REG - Audioboom Group PLC - Half-year Report
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RNS Number : 3598R Audioboom Group PLC 16 July 2025
This announcement contains inside information as stipulated under the UK
Market Abuse Regulations ("MAR")
Audioboom Group plc
("Audioboom", the "Group" or the "Company")
Half-Year Report
500% adjusted EBITDA increase, significant gross profit growth, and
acquisition of Adelicious Ltd
Audioboom (AIM: BOOM), the leading global podcast company, announces its
unaudited half-year results for the six months ended 30 June 2025.
Financial and operational KPIs
· H1 adjusted EBITDA((1)) profit of US$1.8 million, up 500%, (US$1.5
million) on H1 2024 (US$0.3 million), highlighting the continued strong
performance of the business model
· H1 gross profit of US$7.4 million, up 30% on H1 2024 (US$5.7
million), representing a gross margin of 21% (H1 2024: 17%)
· H1 revenue of US$35.1 million, up 3% on H1 2024 (US$34.1 million)
· Significant growth of Showcase - our higher gross margin, tech-based
global advertising marketplace - with H1 revenue of US$11.6 million, up 24% on
H1 2024 (US$9.3 million)
· RPM (Revenue per 1,000 downloads) of US$60.26 (H1 2024: US$61.48)
· Brand advertiser count of 13,262, up 65% on H1 2024 (8,062)
· Q2 average monthly distribution of 100 million downloads and video
views, up 5% on Q2 2024 (95 million)
· The Company has in excess of US$70 million revenue booked for 2025 -
more than US$5 million added since the April 2025 Trading Update and US$5
million more than at the same point last year
· Group cash at 30 June 2025 of US$2.5 million, with a further US$2.0
million collected in the first four days of July, and a further US$3.4 million
available via an overdraft facility
H1 2025 and post period commercial highlights
· Audioboom has today entered into a binding agreement to acquire the
entire share capital of Adelicious Ltd. The acquisition adds approximately 20
million monthly downloads and views to the platform and creates the second
biggest podcast network in the UK, to complement Audioboom's leadership
position in the USA
· Expansion of the Audioboom Creator Network through new tier one
content partnerships signed in H1 2025 including Reading Reddit, Smosh Mouth,
Not Loveline, Small Town Dicks, Something Was Wrong, Al Franken, The Honeydew
Podcast and Undisclosed
· Launched AI capabilities in Showcase through the integration of
Sounder AI to provide brand suitability guidance and contextual ad targeting
for advertisers who utilise the marketplace, and Adaptive Ads which uses AI to
create high-engagement, high value bespoke ads at scale for podcasters
· Continued expansion into video podcasting - Audioboom is partnered with
11 of the Top 100 YouTube video podcasters who utilise our monetisation engine
to extend advertising revenue into video
(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
Stuart Last, CEO of Audioboom, commented:
"I am very pleased to bring you Audioboom's H1 2025 results following last
week's very positive Q2 trading update. Both highlight the continued progress
we are making, resulting in significant adjusted EBITDA growth and strong
gross profit performance. We have been focused on improving the quality of our
revenue, the results of which can be seen in the 30% growth in our gross
profit in the first half of 2025. Combined with the continued stability in our
opex - due to the high level of automation in our technology platform - we
were able to deliver H1 adjusted EBITDA profit significantly higher than the
same period last year.
With strong momentum in our operational performance, it is perfect timing to
increase our UK presence with the acquisition of Adelicious. They have emerged
as a leader in the UK podcast market and are home to some of the best UK
podcasts including Shagged. Married. Annoyed., Frank Off The Radio and
Football's Greatest with Jeff Stelling. The combination of our UK operation
and Adelicious will create the second largest UK podcast network, and together
we have the opportunity to become the largest podcast operator in Europe.
