Audioboom reports strong trading in response to share price slide
Podcast producer and distributor Audioboom reported ongoing strong trading on Tuesday, in response to a slide in its share price since the beginning of May.
The AIM-traded firm’s stock had slid more than 37% over the last month, and was currently trading below 1,300p.
It reported revenue of $7.1m in April, up 86% year-on-year, while its adjusted EBITDA profit rose to $0.5m from $0.05m.
Group cash as at 30 April totalled $4.4m, up from $3.1m.
Audioboom said its global monthly downloads increased to a record 131.9 million, up 44% on April 2021, while its brand advertiser count was 24% higher at 378.
Average global revenue per 1,000 downloads increased to $53.91, up 22% year-on-year.
The company said its sales momentum had continued “strongly” into the second quarter, with the company having contracted revenue of more than $66m for 2022 through advance advertising bookings, with $5.5m of advance bookings added since its trading update on 11 April.
“Audioboom's excellent trading performance has continued into the second quarter of 2022, culminating with April delivering strong revenue and adjusted EBITDA profit,” said chief executive officer Stuart Last.
“We have continued to see high advertiser demand, with booked revenue of $66m giving us good confidence for the year ahead.”
At 1428 BST, shares in Audioboom Group were down 3.56% at 1,273p.
Reporting by Josh White at Sharecast.com.