Audioboom Group PLC (AIM:BOOM) more than doubled its revenue in 2021 and said 2022 is “set to be another successful year”.
Revenues grew to US$60.3mln, from US$26.8mln the previous year, for the podcast company as it turned to a maiden net pretax profit of US$1.7mln compared to a loss of US$3.3mln the year prior.
Performance was boosted by an increase in monthly downloads, with October 2021 reaching a record 115.7mln downloads.
Commercially, the company continued to develop its production arm, Audioboom Studios, as well as adding to its creator network and launching key advertising technology.
“Our phenomenal performance has positioned us as the world's leading pure-play podcast business and increased our market-share significantly,” said chief executive Stuart Last.
The London-listed company previously reported record revenue of US$19.7mln for the first quarter of 2022, with global monthly downloads increasing for the ninth consecutive quarter, and adjusted underlying earnings of US$900,000.
READ: Audioboom announces record revenue and profit in first quarter
The company said 2022 is set to be another successful year, adding that it is in the process of renewing key content partnership contracts.
As and when these contracts are confirmed, Audioboom said it will update the market expectations for 2022.