Shares in AIM-listed podcast specialist Audioboom (LON:BOOM) shot upwards by 11.55% to 198p (as of 11:45 BST) after revenues for the quarter ended 30th September climbed 15% year-on-year. The adjusted EBITDA loss for the year to date was a third smaller than that at the same point of 2019 as premium advertising impressions increased and the company’s own content outperformed. As a consequence of the improvement in performance, the company has terminated the formal sale process that was initiated in February and will focus on organic growth going forward.
CEO Stuart Last commented: “I am delighted with the speed at which Audioboom has rebounded from the challenges of Covid-19, growing 19% from the second quarter, highlighting the resilience and strong fundamentals that we have built into the business.
“Our growth continues to outpace that predicted for the wider industry, with revenues for the nine months to 30 September 2020 up 18% on the same period in 2019 – more than 70% faster than the projected US podcast market growth for 2020.
“New content partnerships with major tier one podcasts such as Rotten Mango and Skeptic Tank, plus strategic initiatives with Nielsen and Rogers Sports & Media will provide good momentum as we move into the final quarter, traditionally our strongest performing period“.