24th Jul 2015 07:47
LONDON (Alliance News) - Audioboom Group PLC Friday reiterated its goal of achieving cash generation and profitability in 2017, as it posted a widened pretax loss for its first half.
Audioboom operates a spoken-word on-demand platform.
For the half year to end-May the company reported a pretax loss of GBP3.3 million, widened from a pretax loss of GBP2.1 million a year before, as revenue rose to GBP46,000 from GBP24,000, but this as offset by higher administrative costs and GBP371 in share based payments.
The company attributed the rise in costs to investment in its growth strategy, increased marketing activities and additional corporate and governance costs as a result of being listed on AIM.
Audioboom said it continued to focus on growing its registered user numbers, the number of content partners using its platform and the number of downloads of its mobile applications during the first half.
The number of users rose to over 4.0 million at the end of the half year from 3.1 million at the end of November, including 200,000 user additions in May. Over the half year the number of content partners posting content rose to over 3,000, increased from 2,000 at the beginning of the financial year, the company said.
Audioboom said it has now had a total of 1.5 million total application installations since the platform was launched for Android and iOS devices.
Following the half-year end, the company inked an advertising revenue share agreement with US radio group Cumulus Media Holdings Inc.
"We are continuing to grow our user base, add high quality content partners and increase the number of customers downloading our iPhone and Android app. We have also advanced our position as a major aggregated audio advertising network whereby we look to build up significant revenues by running advertisements in-stream on any websites, apps, and third party audio platforms that use our platform to provide on-demand content," said Chief Executive Officer Rob Proctor in a statement.
Shares in Audioboom are trading down 5.5% at 5.20 pence Friday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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