Aferian Afrn resignation of nominated adviser, broker

Aferian Afrn resignation of nominated adviser, broker

Aferian plc (AIM: AFRN) has announced the appointment of Zeus Capital Limited as its new Nominated Adviser and Broker, effective immediately. This follows a strategic review of the company's corporate advisory and brokerage arrangements. The prior adviser, whose role is not specified in the announcement, has stepped down from the position. The transition is part of Aferian's broader efforts to strengthen its corporate governance and support its growth strategy.

The update coincides with the release of Aferian's trading update for the year ended 30 November 2024. The Group reported full-year revenue of approximately $26 million, with a 13% revenue growth in the second half compared to the first half. Adjusted EBITDA improved significantly, turning positive in H2 FY24 at $2.0 million, reversing a $2.4 million loss in H1. Net debt was reduced by $2.4 million to $12.5 million by 30 November 2024.

Operationally, both subsidiaries—24i and Amino—showed progress. 24i secured new customer wins with its 24i Video Cloud platform, while Amino reported strong sales order growth, including a $1.3 million contract with a major gambling operator. The company highlighted a combined $18 million of committed revenues for FY25.

Zeus Capital's appointment is intended to provide continuity as Aferian advances its strategic priorities. Further details on FY24 financial performance will be disclosed in the audited results announcement. Investors are advised to monitor subsequent filings for updates on the company's financial and operational trajectory.