Aferian H1 profits grow amid 'significant progress'

Media technology group Aferian said on Tuesday that interim profits had improved and that it had made "significant progress" against its 2025 strategic goals.

Aferian said revenues for the six months ended 31 May were 19% higher year-on-year at £45.3m, while adjusted underlying earnings were 17% firmer at £8.3m and adjusted pre-tax profits were 21% stronger at £4.7m.

The AIM-listed group also posted a 3% year-on-year jump in earnings per share to 5.05 US cents.

Net cash shot up to £10.1m from £2.1m a year earlier.

Chief executive Donald McGarva said: "We enter the second half of the year with a clear strategy, building recurring revenues and a strong balance sheet to support software focussed M&A.

"The board remains confident in the group's ability to meet current full-year expectations and in our future prospects as we execute our 2025 strategy."

Separately, Aferian revealed it had acquired a further 8% interest in 24i Unit Media for €3.3m, with €1.0m to be satisfied in cash and the remaining €2.3m to be settled through the issue of ordinary shares.

As of 1045 BST, Aferian shares were down 0.28% at 151.07p.