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(Sharecast News) - Business-to-business video streaming solutions firm Aferian said on Wednesday that H2 adjusted underlying earnings had almost reversed losses recorded in H1.
Aferian said adjusted underlying earnings were $2.0m in the six months ended 30 November, a $4.4m turnaround, principally driven by a 13% jump in revenue and headcount-driven cost-cutting efforts.
The AIM-listed group also noted that it had made a "material reduction in net debt" during the half, falling by $2.4m to $12.5m
Looking forward, Aferian said a combination of its Amino unit's contracted order book and its 24i arm's annual recurring revenues meant that the group as a whole had approximately $18.0m of FY25 revenues already committed.
Chief executive Mark Carlisle said: "FY24 marks a year of transformation and progress for Aferian with both the Amino and 24i businesses becoming EBITDA positive and cash flow generative in the second half. That strong second-half performance reflects both the dedication of our teams to delivering for our customers and increasing demand for our products. As a result of new customer wins and an increase in sales orders in the second half of 2024, we expect this strong momentum to continue into 2025."
As of 1030 GMT, Aferian shares had surged 38.46% to 4.50p.
Reporting by Iain Gilbert at Sharecast.com
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