ADVFN to delist from AIM

(Sharecast News) - ADVFN said on Thursday that it was planning to delist from AIM and go private.

The financial data firm said the board had carefully reviewed and considered the benefits and drawbacks of remaining an AIM-listed company.

"As a result of this review, and following careful consideration, the board believes the disadvantages associated with maintaining the admission of the ordinary shares to trading to be disproportionately high when compared to the perceived benefits of being quoted on AIM and has unanimously concluded that the proposed cancellation and reregistration are in the best interests of the company and its shareholders as a whole," it said.

ADVFN will seek shareholder approval at a general meeting on 25 April.

News of the plan to delist came alongside results for the six months to the end of December 2024, which showed that revenue fell to �2.02bn from �2.29bn in the same period a year earlier, although the net loss narrowed to �393,000 from �531,000.

Chief executive Amit Tauman said: "Since the change in management and board in the second half of 2022, ADVFN has witnessed an increasingly challenging market environment. The AIM market, the broader stock market, and ADVFN specifically have faced significant headwinds.

"One of the biggest challenges has been a decline in ADVFN's revenue, driven primarily by a slowdown in sales, a challenge we have observed across our sector.

"Nonetheless, we have made significant progress in optimising our cost structure and improving operational efficiency. This has been a long and challenging process, but we have successfully reduced annual costs from �8 million to approximately less than �5 million and have maintained this saving as more long-term projects take effect in Q1 2025. These efforts have ensured that ADVFN is becoming a sustainable, flexible and more efficient organisation."

At 1005 GMT, the shares were down 38% at 8.10p.