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.
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.