21st Jan 2019 10:18
LONDON (Alliance News) - Audioboom Group PLC on Monday said it expects to report a strong performance in 2018, despite challenges created by its aborted Triton Digital acquisition.
Audioboom shares were trading 19% higher on Monday at 1.25 pence each.
The podcast company said revenue in the 13 months to the end of December 2018 almost doubled to USD11.7 million from USD6.1 million reported for the 12 months to the end of November 2017.
In September, Audioboom changed its financial year-end to December 31 from November 30 and will move to reporting in the US dollar from sterling.
Revenue per 1,000 listens in the US increased to USD25.87 in December 2018, up 36% from USD19.02 in May 2018.
Adjusted loss before interest, taxes, depreciation, and amortization reduced to USD5.2 million from USD5.7 million year-on-year, with a much-improved performance in the final three months of the period, Audioboom highlighted.
The abortive Triton transaction in May led to the company losing some key content which, it said, has "adversely" impacted Ebitda performance versus the company's, and the market's, expectations.
The Triton acquisition collapsed after Audioboom failed to raise the funds required to complete the deal which was originally announced in February.
Looking ahead, the company expects further strong growth in revenue in 2019, given the momentum generated in the second half.
"2018 posed exceptional challenges for the business, so it is hugely satisfying our revenue has almost doubled," said Chief Executive Rob Proctor.
"The exciting results in the final three months of the period, 2019 pre-booked advertising campaigns and content acquisition pipeline are all pointing towards a further significant increase in company performance in 2019," added Proctor.
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