Sales momentum seen in recent FY results has continued into FY17
Companies: Audioboom Group PLC
AIM-listed audio advertising platform AudioBoom released a Q2 trading update this morning, saying that revenues are up 447% compared to last year thanks to strong sales performance and momentum.
The Group said revenues had hit £1.8m during the first half of the year, up from £0.329m last year. The update follows decent FY16 results published last month, that showed FY revenues of £1.3m and adj. LBITDA falling to £1.1m.
Allenby Capital said its recent performance had demonstrated considerable commercial progress:
“Management has focused its attention on the US, the largest and fastest growing podcasting market, and pared back headcount in the UK and restructured operations in Australia and India. Year-end net cash of £0.7m has been since bolstered by £5.3m in additional funding and Audioboom is well positioned to capitalise on a substantial opportunity. As an early entrant, Audioboom has built a large network of third party content creators and developed several of its own successful properties.”
CEO Rob Proctor said he was pleased with the momentum generated during the year, which was beginning to translate into rapidly improving financial results.
"The significant revenue increase compared to the first half of 2016 is driven by a broad range of growing KPIs, but most significant has been the growth in our US "live read" fill rates over the last few quarters, rising from under 20% in Q2 2016 to just over 70% in Q2 2017.”
He added that the sales team had done a “tremendous job” increasing its advertiser brand count to 80 from under 10 at the end of Q2 2016.