The financial market price data provider, ADVFN, released its financials for the six months ending on 31 December 2022, the first half of fiscal 2023, reporting a 28 percent decline in revenue. The absolute figure came in at more than £3.06 million, which is down from last year's £4.2 million.

ADVFN Sinks to Losses

The London-listed company ended the period with a loss of over £616,000 compared to a profit of £202,000 in the first half of the previous fiscal. The net loss came after the company registered an operating loss of £622 for the six months, which is down from an operating profit of £229,000.

The basic per-share loss of the London-based price data provider came in at 2.36 pence, which is contrary to a profit of 0.77 pence in the first half of fiscal 2022.

ADVN offers financial market data, including stock and cryptocurrency prices, charts, and market news. The platform was established in 1999 and had offerings in several languages to tap a broader base of global traders.

New Funds to Facilitate Growth

The company highlighted changes in management, structure, and employees, which disrupted its workflow and resulted in a challenge to meet the financial target. Meanwhile, the company raised £4.52 million in January through the Open Offer to provide the necessary resources to pursue our strategic objectives and drive growth.

"We are grateful to our investors for their confidence in our ability to execute on our mission and deliver value to our customers. With this infusion of capital, we can invest in our business to drive growth and scale our operations to meet the demand for our product offerings," said Amit Tauman, the CEO of ADVFN.

Meanwhile, the company is now focused on building new products and investing in operations to drive its growth perspectives.

"With the proceeds from our recent fundraising efforts, we will be able to accelerate our product development efforts and plan to bring innovative new solutions to market. Our R&D team is working tirelessly to identify emerging trends and technologies that will enable us to stay ahead of the curve and deliver the next generation of products and services," Tauman added.

"We also plan to invest in our operations to improve our efficiency and scalability. This will involve upgrading our infrastructure, streamlining our processes, and investing in our people to ensure that we have the talent and capabilities to support our growth ambitions."