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ADVFN PLC on Thursday said its full-year loss narrowed despite a decline in revenue, as it reduced operational costs. Essex, England-based ADVFN provides global stock market information to private investors in the UK, US, Brazil and Italy. Pretax loss narrowed to £913,000 in the financial year ended June 30, from £1.9 million a year before. ADVFN said revenue fell by 18% to £4.4 million from £5.4 million. It said this reflected the impact of falling advertising sales and strategic decisions taken to close some features of its site. No dividends were paid during the 2024 year. No dividends were paid in the previous year either. The company said it met its cost reduction targets. Total administrative expenses fell by 25% to £5.3 million from £7.1 million. Headcount reduced by 26% year-on-year to 23 from 31. Chief Executive Officer Amit Tauman said the company will focus on live discussions, artificial intelligence and trading tools in 2025. ‘We believe in our ability and skills to achieve our goals in these areas, positioning them as central pillars of our growth strategy, however these will take time to show a significant increase in revenue,’ he added. Shares in ADVFN were untraded in London on Thursday, last quoted at 16.5 pence. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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