Audioboom expects FY revenues 'significantly in excess' of current expectations
Podcast company Audioboom said on Friday that "strong" sales momentum has continued across the group, with signed advertising bookings for the year now representing more than 95% of recently upwardly revised revenue forecasts for 2021.
As a result, Audioboom now expects to generate revenues "significantly in excess" of current market expectations, while adjusted underlying earnings were also projected to grow year-on-year, driven by recent developments in relation to the firm's content-focused expansion plan.
Audioboom pointed to a high volume of new advertising bookings since third-quarter advertising inventory for its top 25 shows was made available at the beginning of April, as well as continued audience growth strong advertising demand, as the principal reasons for its outperformance.
The London-listed firm also highlighted the successful launch of Dark Air with Terry Carnation in the Audioboom Originals Network as another key driver of its outperformance, with more than 90% of the program's advertising inventory being sold before the podcast had even premiered.
As of 0820 BST, Audioboom shares had surged 10.61% to 730.0p.