Source - Alliance News

Audioboom Group PLC on Monday celebrated its return to revenue growth and adjusted profit in the fourth quarter, although it expects to report decreased earnings for all of 2023.

The Jersey-registered podcast publisher, which has offices in London and New York, said revenue increased 37% to around $19.2 million in the final quarter of 2023 from $14.0 million in the third quarter. It was up 4.3% from $18.4 million in the fourth quarter of 2022.

Revenue from Showcase, Audioboom’s global advertising marketplace, increased 35% year-on-year in 2023, it said.

‘I’m pleased to report a successful final quarter of 2023, with the business returning to growth mode,’ said Chief Executive Officer Stuart Last. ‘Our Q4 revenue of over $19 million is the highest since Q2 2022 and reflects the improvements we have made in the business across the year.’

Audioboom also swung to adjusted earnings before interest, tax, depreciation and amortisation of approximately $200,000 in the fourth quarter, compared with a $1.9 million loss in the third.

The company also returned to cash generation during the quarter, with its cash balance rising to $3.7 million at December 31 from $3.0 million at September 30.

Less positively, Audioboom expects to report revenue of $65.0 million for the whole of 2023, down 13% from $74.9 million in 2022. It anticipates an adjusted Ebitda loss of approximately $1.5 million for the year, following a $3.6 million adjusted Ebitda profit in 2022.

Looking ahead, Audioboom has already contracted over $47.0 million in revenue for 2024.

Audioboom said it ‘anticipates record revenue in 2024, with operational improvements...and a return to adjusted Ebitda profitability.’

CEO Last commented: ‘I am buoyed by a more positive sentiment in the advertising industry, with brands making strong budget commitments during the upfronts booking season, resulting in us contracting more than $47 million of revenue for 2024 through advance bookings.’

Shares in Audioboom were flat at 325.00 pence on Monday morning in London.

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