Audioboom Group PLC (AIM:BOOM) remained in profit in the first quarter despite a fall in revenue in what it described as “challenging market conditions”.
The global podcast company said revenue in the quarter to 31 March 2023 fell to US$15.4mln which was, as expected, lower than the US$19.5mln posted in the corresponding period last year.
Reflecting the fall in revenue, adjusted EBITDA slipped to US$0.2mln from US$0.9mln, although Audioboom said strong management and cost control kept the firm profitable.
Group cash on 31 March was US$5.1mln, down from US$8.1mln at the end of 2022, with a further US$1.8mln available via an undrawn overdraft.
Average global monthly downloads of 125.2mln rose 13% on the previous quarter and were comparable to 126.2mln in the first quarter of 2022, while the average monthly brand advertiser count of 6,498 was up 74% year-on-year and 9% higher quarter-on-quarter.
Stuart Last, CEO of Audioboom, commented: "During Q1 we improved our business operations significantly, in spite of challenging market conditions.”
“We continue to expect to deliver year-on-year growth for the full year as well as continuing to outperform the wider market, and we see strong signs that the ad market is returning.“