18th Jul 2022 11:24
(Alliance News) - Audioboom Group PLC on Monday reported a swing to profit and a double-digit rise in revenue for the first half of 2022, with the podcast industry remaining robust.
For the six months ended June 30, the London-based podcast producer saw revenue climb 79% to USD40.9 million from USD22.8 million the year before. The company swung to a profit of USD566,000, from a loss of USD458,000.
The company reported a surge in adjusted operating profit to USD2.1 million from USD225,000 a year ago. Adjusted earnings before interest, tax, depreciation and amortisation also jumped to USD2.0 million, compared to USD200,000.
Audioboom said key partnerships made during the first half of 2022 contributed to the revenue rise, each delivering "large audiences and high volumes of advertising inventory."
"Key partnerships like these are now being renewed on longer, three-year terms and will give Audioboom exclusive sales and distribution rights," it noted.
Further, the company said its automated advertising marketplace, Showcase, has been one "clear driver of Audioboom's continued strong momentum in the first half of 2022", contributing more than 12% to group revenue. In May, it delivered record revenue reaching USD1.2 million. Audioboom said it's "on track to make more than four billion impressions available to advertisers within Showcase."
Chief Executive Officer Stuart Last said: "[The financial results] are impressive and are the result of our focus on building a platform that efficiently powers podcasting for creators and brands. Showcase - our scalable automated ad marketplace - goes from strength to strength, now delivering more than 12% of group revenue.
"2022 has presented global challenges and the advertising market is not immune to those, however, podcast revenue is expected to grow at a quicker pace than most other forms of audio and we are confident that our proven monetisation model will continue to deliver great value for brands."
The company reported group cash of USD5.8 million with further available funds from an undrawn USD1.8 million HSBC overdraft.
Looking ahead, Audioboom said it has a positive outlook, with advertising bookings of more than USD68 million for 2022 signed, which is more than 13% greater than 2021 total revenue of USD60.3 million. The company also said it is confident of achieving goals, as the podcast industry remains robust.
Shares were down 3.0% at 863.50 pence in London Monday morning.
By Xindi Wei; [email protected]
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