Audioboom Group PLC's (AIM:BOOM) shares jumped 17% in early trading after the podcast company reported record revenue and raised profit expectations in its latest trading update.
The company posted Q3 revenue of $18.8 million, a 34% increase from the same period last year, while adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) hit $1 million for the quarter, marking its fourth consecutive profitable quarter.
Audioboom credited the growth to its global advertising marketplace, Showcase, which saw revenue almost double to $7 million, contributing over 30% to group revenue.
Other highlights include a record global revenue per 1,000 downloads (eCPM) of $66.06, and strong podcast performance, with key contracts renewed for shows like Duncan Trussell Family Hour and Politics War Room.
Audioboom also reduced its financial obligations, further boosting its profit margins. With over $71 million in revenue already booked for 2024, the company continues to strengthen its position in the podcasting market.
The stock was up 36p at 246p.