REG - Audioboom Group PLC - Final Results
09/04/2025 07:00
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RNS Number : 2119E Audioboom Group PLC 09 April 2025
This announcement contains inside information as stipulated under the UK
Market Abuse Regulations ("MAR").
Audioboom Group plc
("Audioboom", the "Group" or the "Company")
Final audited results for the year ended 31 December 2024
Audioboom (AIM: BOOM), the leading global podcast company, is pleased to
announce its final audited results for the year ended 31 December 2024.
Financial and operating highlights
· 2024 revenue of US$73.4 million, up 13% on 2023 (US$65.0 million).
Audioboom's revenue growth is ahead of the IAB's 2024 industry growth forecast
· Annual adjusted EBITDA(1) profit of approximately US$3.4 million, up
US$3.8 million on 2023 (adjusted EBITDA loss US$0.4 million) and significantly
ahead of the thrice upgraded 2024 market expectations
· Record quarterly adjusted EBITDA of US$2.1 million in Q4 2024,
reflecting a record 10% adjusted EBITDA margin
· Significant growth of Showcase - our scalable, higher gross margin,
tech-based, global advertising marketplace. Record revenue of US$23.1 million,
up 56% on 2023 (US$14.8 million) and reflecting the Company's continued focus
on growing its highest gross margin product. In 2024, the revenue contribution
of Showcase increased to 32% (2023: 23%)
· 2024 RPM((2)) (average revenue per 1,000 downloads) of US$62.41, up 40%
on 2023 (US$44.44)
· Average 2024 monthly brand advertiser count of 8,414, up 9% on 2023
(7,727)
· Average 2024 global monthly distribution of 98 million downloads and
video views (2023: 121.9 million) following Apple's iOS17 update which reduced
and rebased download reporting materially across the wider podcast industry
· Group cash at 31 December 2024 of US3.9 million (31 December 2023: US3.7
million) with a further US$3.1 million available via a recently increased
overdraft facility
· The Company anticipates record revenues and adjusted EBITDA
profitability in 2025
· Q1 2025 trading update (announced today) details further revenue growth,
significantly increased adjusted EBITDA profitability and record Q1 RPM and
brand count
Key commercial developments
· Signed a multi-year partnership with Triton Digital to utilise
TAP, a technology tool to further scale and optimise advertising inventory in
Showcase and support the next phase of growth in our marketplace
· Signed a multi-year commercial deal with Voxnest, as a major
buy-side partner in Showcase to increase demand for the marketplace
· Multi-year partnership renewals with key creators including Tim
Dillon, The Bulwark Network, Cryptic County, No Such Thing As A Fish and
Kendall Rae. These shows contribute more than 11 million downloads per month
to the Audioboom Creator Network
· Further reduction of more than US$3.0 million of annual minimum
guarantee obligations beginning Q1 2025, with further reductions to our
minimum guarantee exposure expected throughout 2025
· Ended 2024 as the 4th largest podcast publisher in the US on the
Triton Digital ranker, as well as 4th in Australia, 3rd in Canada, 2nd in New
Zealand and 7th in Latin America - highlighting the platform's global scale
Post year-end highlights
· Launched a new partnership with Sounder to equip Showcase with
Artificial Intelligence capabilities. Showcase will utilise AI to expand our
work with global blue-chip brands through contextual ad targeting and brand
safety controls
· Expansion of the Audioboom Creator Network through new tier one
content partnerships, including Reading Reddit, Smosh Mouth, Not Loveline,
Take It Easy, Small Town Dicks, The Honeydew Podcast and Aware and Aggravated.
These shows are expected to contribute more than five million downloads and
YouTube views per month to the Audioboom Creator Network in 2025
· Renewed key contracts with leading podcasts in our creator network
including Lights Out, The Sesh, The Cycling Podcast, Soder and Mile Higher.
These shows are downloaded and viewed more than 15 million times each year
· Increased our investment in the UK podcast market through a partnership
with Hat Trick Productions - the company behind Have I Got News For You - and
hired into our UK sales team to further develop our brand partnerships at
major UK advertising agencies
· The Company has currently contracted revenue of more than US$63 million
for 2025, through advance advertising bookings, US$8 million more than at the
same point last year
(1)Earnings before interest, tax, depreciation, amortisation, share based
payments, non-cash foreign exchange movements, material one-off items, and
onerous contract provisions and losses incurred
(2)Previously referred to as eCPM, this KPI has been renamed RPM (Revenue Per
Mille) to align with industry standards. There has been no change to the
calculation
Enquiries
Audioboom Group plc
Stuart Last, Chief Executive Officer Tel: +44(0)20 3714 4285
Brad Clarke, Chief Financial Officer
Cavendish Capital Markets Ltd (Nominated Adviser and Broker)
Jonny Franklin-Adams/Elysia Bough/Rory Sale (Corporate Finance) Tel: +44(0)20 7220 0500
Harriet Ward (ECM)
About Audioboom
Audioboom is a global leader in podcasting - our shows are downloaded 100
million times each month by 38 million unique listeners around the world.
Audioboom is ranked as the fourth largest podcast publisher in the US by
Triton Digital.
Audioboom's ad-tech and monetisation platform underpins a scalable content
business that provides commercial, distribution, marketing and production
services for a premium network of top tier podcasts. Key partners include the
official Formula 1 podcasts 'F1: Beyond the Grid' and 'F1 Nation', 'True Crime
Obsessed' (US), 'The Tim Dillon Show' (US), 'No Such Thing As A Fish' (UK) and
'The Cycling Podcast' (UK).
Audioboom operates internationally, with global partnerships across North
America, Europe, Asia and Australia. The platform distributes content via
Apple Podcasts, YouTube, Spotify, Pandora, Amazon Music, Google Podcasts,
iHeartRadio, Facebook and Twitter as well as a partner's own websites and
mobile apps.
For more information, visit audioboom.com.
CHAIRMAN'S STATEMENT
I am pleased to introduce these annual results which reflect upon the
Company's return to growth and profitability in 2024, having demonstrated its
resilience during a challenging 2023, and which highlight a strong start to
2025 in what is anticipated to be a record year ahead for revenue and profit
performance.
Whilst the return to revenue growth in 2024 was welcome, even stronger
potential growth was constrained by changes brought about by Apple's iOS17
update which impacted download numbers (and associated revenue) materially
across the wider podcasting market. It is testament to the Company's business
model that it was able to withstand these headwinds and suffered less impact
than many of its competitors. Growth in other KPIs and areas of focus within
the business once again led to increased market share and reinforced the
Company's position as one of the world's largest independent podcast companies
in an industry that continues its rapid maturity into mainstream media. It has
been particularly pleasing to see the outstanding growth in our highest gross
margin offering, Showcase, which resulted in us delivering adjusted EBITDA
materially ahead of market expectations.
The Board is confident that the business is well placed to deliver upon
expectations for record revenues and adjusted EBITDA profitability across
2025, and is fully primed for further future growth beyond this year.
In his CEO Review, Stuart Last provides further detail around the Company's
strategy and focus, component parts of the business, operational and financial
performance, the start to 2025 and the outlook for the future.
I would like to take this opportunity to thank the entire Audioboom team for
their continuing professionalism and commitment, and also to thank our
shareholders and partners for their loyalty and vision in supporting Audioboom
as it continues to grow.
Michael Tobin OBE
Chairman
8 April 2025
CHIEF EXECUTIVE OFFICER'S REVIEW
Introduction
2024 was another successful year in the development of Audioboom as the
world's leading independent podcast platform. Once again, we delivered
double-digit revenue growth - continuing our streak of outpacing industry
growth and capturing market share in the US and UK. During the year we
outperformed adjusted EBITDA guidance four times, and demonstrated the
strength of our business model in the final quarter of the year by delivering
an adjusted EBITDA margin of more than 10%.
Key to our success was the continued growth of Showcase - our global ad tech
marketplace which provides an efficient route for brands to advertise at scale
and ensures podcasters on the Audioboom Creator Network maximise the value
from their content. We created record levels of supply and bolstered our
internal brand advertising team, expanding our work with blue-chip brands who
utilise Showcase to target audiences. This led to Showcase delivering more
than 5 billion ads during the year and growing its revenue by 56% versus 2023.
The podcast industry returned to growth in 2024 following a global advertising
market recession that impacted the market throughout the previous 18 months.
Although brands returned to podcasting and budgets improved, the industry
faced further challenges in light of unexpected changes to how Apple's
podcasting app downloaded content. This led to a sharp and material decrease
in download numbers across the industry and, frustratingly, despite our strong
progress in 2024, we estimate this change to have restricted our revenue
opportunity by approximately US$15 million during the year.
Our mission to power podcasting for creators was at the heart of our growth
plans as we launched new technology, tools and services for our podcast
partners. We consolidated our position as the leading global independent
podcast publisher, as well as the leading global pure-play podcast publisher.
We are confident the momentum we saw across 2024 will continue in 2025 with
increased pricing and higher demand for our inventory, and with more than
US$63 million of advertising sales booked at the time of this report, we are
confident in delivering our sales goals. Our continued focus on high-quality
revenue, through improved podcaster contracts and our higher-margin Showcase
advertising product, will drive higher profitability. We're excited to deliver
record performance for Audioboom in 2025.
