Podcast purveyor Audioboom Group PLC (LON:BOOM) narrowed its losses in 2018 on the back of a sharp increase in revenue.
Revenue in the 13 months to the end of December was US$11.7mln, compared to US$6.1mln in the 12 months to the end of November 2018; the different end dates for the reporting periods are because the company is changing the end date of its fiscal year.
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The adjusted loss before interest, tax, depreciation and amortisation was US$5.2mln versus a loss of US$5.7mln the year before. The company noted that this year’s loss excludes what it considers to be exceptional items, such as the costs of the aborted Triton Digital transaction and corporate restructuring.
The company said that the final three months of 2018 had seen significant growth in the top line and a much-improved trading performance that saw it achieve operating cash flow break-even.
The company ended 2018 with cash of US$1.6mln, unchanged from three months earlier.
"2018 posed exceptional challenges for the business, so it is hugely satisfying that our revenues have almost doubled. Even more significant is the cash flow break-even performance in the final three months of the period, achieved through higher revenues, continued cost control and improved financial processes,” said Rob Proctor, the chief executive officer of Audioboom.
"The exciting results in the final three months of the period, 2019 pre-booked advertising campaigns and content acquisition pipeline are all pointing towards a further significant increase in company performance in 2019,” he added.
The shares were up 14.3% at 1.2p in early deals, valuing the company at £14mln.