Aferian PLC Trading Statement (9671I)
08 Dezember 2022 - 8:00AM
UK Regulatory
TIDMAFRN
RNS Number : 9671I
Aferian PLC
08 December 2022
8 December 2022
AFERIAN PLC
("Aferian", the "Company" or the "Group")
Trading Update
- Strong YoY Exit Annual Recurring Revenue growth of 15% -
Aferian plc (LSE AIM: AFRN), the B2B video streaming solutions
company, today provides a trading update for the year ended 30
November 2022.
The Group confirms that Group trading has finished the year in
line with the Board's expectations and anticipates announcing full
year results consistent with the guidance ranges communicated on 24
October 2022.
Donald McGarva, Chief Executive Officer of Aferian plc, said: "
Aferian will deliver full year numbers in line with our recently
stated guidance. We have continued to make progress this year to
evolve Aferian into a leading video streaming solutions company to
both serve and shape our growing market. Our results demonstrate
that we continue to execute on improving our software and
annualised recurring revenue growth and we look forward to
providing more detail at the time of our full year results. "
For the year ended 30 November 2022 the Group expects to report
adjusted operating profit1 within the $7.8m-$8.8m guidance
range.
Driven primarily by its 24i business (which focusses on
streaming video experiences), the Group has continued to make
strong progress in improving its quality of earnings and enhancing
revenue visibility. Exit run rate Annual Recurring Revenue ("ARR")
is expected to be approximately $17.5m (FY21: $15.2m), up 15%
versus the prior year, or 23% on a constant currency basis. Higher
margin software and services revenue is expected to be
approximately $24m (FY21: $22.4m), an increase of 7%, or 15% on a
constant currency basis.
Device revenues in our Amino business (which connects Pay TV to
streaming services) are expected to be approximately $67m (FY21:
70.5m), a decrease of 5% year-on year. This is due to the desire of
some customers to reduce their working capital, particularly in the
USA. As previously announced, this trend is expected to continue
into the first half of FY23 as some customer inventory levels
remain high having been bolstered to mitigate for earlier supply
chain disruptions.
Consequently, total revenue is expected to be approximately
$91m, representing a c2% decrease on the prior year ("FY21").
Net cash at 30 November 2022 is expected to be slightly ahead of
expectations at $4m, following better than expected cash collection
from customers.
Notes:
All numbers reported are unaudited.
(1) Adjusted operating profit is a non-GAAP measure and excludes
amortization of acquired intangible assets, exceptional items and
share-based payment charges.
For further information please contact:
Aferian plc +44 (0)1223 598197
Donald McGarva, Chief Executive Officer
Mark Carlisle, Chief Financial Officer
Investec plc (NOMAD and Broker) +44 (0)20 7597 5970
David Anderson / Patrick Robb / Nick Prowting / Cameron MacRitchie
FTI Consulting LLP (Financial communications) +44 (0)20 3727 1000
Matt Dixon / Emma Hall / Tom Blundell
About Aferian plc
Aferian plc (AIM: AFRN) is a B2B video streaming solutions
company. Our end-to-end solutions bring live and on-demand video to
every kind of screen. We create the forward-thinking solutions that
our customers need to drive subscriber engagement, audience
satisfaction, and revenue growth.
It is our belief that successful media companies and services
will be those that are most consumer-centric, data driven and
flexible to change. We focus on innovating technologies that enable
our customers to stay ahead of evolving viewer demand by providing
smarter, more cost-effective ways of delivering end-to-end modern
TV and video experiences to consumers. By anticipating
technological and behavioural audience trends, our software
solutions empower our customers to heighten viewer enjoyment, drive
growth in audience share and ultimately their profitability.
Aferian plc has two operating companies: 24i, which focusses on
streaming video experiences, and Amino, which connects Pay TV to
streaming services. Our two complementary companies combine their
products and services to create solutions which ensure that people
can consume TV and video how and when they want it. Our solutions
deliver modern TV and video experiences every day to millions of
viewers globally, via our growing global customer base of over 500
service providers.
Aferian plc is traded on the London Stock Exchange's AIM stock
market (AIM: symbol AFRN). Headquartered in Cambridge, UK, the
Company has over 350 staff located in 11 offices, including in such
major European cities as Amsterdam, Helsinki, Copenhagen and Brno,
as well as in San Francisco and Hong Kong. For more information,
please visit www.aferian.com .
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