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Audioboom strikes good note as podcasting drives half-year revenue surge

Revenues for the six months soared 171%, boosted by a 63% increase in advertisers on the group's podcast network

F1 car
Audioboom hosts Formula 1’s official podcast, ‘Beyond the Grid’

Audioboom Group PLC (LON:BOOM) struck a good note on Thursday as sharp growth in the podcasting market drove revenues up over 150% in its latest half-year.

For the six months ended 30 June, the AIM-listed firm, which hosts podcasts from including Formula 1’s official series ‘Beyond the Grid’, reported that revenues had risen 171% to US$9.8mln while its adjusted EBITDA loss had halved to US$1.4mln from US$2.8mln a year ago.

READ: Audioboom strikes right note as it posts record first-quarter revenue

Revenues per 1,000 listens increased 51% to US$26.38 in the period, while the number of brand advertisers on the group’s podcast network had grown 63% to 212.

The group’s cash balance at the end of the period had also risen to US$3.4mln from US$400,000 a year ago.

Rob Proctor, Audiboom’s chief executive, said that the “strong progress” was driving significant improvements for the company, with 135mln individuals now listening to at least one of the firm’s podcasts as of June.

He added that forward sales for the second half of the year were already at record levels and he expected a “continued strong performance” for the rest of the year as content creators and advertisers continued to join the company’s platform.

However, despite the strong performance the shares seemed to have succumbed to profit-taking in mid-morning, sliding 2.8% to 260p.

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Price: 215 GBX

AIM:BOOM
Market: AIM
Market Cap: £30.11 m
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