Audioboom Group PLC (AIM:BOOM) announced record revenue and profit in the first quarter as average monthly downloads for the podcast company continued to grow.
Underlying earnings (EBITDA) jumped to US$900,000 (£691,000), three times higher than the same period in 2021, as revenue rose 107% to US$19.7mln.
Average global monthly downloads increased for the ninth consecutive quarter to 126.2mln, a 45% increase from the first quarter of 2021, with global downloads reaching a record 131mln in March.
The AIM-traded company said advance advertising bookings mean that its contracted revenue for 2022 has already exceeded US$60.5mln, surpassing the US$60.2mln generated for the whole of 2021.
Revenue from Showcase, its advertising marketplace, jumped 150% from the first quarter of 2021, and now accounts for more than 11% of the company's total revenue.
“I am delighted to report that our fast growth has continued into 2022, further increasing our market share, deepening our work with our creators, expanding our options for advertisers, and achieving success for our original programming,” said chief executive Stuart Last.
The company had cash of US$3.3mln at the end of the first quarter, up from US$3.0mln at the end of 2021.