At set out in the interim results announcement published by the Company in
February, ADVFN's sales in the six months ended 31 December 2021 were in line
with the comparable period in the prior year. Subsequently, sales to date in
the Half Year Period have been disappointing and, while the run rate is
broadly flat, sales are below the first half performance and significantly
less than the comparable period for the six months ended 30 June 2021. In
particular, advertising sales have been disappointing reflecting among other
things a softer market for financial media.

 

At an operational level, there has to date been a small loss in the Half Year
Period, although the Company has generated an operating profit overall for the
financial year to date (i.e. the 10 months ended 30 April 2022).

 

There have been a high level of additional non-recurring non-operating
expenses principally incurred in the Half Year Period as a result of the level
of corporate activity including the strategic review, formal sales process and
the requisitioned general meeting and associated expenses, which has been
costly, and the settlement payment to a former director as announced earlier
in the Half Year Period. When these exceptional non-operating costs are taken
into account, the net loss before tax will be significant. As at 30 May 2022,
cash balances amounted to £902,071.

Against the background of current trading and the Board's expectation of
future financial performance over the remainder of the Half Year Period, the
Board has decided that it will not be recommending any final dividend for the
current financial year ending 30 June 2022 and, in addition, has decided to
suspend the payment of any future dividends for the time being.

 

Board and management arrangements are to be concluded and continue to impact
on the operational performance of the Company, and in particular sales.
Future sales are anticipated to be significantly lower than the current run
rate.

 

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 Michael Hodges, Director.

 

Enquiries:

 

For further information please contact:

 ADVFN PLC                                                  +44 (0) 203 8794 460

 Jonathan Mullins
 Beaumont Cornish Limited (Nominated Adviser)

 www.beaumontcornish.com (http://www.beaumontcornish.com)
 Roland Cornish/Michael Cornish                             +44 (0) 207 628 3396

Beaumont Cornish Limited, which is authorised and regulated in the United
Kingdom by the Financial Conduct Authority, is acting as nominated adviser to
the Company in relation to the matters referred to in this announcement and
its responsibilities as the Company's nominated adviser under the AIM Rules
for Nominated Advisers are owed solely to London Stock Exchange plc and are
not owed to the Company or to any Director or to any other person.
Furthermore, Beaumont Cornish Limited is acting exclusively for the Company
and for no one else in relation to the matters described in this announcement
and is not advising any other person and accordingly will not be responsible
to anyone other than the Company for providing the protections afforded to
clients of Beaumont Cornish Limited, or for providing advice in relation to
the contents of this document or any matter referred to in it.

 

A copy of this announcement and the Notice will be available on the Group's
website:

 www.advfnplc.com (http://www.advfnplc.com)

 

 

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rns@lseg.com (mailto:rns@lseg.com)
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