Audioboom on track to exceed expectations following banner year

Podcast producer Audioboom posted a strong 2019 trading update on Monday, with the group now on track to exceed market expectations for the first time in its history.

Audioboom said 2019 had been "an incredible year" for the group, with strong growth across all areas of the business - evidenced by a 91% revenue increase to $22.2m and a 36% reduction in the group's year-on-year underlying loss to $3m.

Global revenues per download increased 16% to $29.60 each, while total available premium advertising impressions for the year ended 31 December jumped 59% to 1.64bn.

Audioboom's brand advertiser count grew 75% to 280.

The AIM-listed firm's net cash position improved by 25% to $2m.

Chief executive Stuart Last said: "Once again we outpaced the industry and enhanced our position as a global leader in podcasting.

"As we look ahead, Audioboom will seek to increase its share of advertising spend in the core US market, as well as the UK, by focusing on our acquisition of premium content. We will also invest in the growth of our Audioboom Originals Network; expanding our studio and production facilities, increasing our podcast IP, hiring top production talent, and launching more than ten new shows in 2020."

As of 0825 GMT, Audioboom shares were up 5.15% at 255p.