14th Dec 2015 08:08
LONDON (Alliance News) - Audioboom Group PLC Monday said that, whilst its revenue for the year to end-November was significantly ahead of the previous year, it fell short of market expectations.
The company, which operates an on-demand spoken work audio platform, is continuing to target profitability and positive cash generation in 2017.
Audioboom said that real revenue growth only began towards the end of its fourth quarter, with revenue in the quarter more than double the previous three quarters combined.
It expects this growth to continue into the first quarter of the next year, and said that whilst it expects the shift in timing and pace of adoption will hit its expected full year revenues for 2016, the year is still anticipated to show "substantial incremental growth year-on-year."
"I believe that the tremendous growth in our overall listens figures, for the final quarter and the full year, reflects our success in becoming a truly 'distributed' media company, that is able to create and, in time, to monetise listens wherever they occur around the web. Our continued focus for 2016 will be on commercialisation and monetisation, improving our platform functionality for broadcasters and consolidating our position as a leading distributed audio on-demand media company," said Chief Executive Officer Rob Proctor in a statement.
Shares in Audioboom were down 25% at 3.10 pence Monday morning, shortly after market open.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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