LONDON (ShareCast) - (Sharecast News) - Stocks and shares website ADVFN reported on Monday that its full-year profits doubled on the back of a strong performance from its cryptocurrency information offering.
For the 12-month period ended 30 June the outfit's profit before tax increased by 107% to £0.4m as high interest in Bitcoin and other cryptocurrencies resulted in a 12% jump in revenue compared to the prior year, reaching £9.2m.

Clem Chambers, chief executive of ADVFN, said: "The timing of the Bitcoin bubble was fortunate as private investor interest in equities has been at an all-time low. It is perverse but our business in equities flourishes best when the market crashes and our customers are hurt by corrections and slumps. In strong markets investor complacency is not good for our business and we rely on the diversified nature of our sales to maintain revenue."

The AIM traded company's research and development costs remained steady at £0.4m as it continues to invest in website improvements and remaining "fresh and relevant".

Cash and cash equivalents at 30 June stood at £1.1m, up from £1m at the same point the previous year.

"We are very bullish about the potential of future demand for Cryptocurrency information and feel this can be a business multiplier for us in the next 3-5 years," said Chambers. "As you will see from the figures, we have made the investment in technology and skills to master and provide this information, without the costs materially affecting our bottom line."

ADVFN's shares were down 3.64% at 26.50p at 1230 GMT.

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