Strategy
Audioboom powers podcasting. Our platform connects the world's best audio and
video podcast content with advertisers, and then distributes it to audiences
globally. We are an indispensable component in podcasting's three-sided
marketplace of audience, advertiser and creator. Each is important to the
successful growth of the medium individually - but they require Audioboom at
the centre to connect them all, to ensure they operate effectively and to
extract maximum value for all.
The Audioboom platform is efficient and scalable. Today it handles more than
8,000 content channels, 10,000+ advertisers, and receives around 100 million
downloads and views monthly by a unique audience of more than 38 million.
Our growth strategy continues to focus on the expansion of the Audioboom
Creator Network where we platform the world's leading podcasts. We develop
technology and commercial products to optimise the value of that content.
Audioboom has developed three clearly differentiated products to support this
content growth:
- Premium Advertising, in which leading podcast hosts endorse
products and brands to their engaged audience natively within their shows.
These ads drive actions in the form of attributable product sales or
awareness. This advertising product is highly effective - the combination of
trusted influencers, engaged audiences, and third-party attribution data - and
enables campaigns to be sold at a premium price point. Our Premium ad product
- sold exclusively by our in-house sales teams in the UK and the US - is a key
driver of revenue for the business, contributing more than 54% of Group
revenue in 2024.
- Showcase is our automated ad tech-driven marketplace which
launched in 2021 and executes advertising campaigns through Dynamic Ad
Insertion (DAI). Our ad tech consolidates the large supply of advertising
inventory we create and exposes it to a portfolio of demand channels which
include international monetisation partners, a self-serve campaign booking
platform, and a programmatic ecosystem of demand-side platforms (DSPs) used by
the biggest advertising buyers in the world. 2024 was a very successful year
for Showcase - more than 5 billion advertising impressions were sold in the
marketplace (up from 3.3 billion in 2023), it delivered more than 56% revenue
growth and contributed 32% of the Group's revenue (vs 23% in 2023).
- Sonic is our brand platform focused on providing tools and
services directly to podcast advertisers. The platform enables brands to
execute high-value advertising campaigns across the world's biggest podcasts,
and provides partners with market-leading insights and ROI data. Sonic has
been a key pillar of Audioboom for the past four years contributing
approximately 14% of Group revenue in 2024.
Key Performance Indicators
1. RPM (revenue per 1,000 downloads) in 2024 of US$62.41, up 40% (2023:
US$44.44)
RPM is a measure of the value we extract from every 1,000 downloads on the
platform, and how we optimise the supply of available advertising inventory.
Growth drivers for this KPI include: increasing fill rates; increasing
pricing; and increasing available inventory per download. Strong 40% annual
growth in RPM was delivered mostly through inventory creation - we generated
10.5 available advertising impressions per download in 2024 versus 7.2 per
download in 2023. A strengthening monetisation model and higher demand season
led to record quarterly RPM in Q4 of US$75.62 (Q4 2023: US$58.82).
2. Average monthly brand advertiser count of 8,414 in 2024, up 9% on 2023
(7,727)
Brand advertiser count measures Audioboom's active customers across our
advertising products. Key drivers of this KPI include: the expansion of
Showcase marketplace; addition of new content genres to widen brand appeal;
development of relationships with new brands and agencies; overall market
growth and expansion of brands advertising in podcasts. The early traction of
our newly launched brand advertising team focused on developing partnerships
with global blue-chip brands, together with an improving advertising market,
led to 9% annual growth in this metric, and a record 10,165 customers in
November 2024, our highest demand month.
3. Distribution in 2024 down 18% to 99.9 million (121.9 million in 2023)
Distribution is a measure for the scale of our platform in terms of audio
downloads and video views. It enables accurate comparisons to be drawn with
our competitors. Distribution drivers include; organic audience growth of
existing podcasts in our network and the expansion of our network through the
signing of new creator partners. Apple's iOS17 update removed automatic
downloading of back-catalogue content, negatively impacting downloads across
the industry in 2024 by an average of 32%. Audioboom proved more resilient
than the wider industry with our distribution impacted by approximately 18%.
The effects of this change will be seen on a year-over-year basis through Q1
2025, however, Audioboom is positive that this change in consumption data will
provide long-term revenue upside opportunities due to the increased
return-on-investment brands advertising in podcasting will see through more
accurate audience data.
Overview of the Market
Podcasting returned to growth mode in 2024 following a challenging 2023 as
audience numbers and audience engagement levels continued to build - people
love podcasting and that is highlighted in key data points(1):
· 70% of Americans age 12+ have listened to a podcast
· 51% of those Americans age 12+ have watched a podcast
· 73% of Americans have consumed a podcast in either audio or video
format, representing an estimated 210 million people
· 55% of Americans age 12+ are now monthly consumers of podcasts
This continued audience and consumption growth is leading to expanded revenue
opportunity for the industry through advertising sales, and podcasting's total
addressable market is expected rise to US$16 billion in 2030 - up from US$4
billion in 2024(2). Audioboom is primed to capture a growing share of this
value.
Audioboom has consolidated its position amongst the world's leading podcast
businesses, highlighted by the trusted measurement services - Triton Digital's
Podcast Reports and Edison's Top Podcast Networks chart:
· In Triton Digital's US ranker Audioboom ranks as the third
largest publisher in terms of unique audience reach,
· In Edison Research's 2024 list of largest podcast networks,
Audioboom ranks as the fifth, only beaten by Spotify, SiriusXM, Amazon and
iHeartMedia. Edison's list is the only ranker that measures all podcast
companies.
On each measurement service Audioboom ranks as the highest independent podcast
publisher, as well as the highest ranking pure-play podcast publisher.
While 2024 did not bring the expected uptick in M&A activity in the sector
- the only notable transaction being the acquisition and consolidation of the
advertising agencies Veritone One and Oxford Road by private equity firm
Insignia Capital - we are anticipating that the structural growth of the
medium and a healthier advertising market will create improved sentiment and
increased M&A activity in the sector. Audioboom's business model,
structure and performance continues to provide strong optionality on our
future path. Our global scale, ownership of technology and commercial services
will make us an attractive proposition for strategic acquirers looking to
fast-track a leadership position in podcasting. Alternatively, our platform
model positions us to explore accelerated growth as an independent business
through targeted consolidation. Success in making acquisitions will to some
extent be dependent on where our share price is so that we can effectively use
our equity in an accretive manner. As always, the Board will continue to
strive to deliver maximum shareholder value.
(1)Source: Edison Research Infinite Dial study 2025
(2)Source: Grand View Research, Podcast Market Size, Share, Trends &
Growth Report 2030
Financial Review
Audioboom returned to growth mode in 2024 recording total revenue of US$73.4
million, up 13% on 2023 (US$65.0 million) and reflecting the return of brands
advertising in the sector following a challenging 2023. The Company benefitted
from the many operational improvements and enhancements implemented during
2023 and 2024, delivering a return to adjusted EBITDA (earnings before
interest, tax, depreciation, amortisation, share based payments, non-cash
foreign exchange movements and before exceptional items, including the
provision for, and losses on, two onerous contracts) profit in 2024 of US$3.4
million, up US$3.8 million on 2023 (adjusted EBITDA loss of US$0.4 million),
having upgraded adjusted EBITDA market expectations four times. Audioboom
recorded a record quarterly adjusted EBITDA profit of US$2.1 million in Q4
2024, reflecting a record 10% adjusted EBITDA margin for that quarter.
In 2024, as in the prior year, the vast majority of Group revenue (98%) was
generated in the United States - which is the largest and most developed
market for podcasting. In 2024, Premium revenue grew by 10% year on year to
US$39.7 million (2023: US$36.1 million), contributing 54% of total revenue
(2023: 55%). There was exceptional growth once again in Showcase revenue,
which increased 56% year on year to US$23.1 million (2023: US$14.8 million),
contributing 32% of Group revenue (2023: 23%) due to inventory increasing by
over 50%. Sonic Integrated Marketing revenue decreased by 26% year on year to
US$10.5 million (2023: US$14.2 million), contributing 14% of Group revenue
(2023: 22%) due to the reduction in the average number of brands spending with
Sonic to 5 brands in 2024 (2023: 7). The Group continues to focus on higher
quality revenue generating higher gross margins.
The Group recognised an improved gross margin in 2024 of 21.5%, excluding the
impact of onerous contracts (2023: 17%), with the gross margin increasing as
the year progressed. Gross margin by quarter was as follows: Q1 2024: 16%, Q2
2024: 18%, Q3 2024: 20% and Q4 2024: 24%. This improvement in gross margin
reflects the seasonality of revenue recognised, as the second half of the year
is typically stronger than the first half. In addition, the seasonality of
revenue recognised means that podcast contracts with minimum guaranteed ("MG")
revenue share for podcast creators have invariably met the MG requirements as
we enter the latter stages of the year and, therefore, a lower level of MG
"true-ups" are required in the second half of the year and a higher gross
margin is recognised. In 2023, during the advertising market downturn, lower
sales revenue resulted in the Company needing to utilise its share of
advertising revenue to satisfy a small number of podcaster MGs, which in turn
impacted the gross margin recognised. In 2024 no further loss-making, onerous
contracts were recognised, with the two onerous contracts provided for in 2023
expected to roll out of contract on 31 January 2025 and 31 December 2025
respectively.
