AFN Advfn Plc

TIDMAFN

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 GBP902,071.

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 
  Jonathan Mullins                      +44 (0) 203 8794 460 
 Beaumont Cornish Limited (Nominated 
  Adviser) 
  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

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