16th Jan 2008 11:05
ADVFN PLC16 January 2008 ADVFN PLC Result of AGM and CEO's Statement The Company announces that at its Annual General Meeting, held today 16thJanuary 2008, that all resolutions were duly passed. In addition, the CEO ofADVFN, Clem Chambers, made the following statement: "2007 was another good year of growth for ADVFN with turnover rising 35% to £6million in the year to June. Growth has progressed since then and continues inline with expectations. ADVFN's international traffic has grown to represent the majority of usage. Weplan to monetise this in the same way as we have built our income from UK usage.As the UK still accounts for the bulk of our income our international businessrepresents significant growth potential. Traffic continues to grow at a fast pace and this, we believe, will add furtherto our income potential. InvestorsHub and Silicon Investor have made solidprogress and in 2008 and 2009 have the potential to enable ADVFN to become amajor US destination for equity, foreign exchange and commodity investors. ADVFN's Japan site has been reorganised so that all rights to the site havereverted to ADVFN PLC. The dissolution of the Joint Venture means that the shareof associated losses carried by ADVFN in the past in its accounts is at an endand ADVFN will not be incurring any additional overheads in taking the projectforwards. It is a common concern of some shareholders that the current 'credit crunch'might affect our business. We are pleased to note that there has been nonegative impact from current equity market volatility. In fact, it is possibleto suggest that the present turmoil is helping our business. However, thebuoyancy that ADVFN is experiencing is mainly due to the maturing of itsplatform and the rising profile of the brand around the globe. Over the years we have been consistent in our strategy for growing the businessand this has brought the company to a point where it is achieving critical mass. Our important business metrics such as advertising income, subscription numbersand page impressions are at all time highs, which lead us to be very positiveabout prospects going forwards." Contacts: Clem Chambers / Francesca De Franco (ADVFN) 020 7070 0932Fiona Kindness, Grant Thornton (Nominated Adviser) 020 7728 3414 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
ADVFN