The Company continued to control overheads very well during the year and we
continue to align staff globally to ensure that every employee contributes to
the growth of the business. This is in important point when assessing our
performance, with an opex base which is not expected to materially increase in
the coming years - as revenue continues to grow, more of it will flow through
to profitability and in 2026, once our onerous contracts have expired, into
cash generation. The Company was able to report opex (excluding interest, tax,
depreciation, amortisation, share based payments, non-cash foreign exchange
movements and material one-off items) of US$11.0 million, just 6% higher than
in 2023 (US$10.4 million). We continue to monitor the cost base closely and
align it to the Company's operational demands and this will continue into 2025
as we focus on areas that we believe can drive further revenue growth. The
average headcount for 2024 was 40 (2023: 39) and this is not expected to
materially increase during 2025.
The total profit before tax for the year was US$0.9 million, a significant
improvement on the prior year (2023: US$16.8 million total loss before tax)
mainly due to the US$7.4 million provision for the future estimated net loss
of the two onerous contracts and the US$5.1 million loss incurred on those
contracts in 2023. The Company saw a cash inflow from operating activities of
US$0.1 million (2023: cash outflow of US$4.5 million), mainly due to the
improvement in trading year on year. The Company continues to operate an
extremely efficient working capital cycle which is now well established in
terms of processes built and refined over the last six years. Debtor
collections continue to be strong and, over the last five years, collections
have averaged 96% of revenue recognised in the year. In 2024, debtor days of
82 are reported, 1 higher than the 81 reported in 2024 - we continue to remain
below our ongoing debtor day target of 90 days. The Company continues to incur
very minimal bad debt write offs (US$0.1 million in both 2024 and 2023) and
average payable days increased to 82 in 2024 from 68 in 2023, reflecting the
return to revenue growth in Q4 2024 which led to an increase in year-end
partner payments that have been satisfied in Q1 2025.
The Company ended 2024 with cash of US$3.9 million. In addition, the Company
had access to a US$3.1 million overdraft facility with HSBC which was
increased from US$1.9 million in November 2024. Therefore, the Company had
access to circa US$7.0 million going into 2025, with the Company being fully
funded for its current growth trajectory.
Outlook
2025 is set to be a record year for Audioboom, and - as highlighted in our Q1
2025 Trading Update released today - we have made a positive start in the
first three months, delivering 10X adjusted EBITDA growth (US$0.7 million vs.
Q1 2024: US$0.07 million).
We are focused on creator partnerships that generate higher quality revenue
for the business and as such we must be disciplined in our approach to our
contracting. This may slow-down top-line growth on occasion, but is important
to maintain our good health - as such, in the first quarter we intentionally
relinquished a number of lower performing contracts, replacing them with
higher-quality revenue that will drive profitability. So while our Q1 revenue
of US$17.3 million had a lower growth rate (up 1% vs 2024: US$17.1 million) it
was exactly what we needed in order to achieve our 2025 goals. I do expect our
revenue growth rate to accelerate through upcoming quarters as key new content
partnerships including Smosh Mouth and Reddit Stories come online.
In 2025 our main investments will once again be into our sales operation,
specifically the growth of our brand awareness team tasked with bringing a new
group of blue-chip customers to Audiobooom. During the first quarter we made
the first of those investments with the hiring of Liv Suco, formerly of Global
Media and Sony Music Entertainment, to drive our sales in the UK.
Showcase continues to grow strongly (Q1 2025 up 36% vs Q1 2024), and our
recently announced partnerships will provide strong revenue upside in 2025.
Our implementation of Triton Digital's TAP technology will optimise inventory
management and targeting capabilities, while our commercial partnership with
Voxnest will increase the exposure of our advertising inventory to demand side
platforms. Our integration with Sounder will use AI to provide brand safety
guidance to customers - imperative to striking deals with blue chip brands
globally - as well as enabling us the ability to offer contextual ad targeting
to our customers at a premium price point.
Audioboom is striving to build the world's leading podcasting business, and I
am pleased with the start we have made in 2025 as we focus on delivering a
record year for the business. We therefore remain confident in at least
meeting market expectations for the current financial year and beyond. I would
like to thank our creators, clients, customers and partners, as well as our
incredibly talented Audioboom team and our supportive shareholders.
Stuart Last
Chief Executive Officer
8 April 2025
AUDIOBOOM GROUP PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
Notes Majority of business Onerous contracts 2024 Majority of business Onerous contracts 2023
US$'000 US$'000
Continuing operations
Revenue 2 66,844 6,540 73,384 58,788 6,242 65,030
Cost of sales (52,469) (10.628) (63,097) (48,775) (11,329) (60,104)
Cost of sales - onerous contracts release / (provision) 19 - 4,088 4,088 - (7,499) (7,499)
----------------- ----------------- ----------------- ----------------- ----------------- -----------------
Gross profit / (loss) 14,375 - 14,375 10,013 (12,586) (2,573)
Administrative expenses (13,329) (14,078)
----------------- -----------------
Adjusted EBITDA profit / (loss) - Non-GAAP 3,389 (396)
- Share based payments 17 (1,369) (2,807)
- Depreciation (25) (33)
- Depreciation - leases 14 (200) (239)
- Operating foreign exchange loss (192) (497)
- Onerous contracts net loss 19 (4,088) (5,087)
- Onerous contracts release / (provision) 19 4,088 (7,499)
- Contract settlement and costs 20 (548) -
- Restructuring costs (9) (93)
---------------- ----------------
Operating profit / (loss) 3 1,046 (16,651)
Finance income 26 16
Finance costs 6 (168) (119)
---------------- ----------------
Profit / (loss) before tax 904 (16,754)
Taxation (credit) / charge on continuing operations 7 15 (2,672)
---------------- ----------------
Profit / (loss) for the financial period attributable to equity holders of the parent 919 (19,426)
---------------- ----------------
Other comprehensive loss
Foreign currency translation difference (257) 1,076
---------------- ----------------
Total comprehensive profit / (loss) for the period 662 (18,350)
======== ========
Profit / (loss) per share
from continuing operations
Basic EPS 8 5.6 cents (118.8) cents
Diluted EPS 8 5.0 cents (118.8) cents
============ ============
All results for both periods are derived from continuing operations.
AUDIOBOOM GROUP PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER
2024
As at 31 December 2024 As at 31 December 2023
Notes US$'000 US$'000
ASSETS
Non-current assets
Property, plant and equipment 9 20 30
Right of use asset 14 917 1,117
Deferred tax asset 7 1,125 1,581
--------------- ---------------
2,062 2,728
Current assets
Trade and other receivables 11 18,426 16,328
Cash and cash equivalents 3,858 3,726
Deferred tax asset 7 824 395
--------------- ---------------
23,108 20,449
------------------- -------------------
TOTAL ASSETS 25,170 23,177
------------------- -------------------
Current liabilities
Trade and other payables 12 (16,505) (12,399)
Onerous contract provision 19 (3,411) (5,046)
Lease liability 14 (148) (68)
------------------- -------------------
NET CURRENT ASSETS 3,044 2,936
------------------- -------------------
Non-current liabilities
Lease liability 14 (894) (1,042)
Onerous contract provision 19 - (2,453)
------------------- -------------------
NET ASSETS 4,212 2,169
========= =========
EQUITY
Share capital 13 - -
Share premium 13 63,116 63,104
Issue cost reserve (2,048) (2,048)
Foreign exchange translation reserve (1,683) (1,426)
Reverse acquisition reserve (3,380) (3,380)
Retained earnings (51,793) (54,081)
---------------- ----------------
TOTAL EQUITY 4,212 2,169
======== ========
The accompanying accounting policies and notes form an integral part of these
financial statements.
These financial statements for Audioboom Group plc (Jersey company
registration number 85292), which comprise the Consolidated Statement of
Comprehensive Income, the Consolidated Statement of Financial Position, the
Consolidated Statement of Cash Flow, the Consolidated Statement of Changes in
Equity and related notes 1 to 22 were approved and authorised for issue by the
Board of Directors on 8 April 2025 and were signed on its behalf by:
Brad Clarke
Chief Financial Officer
AUDIOBOOM GROUP PLC
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
2024 2023
US$'000 US$'000
Profit / (loss) from continuing operations 919 (19,426)
---------------- ----------------
Profit / (loss) for the period 919 (19,426)
Adjustments for:
Tax (credit) / charge (15) 2,672
Interest payable 168 119
Interest received (26) (16)
Depreciation of fixed assets 25 33
Depreciation of right of use assets 200 239
Share based payments 1,369 2,807
Increase in trade and other receivables (2,098) (316)
Increase in trade and other payables 4,103 1,387
Principle lease payments (199) (365)
(Decrease) / increase in onerous contract provision (4,088) 7,499
Foreign exchange (loss) / gain (223) 831
---------------- ----------------
Cash flows from / (used in) operating activities 135 (4,536)
Investing activities
Purchase of property, plant and equipment (16) (7)
---------------- ----------------
Net cash used in investing activities (16) (7)
---------------- ----------------
Financing activities
Proceeds from issue of ordinary share capital 13 202
---------------- ----------------
Net cash generated from financing activities 13 202
======== ========
Net increase / (decrease) in cash and cash equivalents 132 (4,341)
---------------- ----------------
Cash and cash equivalents at beginning of period 3,726 8,067
---------------- ----------------
Cash and cash equivalents at end of period 3,858 3,726
======== ========
The Group had no borrowings at the end of either financial period and
therefore no reconciliation of net debt has been provided.
