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(Sharecast News) - Podcasting group Audioboom headed south after reporting a fall in full-year revenues and swinging to an underlying loss as a result of a "soft advertising market", constrained by macroeconomic headwinds.
Audioboom said revenues had fallen from $74.9m to $65.0m, dragging it to an annual adjusted underlying loss of $400,000, a marked reversal of fortunes when compared to the prior year's $3.6m underlying profit.
Group cash fell from $8.1m to $3.7m but the company noted that it had returned to growth in the final quarter.
Average monthly downloads were up 4% at 121.9m, while monthly brand advertiser count rose 47% to 7,727.
Chief executive Stuart Last said: "We are confident the momentum we saw in the final quarter of 2023 will continue, delivering further growth and record revenue performance in 2024. The advancements we made to the business will drive this progress, and I believe there is further upside potential as the advertising market looks to makes its initial steps in recovery. Sentiment within the advertising community has been positive in the early part of the year - and we are encouraged by the more than US$55m of advertising revenue booked for the year at this point. I am pleased to provide a more detailed update on 2024 later in this report."
As of 1600 BST, Audioboom shares were down 10.74% at 270.0p.
Reporting by Iain Gilbert at Sharecast.com
