Pre Q311 Oct 2024 22:11
Worth copying here the 2nd Sept RNS.
FY24 confirmed and FY25E confirmed
Also price target of ÂŁ13 reiterated
AUDIOBOOM GROUP (BOOM): CORP Five key podcast renewals, FY24E and FY25E reiterated Audioboom has announced five key podcast renewals on 18-36 month terms, with the renewed podcasts contributing almost 6m downloads per month to the 110m downloads per month on the network in Q4 23 and Q1 24. The five renewed podcasts (The Broski Report, The Nateland Podcast, Serialously with Annie Elise, National Park After Dark, and Minds Of Madness), renewed with Audioboom’s differentiated platform due to factors such as its full suite of capabilities, which includes inventory creation tool AdRip, the automated advertising marketplace Showcase, and the November launch of Advet. Combined with the March win of six top-tier podcasts, the March extensions with five key podcasts, and the November win of four top-tier podcasts, today’s renewals will enable the platform to target new operational records, after the record global audience reach of 38.6m unique global listeners in January, and a record 1.1bn ad impressions created in March. In the coming months, we expect management will continue to focus on winning and renewing podcasts on attractive, multi-year terms to enhance revenue visibility, gross margin, and EFCF generation. At this point, we reiterate our FY24E and FY25E forecasts, and expect Audioboom will be excellently positioned to capitalise on more positive ad market sentiment, where any revenue upside will gear strongly to adjusted EBITDA and cash. We reiterate our target price, and look forward to Audioboom delivering from a record operational foundation through robust operating and financial momentum at H1 results in July, and potential external interest in the platform.