Aferian momentum continues through the first quarter of 2023

Aferian plc (LON:AFRN), the B2B video streaming solutions company, today provided an update on current trading and its impact on the outlook for the financial year ending 30 November 2023.

H1 FY23 current trading

The 24i business (which focuses on streaming video services) won six customers in the final quarter of 2022 and this momentum has continued in the first quarter of 2023. Trading continues in line with expectations. The focus for 24i in 2023 is to continue to grow revenue and ARR at double digit percentages whilst also increasing profit margins.

For our Amino business (which connects Pay TV to streaming services), as previously communicated, the wider macro-economic situation resulted in a decline of revenues in the second half of 2022 as some customers delayed their orders of new streaming devices, preferring to run down their existing inventory. This trend has continued longer than we expected and device sales in the first half have been materially lower than anticipated. While Amino continues to have a strong sales pipeline for second half of 2023, the recovery is now not expected until later in the financial year. As a result, management now expect Amino’s outturn for the full year ending 30 November 2023 to be substantially lower than originally anticipated.

Actions to reduce the Group’s cost base

The management team has already taken significant steps to identify and deliver efficiencies in the Group’s cost base. These steps have already reduced the Group’s annualised cost base by c.$5m. These cost reductions were underpinned by efficiencies identified in the operations and research & development teams of both our 24i and Amino divisions.

FY23 Outlook

Whilst it is early in the new financial year, in light of the above performance from the Amino division, the Board now expects Group revenue and adjusted EBITDA for the year ending 30 November 2023 to be substantially below its original expectations. Whilst device revenues continue to be negatively impacted by the current market environment, the Board has confidence in the growth drivers of the video streaming market as well as Aferian’s ability to address that market. Notwithstanding the difficult trading conditions of the Amino business in the first half of the year, the Company is still expected to generate a positive material adjusted EBITDA for the full year.

Publication of audited results for the year ended 30 November 2022

Aferian Plc has already announced that it expects to report revenue and adjusted operating profit for the year ended 30 November 2022 in line with the trading update published on 8 December 2022.

The Company is in compliance with its banking covenants and is in discussions with its banks to ensure future covenant compliance. This will delay the announcement of the full year audited results for the year ended 30 November 2022. A further announcement will be made as and when practicable.

Intended Board Change

Subject to the satisfactory completion of the necessary NOMAD enquiry & due diligence process, the Board intend to appoint Max Royde to the Board as a Non-executive Director.

Max Royde is a managing partner at Kestrel Partners, an investment management company specialising in business-critical software companies, which has a beneficial holding in Aferian plc of 22,781,891 shares or 26.12% of the issued share capital of the Company.  

Click to view all articles for the EPIC:
Or click to view the full company profile:
Share on facebook
Share on twitter
Share on linkedin

More articles like this


Let’s meet at NAB

Are you going to NAB in Las Vegas? 24i would love to share with you the latest developments in their solutions including: – 24i Mod Studio – our end-to-end streaming platform for OTT and Broadcast services– FokusOnTV and


Enterprise TV & Digital Signage – What’s New?

Aferian plc (LON:AFRN) is a trusted partner and global provider of innovative, scalable media and entertainment technology solutions. As an IPTV pioneer, working with over 250 operator customers in 100-plus countries, Aferian continuously innovates to help customers deliver


Enterprise TV and Digital Signage – What’s New?

Please join us for this co-hosted Amino and AMT webinar on “Enterprise TV and Digital Signage – What’s New?”  Tue, 14 Mar, 19:00 – 19:45 CET – Online event The 45-minute webinar will consist of a 30-minute presentation followed by a Q&A session.


24i at the Andina Link show in Cartagena

“24i sees LATAM as a growing market for multiple segments,” Lorena Zapata , the company’s Sales Director LATAM-CALA, told Prensario . “In my role I seek to ensure that we support our current and future customers with high-quality local support.” Within the framework of


Amino partners with Matrox Video

Amino, a leading provider of digital signage solutions, is proud to announce its collaborationwith Matrox Video, the premier provider of video wall solutions. The collaboration sees theintegration of Amino’s H200 4k media player with Matrox’s QuadHead2Go Q185 and


24i’s OTT Solutions offer the simple route to OTT success

The streaming market is crowded, and consumers are demanding. Maintaining a consistent, high-quality UX for all devices can be expensive and time‑consuming. Content rights holders need an OTT solution that seamlessly handles their shifting technology needs, leaving them


Spotlight on 24i’s Technology with new CTO, David Brown

What sets 24i’s streaming solutions apart from the rest? In this video, new CTO, David Brown, talks about the importance of great user experience and graphics design in a competitive streaming market. Aferian plc (LON:AFRN) is a trusted


What’s hot in video streaming App UX right now?

Configurable, intuitive, efficient and personalized. These themes are central to the video streaming app user experience strategy for many content companies. In this video, 24i’s Sales Lead for North America, Craig Kierce, talks about the importance of taking


Recording: Evaluating next-gen STB options in 2023

Discussion Topics Our Voice of the Customer research has confirmed what TV operators want for their next-generation video delivery services. The fact remains that more time is spent viewing video on the TV than any other device. Yet,


Media Entertainment Best in Market 2022: 24i – 24iQ

As the streaming wars intensify and service providers battle increasingly hard to retain viewers, personalization is becoming critical to their success. 24iQ makes innovative use of sophisticated machine-learning techniques such as collaborative filtering, neural networks, natural language processing


A balancing act between control and simplicity

Vodafone Iceland is a publicly-listed telecommunications provider that is licensed to operate under the Vodafone brand, without being the property of Vodafone Group. It offers mobile, fixed line and broadband services to businesses and consumers. It operates one


24i lights up Philips Hue Sync TV

Launched at CES 2023, the Philips Hue Sync TV App synchronises the colour of the lighting in a consumer’s room with the content they are seeing on their Samsung TV, offering a more immersive and personalised viewing experience.


Spotlight on Innovation in Streaming Technology

The technology required to bring TV and video content to phones, tablets, Smart TVs and other streaming devices becomes more complex every day. Our job is to tackle that complexity on behalf of the OTT, Pay TV and

No more posts to show