Aferian PLC - Cambridge-based business-to-business video streaming solutions company - Expects device revenue for financial year 2022 ending November 30 to be 10% lower than expected in June. Notes Amino business experienced delays as customers reduce working capital. However, notes that exit annual recurring revenue and software growth of 15% and 5% respectively is in line with management expectations, but much lower than on a constant currency basis, for which ARR revenue and software growth are estimated at 25% and 15% respectively. Further, notes $5.5 million one-off charge for costs.

The firm now expects financial year adjusted operating profit of $7.8 million to $8.8 million, down at least 25% from $11.8 million a year prior. Aferian adds it will recognise a $5.5m charge in financial year 2022 due to an aborted ‘significant’ acquisition opportunity.

Further, it anticipates net cash to plummet to between $2 million and $2 million in debt at the end of November, versus net cash of $14.2 million a year before.

Current stock price: 84.89 pence, down 35% on Monday in London

12-month change: down 48%

Copyright 2022 Alliance News Limited. All Rights Reserved.