29th Oct 2019 17:45
(Alliance News) - Investing website operator ADVFN PLC on Tuesday reported a swing to an annual loss amid a year of "development", with registered users above target.
Revenue in the financial year ended June 30 amounted to GBP8.7 million, down from GBP9.2 million the year before.
The firm swung to a pretax loss of GBP435,000 from a profit of GBP442,000 the year before, with total administrative expenses rising to GBP8.8 million from GBP8.4 million.
Registered users rose to 4.7 million versus 4.5 million the year before, and was above ADVFN's target of 4.6 million.
Chief Executive Clement Chambers said the year was one of "development".
ADVFN now has a "strong and comprehensive" online crypto information and data offering, while its US offering is now the firm's largest audience. The company said it expects its investment in the US "should start to bear fruit" in 2019 and "significantly" in 2020.
"At the end of this year we feel we are well positioned to prosper in an environment many look at with trepidation and we are looking forward to developments next year which we feel will deliver a strong performance," said Chambers.
Shares in ADVFN were untraded at 28.00 pence in London on Tuesday.
By Lucy Heming; [email protected]
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