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LONDON (Alliance News) - On-demand spoken-word audio platform Audioboom Group PLC on Tuesday said revenue in the third quarter was higher than in the first half of its financial year and it remains confident it will meet its full-year sales expectations.
Audioboom said it is adopting the guidelines outlined by the Interactive Advertising Bureau last month, including reporting unique file requests, or UFRs, as a measuring standard for user volumes rather than listens, which Audioboom has previously used.
This has been adopted as UFRs are more standard across all audio platforms, while listens can be calculated by different companies in different ways.
Under the new standards, Audioboom said UFRs on its platform grew to 102.5 million in the third quarter to the end of August, from 93.4 million in the second quarter, up 10% on a quarter-on-quarter basis.
Audioboom added it is calculating advertising impressions on a quarterly basis, and this also grew in the third quarter. Advertising impressions in the three months to August 31 increased to 59.0 million from 43.5 million in the second quarter to the end of May.
Revenue in the third quarter outpaced the entire first half, Audioboom said, while advance bookings for the fourth quarter and into its next financial year indicate this momentum is continuing.
As a result, Audioboom is confident it will meet its revenue expectations for the year to November 30.
Audioboom added talks regarding the acquisition of SONR News Ltd are ongoing. Audioboom said in August it was considering buying SONR, primarily in order to obtain the company's engineering team and its Neuro-Linguistic Programming and Artificial Intelligence algorithms.
"The board is confident that revenue expectations for the full year will be met. The momentum we have created is accelerating, particularly in the US, where an increasing amount of our focus is being placed. As we head towards 2017, the revenue generating capabilities of our global platform and our continued cost reduction measures will ensure that we have a strong and positive outlook," said Audioboom Chief Executive Rob Proctor.
Shares in Audioboom were trading flat at 2.50 pence on Tuesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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