(Alliance News) - Podcast firm Audioboom Group PLC on Monday reported a revenue jump and narrowed loss in 2019.
Revenue surged 91% to USD22.3 million from USD11.7 million in 2018. Audioboom's pretax loss narrowed to USD7.5 million from USD8.4 million.
"Following a challenging 2018, it is particularly satisfying to reflect upon Audioboom's impressive performance in 2019," Chair Michael Tobin said.
The company's has deals with podcasts like No Such Thing As A Fish, a weekly series presented by the researchers of the BBC's QI panel gameshow, The Totally Football Show, a twice weekly football analysis podcast and F1: Beyond The Grid, a series featuring interviews with Formula 1 racing drivers.
Audioboom reported growth in its key performance indicators.
Brand advertiser count rose 75% to 280 from 160 and global revenue per 1,000 downloads increased 16% to USD29.60
Chief Executive Officer Stuart Last said: "Audioboom has achieved an outstanding set of results and I am delighted that, in my first year as CEO, the company has exceeded market expectations for the first time in its history.
"Momentum has continued into 2020, with bookings ahead of management expectations for the first quarter. While we are working hard to understand the impact of Covid-19 on the industry and our business, we're confident that the support of our shareholders and an improved cash position has put us in a strong position to continue our expansion and further cement Audioboom as the leading independent podcast company."
The company recently kicked off a sales process, which could see it be the object of a takeover.
In February, the UK Panel on Takeovers & Mergers granted a waiver to Audioboom, not requiring the company to publicly disclose potential bidders.
Earlier that month, the company had hired Raine Advisors Ltd to evaluate a range of strategic options, including a potential sale of the company.
Tobin said on Monday: "A number of interested parties are actively engaged in the process, and currently potential buyer interest in Audioboom suggests the process will stay the course, but we will continue to evaluate the impact of Covid-19.
"Notwithstanding the formal sales process, the company remains focussed on its core business strategy and the first quarter results to date indicate that these efforts continue to transform into excellent financial performance."
Shares in the company were 0.6% lower at 155.10 pence each in London on Monday afternoon.
By Eric Cunha; ericcunha@alliancenews.com
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Audioboom Grp. (BOOM)