14th Dec 2016 08:32
LONDON (Alliance News) - On-demand spoken-word audio platform Audioboom Group PLC on Wednesday said revenue surged in its recently completed financial year, outpacing market expectations.
The company said revenue for the year that ended on November 30 exceeded GBP1.3 million, ahead of market expectations and significantly more than the GBP192,000 reported the prior year.
Audioboom said its rate of revenue growth continued to accelerate over the course of the year and it made GBP630,000 in sales in the fourth quarter.
This growth has continued into its new financial year, Audioboom said, with GBP1.1 million of advertising sales booked for financial 2017 already.
The company said its unique users hit 58.6 million at the end of November, double the 29.1 million reported a year before. Total available advertising impressions on the Audioboom platform more than doubled from the third quarter to the fourth quarter of the financial year, it said.
"At the start of the year, we informed investors 2016 would be the year that we proved our business model in the global audio market, and we believe our revenue performance is evidence of that," said Rob Proctor, Audioboom's chief executive.
"We are really excited for our prospects in 2017; the key priority is again strong revenue growth, as we focus increasingly on our USA operations," he added.
Audioboom shares were down 5.9% at 2.00 pence early Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
Audioboom Grp.