HALF-YEAR REPORT-ADVFN PLC

HALF-YEAR REPORT-ADVFN PLC

Unaudited Interim Results for the Six Months Ended 31 December 2023

 

ADVFN today announces its unaudited interim results for the six months ended 31 December 2023 (the "Period").

 

Chief Executive's Statement

 

As we release our interim report, the Board reaffirms its commitment to implementing its long-term plans to improve financial results.

 

The first stages of this are in place. I wish to highlight our recent partnership with Prodesfin S.R.L, who own and operate the financial website Financiallounge.com in Italy and also the changes and redesign of our product offering some of which are evident on our www.advfn.com site. We're on track to conclude these enhancements by the end of Q2 2024.


We have continued to reduce costs and the cash burn rate and we've maintained a healthy cash balance  of £4.7 million at the Period end , aligning with the financial objectives outlined in previous reports. This has led to reduced losses over the comparable period to last year of (£531k; 2023 £622k) despite a decrease in revenues. The decrease in revenues  was primarily attributable to continued adverse market conditions and the discontinuance of company units which no longer supported our business goals.

 

We remain focused on continuing this improved trend in the upcoming H1 and H2 of 2024.

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