15th Aug 2023 19:46
(Alliance News) - ADVFN PLC on Tuesday said it was winding down the operations of ALL IPO, the online trading platform it bought in July 2009.
The London-based operator of financial information websites for private investors said it has had minimal activity and been unprofitable.
All IPO has now ceased all regulated activities and off-boarded clients, the company said.
The winding down of ALL IPO follows similar decisions to close fotothing, MJAC and other "dormant" subsidiaries.
ADVFN said the decision was part of moves to address legacy constraints and complexities which required substantial investment in technology and infrastructure, and a change in leadership, and organisational structure.
In June, ADVFN said it planned "to undergo transformative changes to enhance its users' experience, improve our product offerings, and enable us to achieve our most important KPI's - growth in revenues - and ultimately profitability."
Shares in ADVFN closed down 7.6% at 17.09 pence in London on Tuesday.
By Jeremy Cutler, Alliance News reporter
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