Aferian plc (GB:AFRN) has released an update.
Aferian plc reported a significant drop in total revenue from $91.1 million to $47.8 million for the fiscal year ended November 2023, primarily due to a 68% decrease in device sales, although software and services revenue increased by 10%. The company faced a statutory operating loss of $63.8 million, which included a substantial non-cash impairment charge, and announced no dividend for the year, reflecting a challenging macroeconomic and competitive landscape. Despite these setbacks, the company has taken steps to reduce costs, extend loan facilities, and refocus on profitability and cash generation.
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