Shares in Aferian PLC (AIM:AFRN) surged 29% in the first hour of trading after the company reported a significant turnaround in its financial performance for the year ending November 30.
The video streaming solutions provider announced a second-half adjusted EBITDA of $2 million, reversing a $2.4 million loss in the first half, thanks to 13% revenue growth and cost reductions.
The group also reduced its net debt by $2.4 million to $12.5 million and confirmed that $18 million in revenue is already committed for for the current financial year.
Strong performances from both its 24i and Amino divisions drove the results.
In early trading, the stock was up 0.3p at 4.18p.