AUDIOBOOM GROUP PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
Share capital Share premium Issue cost reserve Reverse acquisition reserve Foreign exchange translation reserve Retained earnings Total equity
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
------------------- ------------------- ------------------- ------------------- ------------------- ------------------- -------------------
At 31 December 2022 - 62,902 (2,048) (3,380) (2,502) (37,462) 17,510
------------------- ------------------- ------------------- ------------------- ------------------- ------------------- -------------------
Loss for the period - - - - - (19,426) (19,426)
Issue of shares - 202 - - - - 202
Equity-settled share-based payments - - - - 2,807 2,807
-
Foreign exchange gain on translation of overseas subsidiaries - - - - 1,076 - 1,076
------------------- ------------------- ------------------- ------------------- ------------------- ------------------- -------------------
At 31 December 2023 - 63,104 (2,048) (3,380) (1,426) (54,081) 2,169
------------------- ------------------- ------------------- ------------------- ------------------- ------------------- -------------------
Profit for the period - - - - - 919 919
Issue of shares - 12 - - - - 12
Equity-settled share-based payments - - - - 1,369 1,369
-
Foreign exchange loss on translation of overseas subsidiaries - - - - (257) - (257)
------------------- ------------------- ------------------- ------------------- ------------------- ------------------- -------------------
At 31 December 2024 - 63,116 (2,048) (3,380) (1,683) (51,793) 4,212
------------------- ------------------- ------------------- ------------------- ------------------- ------------------- -------------------
Share premium
Share premium represents the consideration paid for shares in excess of par
value (nil), less directly attributable costs.
Issue cost reserve
The issue cost reserve arose from expenses incurred on share issues.
Reverse acquisition reserve
The reverse acquisition reserve relates to the reverse acquisition of
Audioboom Limited by Audioboom Group plc on 20 May 2014.
Foreign exchange translation reserve
The foreign exchange translation reserve is used to record exchange
differences arising from the translation of the financial statements of
foreign operations.
Retained earnings
Includes all current and prior period retained profits and losses and equity
settled share-based payment charges.
AUDIOBOOM GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1. ACCOUNTING POLICIES
General information and basis of preparation
Audioboom Group plc is incorporated in Jersey under the Companies (Jersey) Law
1991. The Company's shares are traded on AIM, the market of that name,
operated by the London Stock Exchange. The Company is required under rule 19
of the AIM Rules for Companies to provide shareholders with audited
consolidated financial statements.
The Group prepares its consolidated financial statements in accordance with
International Financial Reporting Standards and International Accounting
Standards as issued by the International Accounting Standards Board (IASB) and
Interpretations (collectively IFRSs). The financial statements have been
prepared on the historical cost basis. The consolidated financial statements
have been prepared in accordance with and in compliance with the Companies
(Jersey) Law 1991, an amendment to which (Amendment No. 4 s. 105(11) - 2009)
means separate parent company financial statements are not required.
These results are audited, however the financial information set out in this
announcement does not constitute the Group's statutory accounts for the period
ended 31 December 2024, but is derived from the 2024 Annual Report &
Accounts. The auditors have reported on those accounts; their report was
unqualified.
The preparation of financial statements in accordance with IFRS requires the
use of estimates and assumptions that affect the reported amounts of assets
and liabilities, and disclosure of contingent assets and liabilities, at the
date of the financial statements and the reported amounts of revenue and
expenses during the reporting period. Although these estimates are based on
management's best knowledge of current events and actions, actual results may
ultimately differ from those estimates.
New and amended IFRS Accounting Standards that are effective for the current
year
In the current year, the Group has applied a number of amendments to IFRS
Accounting Standards issued by the IASB that are mandatorily effective for an
accounting period that begins on or after 1 January 2024. Their adoption has
not had any material impact on the disclosures or on the amounts reported in
these financial statements:
· IAS 1: Further amendment to the Classification of Liabilities as
Current or Non-Current;
· IFRS 16: Lease Liability in a Sale and Leaseback;
· IAS 1: Non-current Liabilities with Covenants; and
· IAS 7 and IFRS 7: Supplier Finance Arrangements.
New and revised IFRS Accounting Standards in issue but not yet effective
Certain standards, amendments to, and interpretations of, published standards
have been published that are mandatory for the Group's accounting years
beginning on or after 1 January 2025 or later years and which the Group has
decided not to adopt early:
· IAS 21: Lack of Exchangeability.
None of the above listed changes are anticipated to have a material impact on
the Group's financial statements.
AUDIOBOOM GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
ACCOUNTING POLICIES (continued)
Key accounting policies
Going concern
The financial statements have been prepared on the going concern basis, which
assumes that the Group will have sufficient funds to continue in operational
existence for at least twelve months from the date of approval of the
financial statements. The Group ended the year with access to US$3.9 million
of cash and a US$3.1 million HSBC overdraft remaining available to draw down.
The overdraft is subject to an annual renewal process and has a renewal date
of 30 May 2025. At the date of this report, there is no indication that the
HSBC overdraft will not be renewed, but should the HSBC overdraft not be
renewed, then the Board believes that it would be able to obtain alternative
financing options that can be called upon, if required. The Board's forecasts
for the Group, including due consideration of the business forecasting an
increase in adjusted EBITDA profit in 2025, projected increase in revenues and
cash utilisation of the Group, and taking account of reasonably possible
adverse changes in trading performance, including changes outside of expected
trading performance, indicate that the Group will have sufficient cash and
financing facilities available to continue in operational existence for the
next 12 months from the date of approval of the financial statements and
beyond. This includes considering those partner contracts that have minimum
guarantees attached to them and assessing whether there will be any adverse
effect should there be prolonged adverse trading performance. Based on the
Board's forecasts, the Group considers that it will not require additional
funding for the foreseeable future for the purposes of meeting its liabilities
as and when they fall due. The Board believes that the Group is well placed to
manage its business risks, and longer-term strategic objectives, successfully.
Management has carried out sensitivity analyses of the Group's cash flow
models to assess the impact of a range of possible outcomes, including lower
than anticipated revenues, and the mitigations that the Group has available to
it, including a reduction in overhead costs, active working capital management
and the availability of finance from HSBC. Accordingly, the Directors are
satisfied that the Group will continue to be able to meet its ongoing
liabilities as and when they fall due in reasonably foreseeable circumstances.
Therefore, the Directors consider the going concern basis of preparation of
these financial statements appropriate.
Revenue
Revenue represents amounts receivable for services provided in the normal
course of business, and excludes intra-group sales, Value Added Tax and trade
discounts.
Revenue is recognised when the amount of revenue can be measured reliably, it
is probable that the economic benefits associated with the transaction will
flow to the entity, the costs incurred or to be incurred can be measured
reliably, and when the criteria for each of the Group's different activities
has been met. Revenue comprises:
l Sale of advertising: the value of goods and services is recognised on
broadcast of the podcast
l Sale of subscriptions: the value of goods and services is recognised
across the period of subscription
The Directors have considered the requirements of IFRS 15 in respect of
multiple performance obligations within one contract and have not identified
any such instances. There are no contracts which incorporate variable or
contingent consideration.
The Group entities, Audioboom Limited and Sonic Integrated Marketing, are both
considered to be the principal entity in terms of revenue recognition. The
entities set or communicate the advertising pricing that is required to
advertise on represented podcast content, contract directly with the brand or
agency to secure the advertising and confirm the date at which that
advertising will be allocated. The entities are also responsible for invoicing
and collecting payment from customers who have booked advertising slots and
furthermore bear inventory risk associated with advertising slots acquired but
not sold. For those podcast partners who have minimum revenue guarantees as
part of their contractual terms, should insufficient advertising be sold to
cover the minimum guaranteed revenue to generate a profit on the contract,
there is a risk that an onerous contract provision be required once a loss on
the contract be deemed reasonably certain.
AUDIOBOOM GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
ACCOUNTING POLICIES (continued)
Content partner minimum revenue guarantees
In order to attract and retain leading podcast partners, the Group offers
certain partners minimum revenue guarantees ("MG") over the life of the
agreement between the parties. The MG offers guaranteed revenue over the life
of the agreement in the form of monthly payments and/or an upfront advance
payment, which is then recouped over the life of the agreement, thus reducing
future expected payments proportionally. The MGs provided secure the right of
access to future content and therefore the expenditure in relation to these
guarantees is recognised over the term of the contract, as this is the period
over which the content providers' obligations are discharged to the Group and
accordingly the basis on which the Group consumes the benefit of these
obligations. In accordance with IFRS 9, no liability is recognised at the date
of the contract as the MG relates to future performance obligations of the
content provider.
