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Audioboom Group PLC on Monday hailed last year as a period of ‘significant cash generation’ after delivering a revenue hike, but added that macroeconomic challenges had restricted the extent of growth.
For the year ended December 31, the London-based podcast company expects revenue of $75.5 million, up 25% from $60.3 million in 2021.
Adjusted earnings before interest, tax, depreciation and amortisation are also expected to jump 16% to $3.6 million, from $3.1 million a year prior.
Annual growth was aided by an increase in monthly downloads during the fourth quarter, up 3% to 110.9 million from 107.5 million in the previous quarter.
Audioboom also noted the success of Showcase, its ad-tech driven global marketplace, and Sonic, its platform for brands. In 2022, revenue for the former rose 70% from last year, and is now contributing more than 14% to group revenue. Similarly, the latter grew by more than 37%.
However, Chair Michael Tobin noted that challenging economic conditions had prevented ‘even stronger financial growth in line with our initial expectations’.
Chief Executive Officer Stuart Last added: ‘On paper a very successful period, but ultimately our performance was restricted by global economic headwinds which negatively impacted the wider advertising market.’
Looking ahead, both remained optimistic of future growth.
‘We are focused on ensuring that the company is structurally resilient, and I am pleased to report a record year-end cash position of $8.1 million - critical during uncertain economic periods. We continue to focus on controlling costs, operating with a lean team, to ensure we can deliver maximized profits for shareholders in 2023,’ said Last.
‘Across 2023 we will restructure our sales organisation, ensuring we remain competitive at the top end of the podcast industry. Despite the continued uncertainty in the advertising market, we have made positive progress, having secured more than $44 million in advance advertising bookings for 2023.’
Audioboom shares were trading 5.8% lower at 398.33 pence each in London on Monday afternoon.
By Holly Beveridge; Alliance News reporter
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