ADVFN warns on interim revenues; to cut headcount

Financial information provider ADVFN on Tuesday warned first-half sales were forecast to come in below expectations and it would be cutting jobs to reduce costs.

ADVFN said interim sales were estimated to be around £3.6m - down from the £4.3m recorded a year earlier as first quarter sales came in "generally flat".

The AIM-listed group said it had experienced similar variations in market conditions in the past and had subsequently adjusted its cost base to accommodate the shifts. The headcount reduction would be reflected in an improved performance in the second half, it added.

Chief executive Clem Chambers said: "While developments in the New Year have been positive, we are adjusting our cost base to accommodate a broader range of outcomes in 2020."

As of 1000 GMT, ADVFN shares were down as 8.75% at 18.25p.