Audioboom Group PLC (AIM:BOOM) has tipped that the fourth quarter of this year could see it return to year-on-year growth as the scope to sell advertising space grows.
Audioboom said it created around a billion sellable advertising impressions in October, up from 675 million last year, positioning the AIM-listed firm to capture “maximum demand”.
“As audiences continue to flock to podcasting [...] we are optimising for the current advertising market,” chief executive Stuart Last said.
The company reported revenue of US$45.8 million for the nine months to September, down on US$57.1 million last year.
There was an adjusted pre-tax loss of US$1.7 million for the first three quarters meanwhile, as minimum guarantee payments were made based on contracts signed before the advertising market took a downturn.
Reduced exposure to such guarantees should see Audioboom pen revenue of "at least US$19 million" over the coming quarter, the company said, alongside a return to positive adjusted earnings.
“Strong operational progress in the third quarter will be recognised through a return to year-on-year and strong sequential revenue growth in the final quarter,” Last added.
Average monthly downloads hit a report of 126.6 million in the latest quarter, the podcast firm continued, while average advertiser count grew 40% to 7,960 brands.
“I would like to thank our partners for continuing to support the company through a more challenging period than we had expected,” Last said.
“I am confident about our prospects for 2024 and I am pleased to maintain our expectations for record revenue performance next year.”