The company income fell to £2.3 million during the sixth month period ending in December 2023.
ADVFN reduces losses, but that's not enough for shareholders and investors.
Despite a
similar report from the financial markets’ website operator ADVFN (LSE: AFN)
sparking euphoria among stock investors at the end of December, this time their reaction
was quite the opposite.
Following
the publication of financial results for the second half of 2023, during which
the company's revenues and gross profit continued declining, its LSE valuation dropped to its lowest levels in a month.
Revenues Decline as the
Company Seeks Cost Reductions
According
to the unaudited interim report for the six months ended 31 December 2024, or
the first half of the fiscal year 2024 (FY24), the company's revenues amounted
to £2.3 million, sliding from £3 million reported in the same period the year
before.
"The
decrease in revenues was primarily attributable to continued adverse market
conditions and the discontinuation of company units which no longer supported
our business goals," the company commented in the official statement.
Although
the company is currently focusing on cost reduction, which has been partially
successful (a drop from £196,000 to £109,000), it was not significant enough to
translate into a higher gross profit. This fell from £2.9 million to £2.2
million annually.
"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," ADVFN added.
Eventually,
the total net loss for the reported period amounted to £531,000, less than
£622,000 from the previous year, but this was not comforting news for
investors. In reaction to Thursday's report, ADVFN shares on the LSE fell 4%, testing the 12 pence level, the lowest in a month.
Since the
beginning of the year, they have fallen almost 30%, moving close to pandemic
lows.
On a
positive note, it's worth highlighting that the total value of assets under
the company's management increased. Compared to H1 FY23, those figures rose from £3.1
million to £6.4 million.
ADVFN Visits Italy
Seeking revenue sources, ADVFN announced in February of this year that it had launched a new website in the Italian market aimed at local investors. This was made possible
through a new partnership with FinancialLounge.
"I
wish to highlight our recent partnership with Prodesfin S.R.L, who own and
operate the financial website Financiallounge.com in Italy," Amit Tauman,
the CEO of ADVFN, commented in the recent financial report.
Italy is a
large market, home to 60 million people. Globally, over 85 million people speak
Italian.
Despite a
similar report from the financial markets’ website operator ADVFN (LSE: AFN)
sparking euphoria among stock investors at the end of December, this time their reaction
was quite the opposite.
Following
the publication of financial results for the second half of 2023, during which
the company's revenues and gross profit continued declining, its LSE valuation dropped to its lowest levels in a month.
Revenues Decline as the
Company Seeks Cost Reductions
According
to the unaudited interim report for the six months ended 31 December 2024, or
the first half of the fiscal year 2024 (FY24), the company's revenues amounted
to £2.3 million, sliding from £3 million reported in the same period the year
before.
"The
decrease in revenues was primarily attributable to continued adverse market
conditions and the discontinuation of company units which no longer supported
our business goals," the company commented in the official statement.
Although
the company is currently focusing on cost reduction, which has been partially
successful (a drop from £196,000 to £109,000), it was not significant enough to
translate into a higher gross profit. This fell from £2.9 million to £2.2
million annually.
"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," ADVFN added.
Eventually,
the total net loss for the reported period amounted to £531,000, less than
£622,000 from the previous year, but this was not comforting news for
investors. In reaction to Thursday's report, ADVFN shares on the LSE fell 4%, testing the 12 pence level, the lowest in a month.
Since the
beginning of the year, they have fallen almost 30%, moving close to pandemic
lows.
On a
positive note, it's worth highlighting that the total value of assets under
the company's management increased. Compared to H1 FY23, those figures rose from £3.1
million to £6.4 million.
ADVFN Visits Italy
Seeking revenue sources, ADVFN announced in February of this year that it had launched a new website in the Italian market aimed at local investors. This was made possible
through a new partnership with FinancialLounge.
"I
wish to highlight our recent partnership with Prodesfin S.R.L, who own and
operate the financial website Financiallounge.com in Italy," Amit Tauman,
the CEO of ADVFN, commented in the recent financial report.
Italy is a
large market, home to 60 million people. Globally, over 85 million people speak
Italian.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
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See you there!
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Don't miss out on this 5-second invite packed with energy and urgency!
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FMAS:24 | Sneak Peak
FMAS:24 | Sneak Peak
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa