Audioboom FY revenues fall, returns to growth in Q4

15th Jan 2024 08:11

(Sharecast News) - Podcasting business Audioboom said on Monday that revenues had fallen in 2023 but stated it was targeting record income in 2024 after having returned to growth in Q4.

Audioboom said full-year revenues had fallen from $74.9m in 2022 to $65.0m twelve months later, while its annual adjusted underlying loss of approximately $1.5m was in stark contrast to its $3.6m underlying earnings in the prior year.

However, Audioboom experienced a return to revenue growth in the fourth quarter, up 37% quarter-on-quarter to $19.2m, as well as a quarterly adjusted EBITDA profit of roughly $200,000, compared to a loss of $1.9m in the previous quarter.

Chief executive Stuart Last said: "I'm pleased to report a successful final quarter of 2023, with the business returning to growth mode. Our Q4 revenue of over $19.0m is the highest since Q2 2022 and reflects the improvements we have made in the business across the year.

"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 $47.0m of revenue for 2024 through advance bookings."

As of 0855 GMT, Audioboom shares were down 2.23% at 317.75p.

Reporting by Iain Gilbert at Sharecast.com