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Audioboom Group PLC on Friday said it expects to report lower yearly revenue and profit than expected as advertising markets prove ‘challenging’. Shares in the London-based podcast provider fell 25% to 211.93 pence each in London on Friday morning. The company said the advertising markets have remained challenging ‘for longer than anticipated’, meaning that it expects to report lower revenue and adjusted earnings before interest, tax, depreciation, and amortisation than previously forecast. However, the firm added that it expects that markets will improve, and is ‘in prime position to take advantage when they do’. Noting the challenging conditions, Audioboom said it has changed its approach to calculating the minimum guarantee offers for podcast partners. The firm said it continues to see ‘good’ like-for-like revenue and growth in operation key performance indicators, with this performance expected to be maintained through to the second half of the year. Meanwhile, the firm also said it has launched new partnerships with ‘top tier podcasters’. Looking ahead, Audioboom said it anticipates that it will return to growth in the third and fourth quarters of 2023. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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