Shares in Audioboom Group PLC (AIM:BOOM) fell as much as 6.5% despite the podcasting group reporting record third-quarter results and strong year-to-date growth, as the company confirmed it has yet to receive any formal takeover offers.
The AIM-listed firm recently began a strategic review that could include a potential sale, following speculation linking possible suitors including Fox Corporation, iHeartMedia and Amazon.
However, Audioboom said no approaches had been made under UK takeover rules, a likely factor behind the market’s negative reaction.
The company reported a 9% rise in quarterly revenue to US$20.4 million and an 18% increase in adjusted earnings to US$1.2 million. For the first nine months of the year, adjusted EBITDA surged 127% to US$3 million.
Growth was driven by the acquisition of UK podcast network Adelicious, which expanded Audioboom’s reach and helped lift monthly downloads and video views by 40% to 135 million.
Its Showcase advertising marketplace also posted record quarterly sales of US$8.1 million.
The shares settled at 606p, down 14p.