Aferian plc (GB:AFRN) has released an update.
Aferian plc, a B2B video streaming solutions provider, reports a challenging fiscal year for 2023 with total revenues dropping by 48% to $47.8 million, and a significant operating loss of $63.8 million due to a decrease in device sales and impairment charges. Amidst these challenges, the company’s software and services sector saw a revenue increase of 10%, and substantial cost-reduction measures have been implemented. Despite no dividend being proposed and an increase in net debt, Aferian secured loan facility extensions to stabilize its financial position.
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