Should a contract be considered onerous (i.e., it is expected to give rise to
an unavoidable loss) then that loss is provided for at the reporting date if
the contract and conditions associated with it were in place at the year end.
Foreign currency
For the purpose of the consolidated financial statements, the results and
financial position of each Group company are expressed in US Dollars, which is
the presentational currency of the consolidated financial statements. The
majority of trade in the Company is recognised in Audioboom Limited, whose
functional currency is sterling, along with the Audioboom Group plc entity.
These entities are consolidated at a Group level in US Dollars, along with
Audioboom Inc and Austin Advertising Inc, whose functional currency is US
Dollars.
In preparing the financial statements of the individual companies,
transactions in currencies other than the entity's functional currency
(foreign currencies) are recorded at the rates of exchange prevailing on the
dates of the transactions. At each balance sheet date, monetary assets and
liabilities that are denominated in foreign currencies are retranslated at the
rates prevailing on the balance sheet date. Non-monetary items that are
measured in terms of historical cost in a foreign currency are not
retranslated.
Exchange differences arising on the settlement of monetary items, and on the
retranslation of monetary items, are included in profit or loss for the
period.
For the purpose of presenting consolidated financial statements, the assets
and liabilities of the Group's foreign operations are translated at exchange
rates prevailing on the balance sheet date. Income and expense items are
translated at the average monthly rate of exchange ruling at the date of the
transaction, unless exchange rates fluctuate significantly during that month,
in which case the exchange rates at the date of the transactions are used.
Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation
and impairment losses, if any.
Depreciation is calculated under the straight-line method to write off the
depreciable amount of the assets over their estimated useful lives.
Depreciation of an asset does not cease when the asset becomes idle or is
retired from active use unless the asset is fully depreciated. The principal
annual rates used for this purpose are between three and five years.
The depreciation method, useful lives and residual values are reviewed, and
adjusted if appropriate, at the end of each reporting period to ensure that
the amounts, method and years of depreciation are consistent with previous
estimates and the expected pattern of consumption of the future economic
benefits embodied in the items of the property, plant and equipment.
Subsequent costs are included in the asset's carrying amount or recognised as
a separate asset, as appropriate, only when the cost is incurred, and it is
probable that the future economic benefits associated with the asset will flow
to the Group and the cost of the asset can be measured reliably. The carrying
amount of parts that are replaced is derecognised. The costs of the day-to-day
servicing of property, plant and equipment are recognised in profit or loss as
incurred. Costs also comprise the initial estimate of dismantling and removing
the asset and restoring the site on which it is located for which the Group
are obligated to incur when the asset is acquired, if applicable.
AUDIOBOOM GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
ACCOUNTING POLICIES (continued)
Leases
Leases of property for periods longer than one year are capitalised at the
fair value of the leased property (disclosed as a right of use asset on the
face of the statement of financial position) with the corresponding rental
obligations, net of finance charges, included in current and non-current
liabilities. The fair value of the lease asset and corresponding liability is
calculated as the present value of the minimum value of lease payments for
which the Group will become liable, discounted at a rate considered
appropriate.
Lease rental payments are split between a reduction in the lease liability and
finance cost, with depreciation charges of the right of use asset over its
useful economic life recognised as an expense in the Group's income statement.
Payments made under operating leases, where the risks and rewards are not
transferred to the Group, are recognised as an expense in the income
statement.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand deposits and other
short-term, highly liquid investments that are readily convertible to a known
amount of cash and are subject to an insignificant risk of changes in value.
Basis of consolidation
The consolidated financial statements consolidate the financial statements of
Audioboom Group plc and all its subsidiary undertakings up to 31 December
2024, with comparative information presented for the year ended 31 December
2023. No profit and loss account is presented for Audioboom Group plc as
permitted by Companies (Jersey) Law 1991.
Subsidiaries are all entities over which the Group has the power to control
the financial and operating policies and is exposed to or has rights over
variable returns from its involvements with the investee and has the power to
affect returns. Audioboom Group plc obtains and exercises control through more
than half of the voting rights for all its subsidiaries. All subsidiaries have
a reporting date of 31 December and are consolidated from the acquisition
date, which is the date from which control passes to Audioboom Group plc.
The results of associate undertakings are consolidated under the equity method
of accounting. The Group applies uniform accounting policies and all
intra-group transactions, balances, income and expenses are eliminated on
consolidation.
Share based payments
Where share options are awarded to employees, the fair value of the options at
the date of grant is charged to the statement of comprehensive income on a
straight-line basis over the vesting period. Non-market vesting conditions are
taken into account by adjusting the number of options expected to vest at each
statement of financial position date so that, ultimately, the cumulative
amount recognised over the vesting period is based on the number of options
that eventually vest. Market vesting conditions are factored into the fair
value of the options granted. The cumulative expense is not adjusted for
failure to achieve a market vesting condition.
Warrants
Warrants issued to Directors, employees and third-party suppliers are measured
at the fair value of the service provided with reference to comparable cash
settled transactions or, where the value of the services provided is
uncertain, with reference to an appropriate valuation methodology. Warrants
are ascribed a value at the date of grant, with this value recognised as an
expense in the statement of comprehensive income over the relevant vesting
period.
AUDIOBOOM GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
ACCOUNTING POLICIES (continued)
Current and deferred taxation
Current tax is the expected tax payable on taxable income for the period,
using tax rates enacted or substantively enacted at the balance sheet date,
and any adjustments to tax payable in respect of previous periods.
Deferred tax is the tax expected to be payable or recoverable on differences
between the carrying amounts of assets and liabilities in the financial
statements and the corresponding tax bases used in the computation of taxable
profits ('temporary differences') and is accounted for using the balance sheet
liability method.
Deferred tax liabilities are generally recognised for all taxable temporary
differences.
Deferred tax assets are generally recognised to the extent that it is probable
that taxable profits will be available against which deductible temporary
differences can be utilised. Where there are deductible temporary differences
arising in subsidiaries, deferred tax assets are recognised only where it is
probable that they will reverse in the foreseeable future and taxable profits
will be available against which the temporary differences can be utilised.
The carrying amount of deferred tax assets is reviewed at each balance sheet
date and reduced to the extent that it is no longer probable that sufficient
tax profits will be available to allow all or part of the asset to be
recovered.
Deferred tax is calculated at the tax rates that are expected to apply in the
period when the liability is settled or the asset is realised. Deferred tax is
charged or credited to the statement of income.
Financial Instruments
Financial assets
Trade receivables and other receivables that have fixed or determinable
payments that are not quoted in an active market are classified as loans and
receivable financial assets, using the effective interest method less
impairment. Interest is recognised by applying the effective interest method,
except for short-term receivables when the recognition of interest would be
immaterial.
Financial liabilities
All financial liabilities are initially measured at fair value plus directly
attributable transaction costs and subsequently measured at amortised cost
using the effective interest method, other than those categorised as fair
value through profit or loss. Financial liabilities are classified as current
liabilities unless the Group has an unconditional right to defer settlement of
the liability for at least 12 months after the reporting date.
Equity instruments
Instruments classified as equity are measured at cost and are not remeasured
subsequently.
Adjusted EBITDA presentation
Certain costs incurred in the year have been excluded from the non-GAAP
adjusted EBITDA calculation so as to present revenue and costs directly
attributable to the normal course of business performance. Those costs
excluded include interest, tax, depreciation, amortisation, share based
payments, non-cash foreign exchange movements, material one-off items, and
onerous contract provisions and losses incurred, all of which are not deemed
to be in the normal course of business.
Critical accounting judgements
Revenue
The Group entities, Audioboom Limited and Sonic Integrated Marketing, are both
considered to be the principal entity in terms of revenue recognition. The
entities set or communicate the advertising pricing that is required to
advertise on represented podcast content, contract directly with the brand or
agency to secure the advertising and confirm the date at which that
advertising will be allocated. The entities are also responsible for invoicing
and collecting payment from customers who have booked advertising slots and
furthermore bear inventory risk associated with advertising slots acquired but
not sold. For those podcast partners who have minimum revenue guarantees as
part of their contractual terms, should insufficient advertising be sold to
cover the minimum guaranteed revenue to generate a profit on the contract,
there is a risk that an onerous contract provision be required once a loss on
the contract be deemed reasonably certain.
AUDIOBOOM GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
ACCOUNTING POLICIES (continued)
Minimum guarantees
The Group offers contracts of between one and three years to secure
advertising representation of third party podcast partners. The contracts can
include commitments to pay Minimum Guarantee (MGs) revenue shares over the
contractual period to the third party. Should the revenue share generated not
be above the MG contractual amount, the Group will need to true up the revenue
share payments to the MG level. The Group continually assesses its exposure to
onerous contracts by assessing contractual MGs (see note 18 for further detail
on MGs contracted at the year end).
Onerous contract provisions
The Group continually assesses its exposure to onerous contracts by assessing
contractual minimum guarantees versus future revenue and growth expectations.
