Audioboom boosted by results update

AIM-listed podcast specialist Audioboom (LON:BOOM) saw its shares shoot upwards by 12.73% to 310p (as of 15:30 GMT) after reporting that revenues grew by 20.1% during 2020. The company still booked an adjusted EBITDA loss for the year ended 31st December, but it shrank by 36% relative to the previous period.

CEO Stuart Last commented: “I am delighted that the company continues to perform well on all fronts despite one of the most challenging years in history. Ending the year with record quarterly revenue and EBITDA performance highlights the growing strength and potential of this business.

“In 2021, we will continue to scale our content operation, partnering with leading independent podcasts and investing in our in-house production arm. We see significant potential in emerging revenue streams that utilise our ad tech platform, including programmatic and international sales.

“We are laser-focused on moving the business to an EBITDA positive position in 2021 and the Company has made a very strong start to advertising bookings in 2021. Our team at Audioboom are executing a strategy that will continue our impressive growth and deliver even more value to our podcast partners and our shareholders“.