10th Nov 2021 10:18
(Alliance News) - ADVFN PLC on Wednesday said strong revenue growth helped it to swing to profit in its most recently ended financial year, and it decided to start dividend payments.
The London-based company which operates stocks and shares information website posted pretax profit of GBP1.6 million for the financial year that ended on June 30. A year ago, it recorded a loss of GBP349,000.
Revenue, meanwhile, rose to GBP9.1 million from GBP7.1 million year-on-year, as the pandemic has boosted business through a boom in cryptocurrency markets and the rise of a new generation of traders and investors.
"The next generation of new investors is here and increasingly engaging with the markets, initially through cryptocurrency interest but also responding to the allure of Fintech developments and showing increased interest in stocks," said Chief Executive Clement Chambers.
As a result, the company said it will pay a maiden dividend of 1.5 pence per share.
Looking ahead, the company said it expects ADVFN to continue to be a "viable" business for the longer term as it is well placed to take advantage of any opportunities which come its way.
AIM-listed ADVFN shares were trading 7.4% higher in London on Wednesday at 77.00 pence each.
By Evelina Grecenko; [email protected]
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