Should future revenue and growth expectations be lower than previously
anticipated which take a partner contract into a loss-making scenario, a
provision will be created using a range of growth scenarios to estimate the
total estimated net loss of the contract.
Share based compensation
The Group issues equity settled share based payments to certain Directors and
employees, which have included grants of options in the current period. Equity
settled share based payments are measured at fair value at the date of grant,
with the charge being recognised within the statement of comprehensive income
over the period of service to which the grant relates.
The fair value of share options is measured using a Black-Scholes framework.
The Directors have used judgement in the calculation of the fair values of the
share based compensation which has been granted during the period, and
different assumptions in the model would change the financial result of the
business. Certain share options include performance criteria and the charge
will vary depending on whether that criteria is met, therefore it is an
estimate and is uncertain.
Warrants
The Group has issued warrants to certain third parties. Warrants are measured
at the fair value of the service provided with reference to comparable cash
settled transactions or appropriate valuation methodologies at the date of
grant, with the charge being recognised within the statement of comprehensive
income over the period of service to which the grant relates.
IFRS 16: Leases
The Group recognises lease liabilities at the present value of future cash
flows. The determination of present value involves judgements and estimates,
in particular in relation to the discount factor to be applied to those cash
flows. In determining an appropriate discount factor the Directors considered
a range of factors including the Group's cost of capital together with the
interest rate charged on the Group's external debt facilities. Having
considered these factors the Directors have assessed that 8% is an appropriate
discount factor to determine the value of the Group's lease liabilities.
Bad debt provision
The Group creates a specific bad debt provision for all debtors which are over
365 days old and reviews all debtors on a continual basis, providing for any
under 365 days which are not deemed to be recoverable. The Group utilises the
expected credit loss model to calculate an appropriate bad debt provision,
which incorporates an assessment of historical losses in deriving a provision
to be recognised against the likelihood of future bad debt. Such an assessment
requires the application of judgement, and bad debts may materially exceed the
amount provided for at the reporting date. Refer to note 11.
Recognition and measurement of deferred tax assets
The Group recognises deferred tax assets in relation to unutilised tax losses
which can be utilised to offset tax arising on future taxable profits.
Utilisation of these tax losses is dependent on the timing and extent of
future taxable profits of the Group. Therefore the recognition and measurement
of deferred tax assets is based on the judgement of the Directors as to this
profitability and represents an area of material estimation uncertainty. Refer
to note 7.
AUDIOBOOM GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
ACCOUNTING POLICIES (continued)
Key areas of estimation uncertainty
Minimum guarantees
The Group continually assesses its exposure to onerous contracts by assessing
contractual MGs (see note 18 for further detail on MGs contracted at the year
end). There is an element of uncertainty with all contracts signed as they are
based on future expected revenue generation and if the future performance does
not meet expectations, it may result in a material cash outflow and the
recognition of expected losses in the financial period in which the contract
is considered to become onerous.
Onerous contract provisions
A weighted average of the different growth scenarios will be used as the
performance of future advertising markets and the specific show under review
can only be estimated at the balance sheet date. A weighted average cost of
capital discount factor has been applied to future revenues to discount the
provision to current value. The revenue, net loss and projected net loss of
the contract are disaggregated within the consolidated statement of
comprehensive income so that the specific impact of onerous contracts and
provisions recognised in relation to them is clear to users of the financial
statements. No other overheads or costs will be included in the provision
assessment because the main cost of the contract is the revenue share owed to
the partner. The onerous contract provision calculations are estimates and
actual outcomes may be materially different to the value of provision
estimated.
AUDIOBOOM GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
2. REVENUE 2024 2023
US$'000 US$'000
Premium advertising 39,346 35,650
Showcase advertising 23,128 14,791
Sonic Integrated Marketing advertising 10,510 14,157
Subscription fees 400 432
-------------- --------------
73,384 65,030
======= =======
The Directors consider the Group to operate within one operating segment,
content related revenue, and consequently expenditure and balance sheet
analysis is not presented between advertising and subscription services.
Premium, Showcase and Sonic Integrated Marketing advertising revenue are all
recognised at a point in time, i.e. when the podcast episode is broadcast.
Subscription fee revenue is recognised over time, i.e. when the subscription
payment is made by the customer for the relevant subscription period.
Geographical information
The Group's operations are principally located in the UK and the USA. The main
assets of the Group, cash and cash equivalents, are held in the UK and the
USA.
The Group's revenue from external customers by geographical location is
detailed below:
2024 2023
US$'000 US$'000
United Kingdom 1,360 1,772
USA 72,024 63,258
-------------- --------------
73,384 65,030
======= =======
The Group invoiced one customer who represented more than 10% of the reported
revenue (19% of the total invoiced). The customer is an advertising agency and
represents a number of brands, thus reducing the customer concentration.
The Group currently has two material geographic revenue regions, however, as
the Group's controlling operations are primarily based in the UK, there is no
separation of income, expenditure and sections of the balance sheet for the
purposes of segmental reporting.
3. OPERATING PROFIT 2024 2023
US$'000 US$'000
Operating profit for the period has been arrived at after charging the
following:
Depreciation of property, plant & equipment 25 33
Depreciation - leases 195 239
Operating foreign exchange loss (192) (497)
Staff costs (refer to note 5 for detail) 8,666 8,725
======= =======
AUDIOBOOM GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
4. AUDITOR'S REMUNERATION 2024 2023
US$'000 US$'000
Audit services
Fees for the audit of the consolidated annual financial statements and the 118 109
audit of the Company's subsidiaries pursuant to legislation
-------------- --------------
118 109
======= =======
5. STAFF COSTS 2024 2023
Number Number
Average number of production, editorial and sales staff 27 27
Average number of management and administrative staff 13 12
-------------- ---------------
40 39
======= =======
US$'000 US$'000
Wages and salaries 5,860 4,986
Social security costs 492 496
Pension costs (defined contribution scheme) 504 436
Share based payments 1,369 2,807
-------------- ---------------
8,225 8,725
======= =======
Details of Directors' remuneration are set out in the
Remuneration Committee Report in the 2024 Annual Report.
6. FINANCE COSTS 2024 2023
US$'000 US$'000
Lease interest (see note 14) 131 100
Overdraft arrangement fees and interest 37 19
------------ -------------
168 119
======= =======
The Company has a US$3.1 million overdraft
facility with HSBC. This overdraft facility was extended from US$1.8 million
in November 2024. The overdraft is subject to an annual renewal process and
has a renewal date of 30 May 2025.
AUDIOBOOM GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
7. TAXATION
Tax reconciliation
The taxation charge on the loss for the period differs from the amount
computed by applying the corporation tax rate to the profit / (loss) before
tax for the following reasons:
2024 2023
US$'000 US$'000
Profit / (loss) on ordinary activities before tax 904 (16,754)
---------------- ----------------
Tax at UK corporation tax rate of 25.00% (2023: 23.50%) 226 (3,937)
Expenses not deductible for tax purposes 1 2
Foreign taxes at different rates (15) (8)
Movement in deferred tax - 2,670
Utilisation of tax losses brought forward (704) (69)
Unrelieved tax losses 374 3,368
Effect of share-based payments 103 646
---------------- ----------------
Tax (credit) / charge and effective tax rate for the period (15) 2,672
========= =========
2024 2023
US$'000 US$'000
Current tax
Foreign tax charge on profits in the year 7 2
Deferred tax (credit) / charge (22) 2,670
---------------- ----------------
Tax (credit) / charge recognised in the consolidated statement of (15) 2,672
income
========= =========
The Group has carried forward UK losses amounting to US$39.1 million as of 31
December 2024 (2023: US$40.8 million). The gross amount of losses upon which
the deferred tax asset has been recognised amounts to US$7.8 million (2023:
US$7.9 million). This is based on expected utilisation of future taxable
profits as estimated by the Directors. The deferred tax asset is expected to
be utilised within three years. Refer to the Recognition and measurement of
deferred tax assets accounting judgement detail in the accounting policies
section for further disclosure.
There was a deferred tax liability of US$nil (2023: US$nil).
2024 2023
US$'000 US$'000
Deferred tax asset at beginning of period 1,976 4,414
Asset derecognised in the year - (2,670)
Foreign exchange effect (27) 232
----------------- -----------------
Total deferred tax asset 1,949 1,976
======== ========
Deferred tax current asset (unutilised tax losses) 824 395
Deferred tax non-current asset (unutilised tax losses) 1,125 1,581
----------------- -----------------
Total deferred tax asset 1,949 1,976
======== ========
AUDIOBOOM GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
8. PROFIT PER SHARE
Basic earnings per share is calculated by dividing the profit or loss
attributable to shareholders by the weighted average number of ordinary shares
in issue during the period.
IAS 33 requires presentation of diluted EPS when a company could be called
upon to issue shares that would decrease earnings per share, or increase the
loss per share. For a loss-making company with outstanding share options, the
net loss per share would be decreased by the exercise of options. Therefore,
as per IAS33:36, the anti-dilutive potential ordinary shares are disregarded
in the calculation of diluted EPS in 2023.
