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Aferian shows an interim loss, but its annual recurring revenue is increasing

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News Tech: Aferian PLC reported an intermediate deficit in the most recent fiscal year on Tuesday, but it remains optimistic about the second half.

Device sales fell 8.2% to USD32.5 million from USD35.4 million due to “supply chain problems, including shipping and production delays, mostly caused by COVID-19-related factory shutdowns in China,” according to the business.

The Leeds, England-based video streaming firm reported a pretax loss of USD811,000 for the six months ending May 31, down from a profit of USD1.5 million the previous year. Revenue was USD44.5 million, a 1.8% decline from USD45.3 million.

The gross profit declined 5.8% to USD19.4 million from USD20.6 million due to an operational loss of USD599,000 compared to a profit of USD1.9 million the previous year.

Aferian kept its interim dividend at 1.0 penny per share.

Looking ahead, the business stated that it is confident that the order book and better component availability will generate increased revenue in the second half. It stated that it remains optimistic that it would achieve earnings in accordance with its projections for the fiscal year ending November 30. On Tuesday morning in London, shares were down 2.2% at 132.00 pence apiece.

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