REG - ADVFN PLC - Trading and corporate update

ADVFNAnnouncement

02/06/2023 12:15

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230602:nRSB5202Ba&default-theme=true

RNS Number : 5202B  ADVFN PLC  02 June 2023

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                                        +44 (0) 203 8794 460

 Amit Tauman (CEO)
 Beaumont Cornish Limited (Nominated Adviser)     +44 (0) 207 628 3396

 Michael Cornish

 Roland Cornish
 Peterhouse Capital Limited (Broker)              +44 (0) 207 469 0930

 Eran Zucker / Lucy Williams / Rose Greensmith

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.

 

 

 

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  TSTGZGGVMZZGFZM