Profit/(Loss) Weighted average Per share
number of shares amount
2024
US$'000 Thousand Cents
Basic EPS
Profit attributable to equity holders 919 16,377 5.6
Diluted EPS
Profit attributable to equity holders 919 18,369 5.0
========= ========= =========
2023
US$'000 Thousand Cents
Basic EPS
Loss attributable to equity holders (19,426) 16,357 (118.8)
========= ========= =========
AUDIOBOOM GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
9. PROPERTY, PLANT AND EQUIPMENT
Furniture &
equipment Computers Technical Studio Total
US$'000 US$'000 US$'000 US$'000 US$'000
Cost
At 31 December 2022 24 165 3 101 293
Additions - 7 - - 7
Disposals (24) (88) (3) (95) (210)
Foreign exchange effect - 2 - - 2
-------------- --------------- --------------- --------------- ----------------
At 31 December 2023 - 86 - 6 92
-------------- --------------- --------------- --------------- ----------------
Additions - 16 - - 16
Disposals - (35) - (2) (37)
Foreign exchange effect - (2) - - (2)
-------------- --------------- --------------- --------------- ----------------
At 31 December 2024 - 65 - 4 69
-------------- --------------- --------------- --------------- ----------------
Depreciation
At 31 December 2022 23 116 3 92 234
Charge for the period 2 23 - 8 33
Disposals (24) (88) (3) (95) (210)
Foreign exchange effect (1) 6 - - 5
---------------- --------------- --------------- --------------- ----------------
At 31 December 2023 - 57 - 5 62
----------------- --------------- --------------- --------------- ----------------
Charge for the period - 24 - 1 25
Disposals - (35) - (2) (37)
Foreign exchange effect - - - (1) (1)
---------------- --------------- --------------- --------------- ----------------
At 31 December 2024 - 46 - 3 49
----------------- --------------- --------------- --------------- ----------------
Net book value
At 31 December 2022 1 49 - 9 59
========= ========= ========= ========= =========
At 31 December 2023 - 29 - 1 30
========= ========= ========= ========= =========
At 31 December 2024 - 19 - 1 20
========= ========= ========= ========= =========
10. SUBSIDIARIES
As at 31 December 2024, Audioboom Group plc held more than 20% of the share
capital of the following companies:
Registered office Class of shares % held by parent
Audioboom Limited 2-6 Boundary Row, London, SE1 8HP Ordinary 100%
Audioboom Inc. 251 Little Falls Drive, Wilmington, Delaware 19808, USA Ordinary 100%
Austin Advertising Inc. 1013 Centre Road, Suite 403S, Wilmington, Delaware 19805, USA Ordinary 100%
Audioboom Inc is held through Audioboom
Limited. Austin Advertising Inc is held through Audioboom Inc.
AUDIOBOOM GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
11. TRADE AND OTHER RECEIVABLES 2024 2023
US$'000 US$'000
Amounts receivable for the sale of goods and services 16,460 14,504
Allowance for doubtful debts (10) (149)
---------------- ----------------
Net receivables 16,450 14,355
Other receivables 144 246
Prepayments and accrued income 1,773 1,626
Taxes recoverable 59 101
---------------- ----------------
18,426 16,328
========= =========
The average credit period taken on sales of goods and services is 82 days
(2023: 81 days). No interest is charged on receivables. Trade receivables are
provided for based on estimated irrecoverable amounts from the sale of goods
and services, determined by reference to past default experience and
likelihood of recovery as assessed by the Directors.
Included in the Group's trade receivable balance are debtors with a carrying
amount of US$1.1 million (2023: US$2.2 million) which are past due at the
reporting date.
Having considered the Group's exposure to bad debts and the probability of
default by customers, no material adjustment has been identified between
recognition of bad debts on a specific basis and expected credit losses
outlined below in accordance with IFRS 9 (2023: US$nil).
Accrued income carried forward into 2024, that will reverse fully in 2025, is
US$0.4 million (2023: US$0.4 million).
As at 31 December 2024 the lifetime expected loss provision for trade
receivables was:
US$'000 Current More than 30 days past due More than 60 days past due More than 90 days past due Total
Expected loss rate 0.05% 0.07% 0.07% 0.05%
Gross carrying amount 6,977 5,442 2,957 1,084 16,460
Loss provision 3 4 2 1 10
As at 31 December 2023 the lifetime expected loss provision for trade
receivables was:
US$'000 Current More than 30 days past due More than 60 days past due More than 90 days past due Total
Expected loss rate 0.3% 1% 1% 3%
Gross carrying amount 6,799 3,483 1,988 2,234 14,504
Loss provision 20 29 22 78 149
AUDIOBOOM GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
12. TRADE AND OTHER PAYABLES 2024 2023
US$'000 US$'000
Current liabilities
Trade payables 13,136 9,156
Other taxes and social security 49 29
Accruals 3,211 3,144
Other payables 109 70
---------------- ----------------
Trade and other payables due within less than one year 16,505 12,399
========= =========
Trade payables and accruals principally comprise amounts outstanding for trade
purchases and ongoing costs. The average credit period taken for trade
purchases is 82 days (2023: 68 days). The Group has financial risk management
policies in place to ensure that all payables are paid within the credit time
frame.
The Group records negligible deferred income and therefore no analysis of
contract liabilities has been provided.
13. STATED CAPITAL ACCOUNT
No. of Share Share
shares capital premium
US$'000 US$'000
At 31 December 2022 16,297,419 - 62,902
Shares issued in the period
Share options exercised 79,517 - 202
---------------------- ------------------- ---------------------
At 31 December 2023 16,376,936 - 63,104
---------------------- ------------------- ---------------------
Shares issued in the period
Share options exercised 6,672 - 12
-------------------- --------------------- -----------------------
At 31 December 2024 16,383,608 - 63,116
=========== =========== ===========
There is no authorised share capital and all shares rank pari passu. All
issued share capital is fully paid up. All ordinary shares have no par value.
AUDIOBOOM GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
14. RIGHT OF USE ASSET LEASES
Set out below are the carrying amounts of
right-of-use assets recognised and the movements during the period:
Office Lease Total
US$'000
At 31 December 2022 329
Depreciation expense (239)
Lease modification 1,023
Foreign exchange 4
----------------
At 31 December 2023 1,117
----------------
Depreciation expense (200)
----------------
At 31 December 2024 917
=========
Set out below are the carrying amounts of lease liabilities and the movements during the period:
2024 2023
US$'000 US$'000
Balance at 1 January 1,110 358
Payment of lease liabilities (199) (365)
Imputed lease interest costs 131 100
Lease modification - 1,017
------------- -------------
Balance at 31 December 1,042 1,110
======== ========
Current 148 68
Non-current 894 1,042
The following are the amounts recognised in the statement of comprehensive
income:
2024 2023
US$'000 US$'000
Depreciation expense of right of use assets 200 239
Interest expense on lease liabilities 131 100
------------- -------------
Total amount recognised 331 339
======== ========
The Company recorded total cash outflows for leases of US$302,000 in 2024
(2023: US$481,000).
The following are the total value of the commitments on an undiscounted basis:
2024 2023
US$'000 US$'000
Under one year 269 199
One to five years 1,107 1,376
------------- -------------
Total value of commitments 1,376 1,575
======== ========
AUDIOBOOM GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
15. OPERATING LEASE ARRANGEMENTS 2024 2023
$'000 $'000
The Group as lessee
Lease payments under operating leases recognised as an expense
in the year 103 113
------------- -------------
At the balance sheet date, the Group had outstanding commitments for future
minimum lease payments under non-cancellable operating leases, which fall due
as follows:
Under one year 77 91
------------- -------------
77 91
======== ========
The operating lease is not recognised as an asset or liability in the
Statement of Financial Position under IFRS 16 due to its total length being
less than one year.
16. RELATED PARTY TRANSACTIONS
Key management personnel remuneration
See the Remuneration Committee Report for details relating to key management
personnel remuneration during the year. Key management during the year being
Stuart Last, CEO and Brad Clarke, CFO.
AUDIOBOOM GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
17. SHARE-BASED PAYMENTS
The Company has share option schemes for employees of the Group. Options are
exercisable at the price agreed at the time of the issue of the share option.
The vesting period and/or any performance conditions vary between employees.
