(Sharecast News) - Video streaming technology company Aferian said in a trading update on Tuesday that it expected to report total revenue between $47m and $48m for the financial year just ended.
The AIM-traded firm also anticipated a positive adjusted EBITDA of $1.6m to $2.6m for the 12 months ended 30 November.
It noted particular challenges to extending sales cycles and prolonged procurement processes during the contracting phase.
As a result, several deals already in advanced stages were rescheduled to the first quarter of the 2024 financial year.
Aferian said it had taken significant management actions in the last 12 months, reducing its annualised cost base by about $12m.
That reduction comprised around $7.5m in operating expenses and $4.5m in capital expenditure.
The cost-saving measures were expected to improve adjusted EBITDA further for the 2024 period.
Additionally, the company anticipated a reduction in net debt as of 30 November, taking into account a shareholder loan of $1.4m.
Net debt was expected to narrow to around $6m, indicating a significant reduction over the last six months compared to the $12.9m recorded on 31 May.
Aferian said it would report its full-year results for the 12 months ended 30 November in March.
At 1402 GMT, shares in Aferian were down 2.44% at 10p.
Reporting by Josh White for Sharecast.com.
Aferian (AFRN)