Audioboom Group PLC said it was optimistic for 2024 while it reported an increased loss for last year.

The Jersey-registered podcast publisher said its pretax loss widened to $16.8 million in 2023 from $429,000 in 2022.

Notably, revenue fell 15% to $65.0 million from $74.9 million, while cost of sales were only 0.9% lower, at $60.1 million compared to $60.7 million.

Separately, the company announced an update to the first quarter of the year. Revenue edged up 11% to $17.1 million from $15.4 million a year prior. It said that positive momentum in the final quarter of 2023 continued into the first quarter of 2024.

It noted a ‘record’ first quarter average total brand advertiser count of 7,839, which was 21% higher than 6,498 in the first quarter of 2023.

Chief Executive Officer Stuart Last said: ‘Other key initiatives within the company - including the continued growth of our Showcase marketplace, accelerated ad inventory creation, the expansion of our brand platform Sonic, and the restructuring and renewal of podcaster contracts on more favourable terms - continued to progress well in Q1.’

Looking ahead, Audioboom expects 2024 to be a ‘record year’ for the company. CEO Last said: ‘In 2024 our main investment will be into our sales operation, specifically the growth of our brand awareness team tasked with bringing a new group of blue-chip customers to Audiobooom.’

He added: ‘Record revenue, combined with the improved podcaster revenue shares and removal of more than $5 million of minimum guarantee obligations through contract restructuring, is expected to take us back to a position of earnings before interest, tax, depreciation and amortisation profitability for the full year and as a board, look to the future with confidence.’

Audioboom shares fell 13% to 262.48 pence each on Monday morning in London.

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