If the options remain unexercised after a period of 10 years from date of
grant the options expire. Options are typically forfeited if the employee
leaves the Group before the options vest. Details of the share options granted
during the period are as follows:
2024 2023
Weighted Weighted
Average Average
Number of Exercise Number of Exercise
Share options Price (£) Share options Price (£)
Outstanding at beginning of period 1,684,451 5.932 1,403,642 6.838
Granted during the period 515,157 2.400 457,000 3.567
Forfeited/lapsed during the period (505,491) 13,513 (96,674) 11.108
Exercised during the period (6,672) 1.500 (79,517) 2.004
-------------------- ---------------------
Outstanding at end of period - time vesting based 908,781 2.476 852,451 5.041
Outstanding at end of period - performance vesting based(1) 778,663 2.746 832,000 6.845
-------------------- ---------------------
Total outstanding at end of period 1,687,444 2.600 1,684,451 5.932
============= =============
Exercisable at end of period 1,192,677 2.532 1,225,401 5.477
============= =============
(1)Options with performance-based vesting will vest, subject to Remuneration
Committee discretion, if the Company meets market expectations for revenue and
adjusted EBITDA targets
The options outstanding at 31 December 2024 had a weighted average exercise
price of £2.600, and an average remaining contractual life of 7 years. The
inputs into the Black-Scholes model are as follows:
2024 2023
Weighted average share price £2.400 £3.567
Weighted average exercise price £2.400 £3.567
Expected volatility 85% 60%
Expected life 10 years 10 years
Risk-free rate 4.13% 4.02%
Expected dividend yield 0% 0%
============= =============
Expected volatility was determined by assessing the share price volatility
from the current year. The Group recognised total expenses of US$1.369 million
related to equity-settled share-based payment transactions for the year ended
31 December 2024 (31 December 2023: US$2.807 million).
2024 2023
US$'000 US$'000
Share option charge 1,369 2,807
-------------- --------------
1,369 2,807
======== ========
At the period end, the Company had in issue outstanding share warrants for a
total of 37,500 shares (2023: 170,000 shares) with a weighted average exercise
price of £3.30 (2023: £2.74). All 37,500 (2023: 170,000) of the warrants
were exercisable at the period end.
AUDIOBOOM GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
18. CONTENT PARTNER MINIMUM GUARANTEES
In order to attract and retain leading podcast partners, the Group offers
certain partners minimum revenue guarantees ("MG") over the life of the
agreement between the parties. The MG offers guaranteed revenue over the life
of the agreement in the form of monthly payments and/or an upfront contracted
advance payment, which is then recouped over the life of the agreement, thus
reducing future expected payments proportionally. The MGs provided secure the
right of access to future content and therefore the expenditure in relation to
these guarantees is recognised over the term of the contract. The content
providers' obligations are discharged to the Group over the term of the
contract in line with when the Group consumes the benefit of these
obligations.
As at 31 December 2024, of the US$29.3 million (2023: US$33.0 million) total
minimum guarantee amount committed to expenditure, US$8.0 million (2023:
US$18.5 million) relates to the two onerous contracts provided for detailed in
note 19.
The amounts detailed below are undiscounted.
2024 2023
US$'000 US$'000
MG expenditure committed in 12 months or less 23,838 24,396
MG expenditure committed in more than 12 months 5,486 9,020
----------------- -----------------
Total MG amount committed to expenditure 29,324 33,416
======== ========
19. ONEROUS CONTRACT PROVISION
A provision was recognised in 2023 in relation to two partner contracts. As
advertising markets performed below the expectations previously modelled for
these agreements, it was assumed that it was unavoidable that the contracts
will generate a loss through to their conclusion on 31 January 2025 and 31
December 2025 respectively. The contracts, which were both negotiated in early
2022 during buoyant podcast advertising market conditions, recorded a net loss
of US$4.1 million in 2024 (2023 net loss: US$5.1 million) and in light of
revenue growth being lower than projected at the previous reporting date it is
considered likely that they will continue to be loss making through to their
conclusion.
A provision was therefore created for the estimated total contract loss with
the trigger point being future revenue and growth assumptions for the shows
being lowered due to the advertising markets being more challenging for longer
than anticipated during 2023 and 2024. Consequently, the ad rates that have
been, and are likely to be, commanded for the contract are likely to be lower
than those previously assumed.
In estimating the potential net loss of the contracts, high, medium and low
growth projections have been used to estimate the total net loss of the
contracts. The provision has been recognised as, even under the high growth
scenario, it is estimated that the contracts will incur a net loss due to
insufficient time and opportunity to derive sufficient revenue growth for the
contracts to generate a profit before their expiration on 31 January 2025 and
31 December 2025 respectively. A weighted average of the different growth
scenarios has been used as the performance of future advertising markets and
the specific shows can only be estimated at the balance sheet date.
It has been deemed appropriate to disaggregate the revenue, net loss and
provided for projected net loss of this contract within the consolidated
statement of comprehensive income in order to detail revenue and gross margin
which reflects the performance of the underlying business. No overheads or
other costs have been included in the provision assessment because the main
cost of the contract is the revenue share owed to the partner.
AUDIOBOOM GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
19. ONEROUS CONTRACT PROVISION (continued)
The following are the amounts recognised in the statement of comprehensive
income:
2024 2023
US$'000 US$'000
Onerous contracts net loss incurred 4,088 5,087
Onerous contracts (release) / provision for expected future net losses (4,088) 7,499
----------------- -----------------
Total - 12,586
======== ========
The following are the total value of the provision which has been calculated
on a weighted average basis based on a range of scenarios then discounted to
detail the net present value of the provision:
2024 2023
US$'000 US$'000
Contract provision brought forward 7,499 -
Increase in current contract provision - 5,046
Increase in non-current contract provision - 2,453
Release of current contract provision (1,635) -
Release of non-current contract provision (2,453) -
----------------- -----------------
Contract provision carried forward 3,411 7,499
======== ========
20. CONTRACT SETTLEMENT AND COSTS
Total legal costs and settlement fee of US$0.5 million were incurred during
the year in relation to a third party's dispute with a third-party podcast
partner in which Audioboom was a named party. US$0.5 million has been
recognised as an expense in the comprehensive statement of consolidated
income. There were no previous provisions or other amounts charged or used in
the current or prior period. It represents the actual costs incurred during
the year and there are no further costs expected to be incurred in relation to
the settled dispute.
AUDIOBOOM GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
21. FINANCIAL INSTRUMENTS
Capital risk management
The Group manages its capital to ensure that entities in the Group will be
able to meet their financial obligations as they arise while maximising the
return to stakeholders. The capital structure of the Group consists of cash
and cash equivalents and equity attributable to equity holders of the parent,
comprising issued capital, reserves and retained earnings as disclosed in the
consolidated statement of changes in equity. As at the period end, the Group
did not have any external borrowings and was not subject to externally imposed
capital requirements. On 14 April 2022, the Company secured a £1.5 million
overdraft with HSBC and this was extended to £2.5 million on 29 November
2024.
Categories of financial instruments
2024 2023
US$'000 US$'000
Loans & receivables
Trade and other receivables 16,594 14,601
Cash and cash equivalents 3,858 3,726
Financial liabilities at amortised cost
Trade and other payables 13,245 9,228
======== ========
The carrying amounts of financial assets and financial liabilities recorded at
amortised cost approximates to their fair values.
Financial and market risk management objectives
It is, and has been throughout the period under review, the Group's policy not
to use or trade in derivative financial instruments. The Group's financial
instruments comprise its cash and cash equivalents and various items such as
trade debtors and trade creditors that arise directly from its operations. The
main purpose of the financial assets and liabilities is to provide finance for
the Group's operations in the period.
Currency risk management
The Group has limited exposure to foreign currency risk as a result of
matching local currency costs to local currency receipts; thus the main risks
arising from the Group's financial instruments are interest rate risk and
liquidity risk. The Board reviews and agrees policies for managing these risks
and they are summarised below. These policies have remained unchanged
throughout the period under review.
Interest rate risk management
The Group holds the majority of its cash and cash equivalents in corporate
current accounts. These accounts offer a competitive interest rate with the
advantage of quick access to the funds.
Credit risk management
Credit risk refers to the risk that a counterparty will default on its
contractual obligations resulting in financial loss to the Group. The Group
has adopted a policy of only dealing with creditworthy counterparties, as a
means of mitigating the risk of financial loss from defaults. The Group only
transacts with entities after assessing credit quality using independent
rating agencies and, if not available, the Group uses other publicly available
financial information and its own trading records to rate its major customers.
The Group's exposure is continuously monitored and the aggregate value of
transactions concluded is spread amongst approved counterparties. Credit
exposure is controlled by counterparty limits.
AUDIOBOOM GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
21. FINANCIAL INSTRUMENTS (continued)
Ongoing credit evaluation is performed on the financial condition of accounts
receivable. The credit risk on liquid funds is limited because the
counterparties are banks with high credit-ratings assigned by international
credit-rating agencies. The carrying amount of financial assets recorded in
the financial statements, which is net of impairment losses, represents the
Group's maximum exposure to credit risk. Please refer to note 11 for more
detail on the trade receivables collection period.
The ageing of trade receivables (US$'000s) as at 31 December 2024 was:
Current Over 30 days Over 60 days 90 days + Total
US$6,976 US$5,442 US$2,957 US$1,084 US$16,460
42% 33% 18% 7%
Liquidity risk management
The Group's policy throughout the period has been to ensure continuity of
funds. The Group manages liquidity risk by maintaining adequate reserves and
banking facilities by continuously monitoring forecast and actual cash flows
and matching the maturity profiles of financial assets and liabilities. Please
refer to note 12 for more detail on the trade payables payment period.
Fair value of financial instruments
The fair value of other non-derivative financial assets and financial
liabilities are determined in accordance with generally accepted pricing
models based on discounted cash flow analysis using prices from observable
current market transactions.
22. POST BALANCE SHEET EVENTS
There are no post balance sheet events as at the date of this report.
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