Audioboom Group PLC (AIM:BOOM) said it has yet to conclude its strategic review launched in October that could include putting the business up for sale.
The brief update came alongside a trading update from the podcast group, in which it reported record revenue and profits ahead of expectations for 2025.
The AIM-listed company said the review remains ongoing and that an update will be provided on or before the publication of its full-year results in April.
A strategic review typically involves assessing options to maximise value, which can range from staying independent to selling part or all of the business, or partnering.
The update comes against a backdrop of strong trading. Audioboom said adjusted earnings before interest, tax, depreciation and amortisation (a measure of underlying profitability) rose 54% to about $5.1 million in the year to December, beating market forecasts. Revenue increased 10% to roughly $80.4 million.
The company, which makes money by selling advertising around podcasts and videos, said growth was driven by higher-quality revenue and the continued expansion of Showcase, its global advertising marketplace.
Showcase revenue rose 31% to about $30.4 million and now accounts for a growing share of group profits.
The final quarter of the year was particularly strong, with record revenue of around $24.9 million and adjusted EBITDA of about $2.2 million, implying a margin of 9%. In simple terms, that means the business is becoming more profitable as it scales.
Audioboom also benefited from its acquisition of Adelicious last July, which significantly boosted its UK presence.
Average monthly downloads and video views reached 150 million in the fourth quarter, up 66% on a year earlier, helped by rapid growth in video podcasts.
Not all trends were positive. Average revenue per 1,000 downloads and views fell to $55.23 from $75.62 a year earlier, reflecting a greater mix of lower-yield video views and UK audiences.
The company said this creates an opportunity to improve monetisation over time, particularly as video advertising develops.
Cash at the year end stood at $4.2 million, with a further $3.4 million available through an overdraft facility.
Audioboom also said an onerous contract that had weighed on cash generation expired at the end of December, meaning profits should once again translate more directly into cash in 2026.
Stuart Last, the chief executive, said 2025 marked a turning point as Audioboom evolved “from a podcast network to a scaled audio and video platform”.
He pointed to the Adelicious deal, growth in video podcasts and a new commercial partnership with Spotify as key building blocks for the next phase.
For now, however, investors will be watching closely for the outcome of the strategic review — and whether Audioboom decides its future lies as a standalone business or in the hands of a buyer.