20th Jan 2020 09:56
(Alliance News) - Audioboom Group PLC on Monday said it was pleased with its strong performance in 2019, which exceeded market expectations for the first time since the company's launch in 2013.
Audioboom shares were flat at 242.50 pence each on Monday morning in London.
For the 12 months ended December 31, the digital social media platform said revenue almost doubled to USD22.2 million from USD11.7 million in the 13-month period from December 1, 2017 to December 31, 2018. Global revenue per 1,000 downloads increased 16% to USD29.60 from USD25.49 a year before.
The company also posted narrowed loss at the adjusted earnings before interest, tax, depreciation and amortisation level of USD3.0 million from USD4.7 million in 2018.
As at the end of the 2019, Audioboom held USD2.0 million in cash compared to USD1.6 million at the end of 2018.
The company said it had experienced strong growth across all areas of the business with a brand advertiser count of 280, up 75% from 160 reported for 2018.
Looking ahead, Audioboom Chief Executive Stuart Last said: "We will seek to increase our share of advertising spend in the core US market, as well as the UK, by focusing on the acquisition of premium content.
"We will also invest in the growth of the Audioboom Originals Network; expanding our studio and production facilities, increasing our podcast IP, hiring top production talent, and launching more than ten new shows in 2020," he added.
By Ife Taiwo; [email protected]
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