Showcase continues to be a key element of our success. It now contributes more
than 33% of Group revenue (H1 2024: 27%) and, as our highest gross margin
product, it is helping to drive our gross profit growth. I expect the success
of Showcase to continue as we make record levels of inventory available for
sale within the marketplace, and begin to utilise its new AI capabilities to
provide advertisers with brand safety verification, contextual targeting and
custom ad creatives.
We have more than US$70 million of booked revenue for 2025 and, despite
macro-economic uncertainties during the first half of the year, the podcast
advertising market is stable. We're entering our highest demand season boosted
by 20 million additional monthly downloads to monetise in the Audioboom
Creator Network from our Adelicious acquisition, and are fully focused on
delivering a record year for the Company. I would like to express my
appreciation to the Audioboom team - old and new - for their continued efforts
to build the best podcast business in the world, and to thank shareholders for
their continued support and belief in the future of the Company."
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/Fergus Sullivan (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 35 million unique listeners around the world.
Audioboom is ranked as the fifth 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.
Chief Executive's Report
Strategy and Business Model
Audioboom powers podcasting - our platform connects creators, brands and
audiences, creating value across the industry. Since 2018, we have generated
close to US$300 million in revenue for our podcast creators and helped
thousands of brands deliver US$400 million of advertising campaigns.
Creators are the heartbeat of the platform. Our technology enables more than
8,000 podcasters to manage their content publishing process, grow their
audience, distribute to all major listening apps, and see insights into their
audience with our data and analytics dashboard.
Brands can access unique advertising options, including the Premium Network,
our high-value product in which the host of the podcast endorses the product
directly to their engaged audience. Showcase - our highly automated
marketplace - enables brands to pinpoint their target audience at scale and
with great efficiency through our ad-tech stack, while Sonic - our platform
for brands - helps advertisers develop and execute campaigns across the
podcast landscape.
Audioboom has strong global scale, with monthly downloads of around 100
million. More than 35 million unique users consume content from Audioboom each
month, and in 2025 we will create around 15 billion available advertising
impressions.
Audioboom is the fifth largest podcast publisher in the US - the world's
largest podcast market - on Edison Research's publisher ranker. The
acquisition of Adelicious Ltd will create the second largest podcast publisher
in the UK, and we also rank in the top 10 podcast publishers in Australia, New
Zealand and Canada.
2024 was a year of recovery for the podcast industry following the global
advertising market recession of 2023. Audioboom's resilient business model
enabled the Company to return to adjusted EBITDA positivity - upgrading market
expectations several times in the second half of the year - alongside revenue
growth ahead of its peer group.
That momentum has continued into 2025 with adjusted EBITDA in the first half
of the year more than 6 times that of the same period in 2024. Key to the
continued gearing of our model is our focus on higher quality revenue
generation - the results of which can be seen in our gross margin growth of
30% versus H1 2024. We achieved this through a) creating more favourable
contracts with podcasts that continue to deliver market-leading value to the
creator but now enable Audioboom to capture a higher share of the revenue we
generate, and b) the continued growth of Showcase - our scalable and higher
margin advertising product. Showcase contributed more than 33% of Group
revenue during H1 (up from 27% in H1 2024, 21% in H1 2023, and 12% in H1
2022).
Video has been an important driver of success for Audioboom so far this year,
and we believe we are a leader in successfully exploiting the industry's
continued embracing of video as a distribution format for podcasting. We are
partnered with 11 of the top 100 YouTube video podcasts in the world, with our
monetisation engine providing extended value for all podcasts on the
Audiobooom Creator Network who create video content.
As well as video, Artificial Intelligence is beginning to influence podcasting
in a positive way and once again Audioboom is at the forefront of utilising
this technology. In Q1 Audioboom brought AI to Showcase to provide advertisers
who utilise our marketplace the ability to verify the safety and suitability
of our podcasts for their brands. Through AI this can be done efficiently and
at scale across our entire network of many thousand hours of content, and is
key to unlocking budgets with major international blue-chip brands who require
a high-level of brand safety confidence. Also, we recently announced a
partnership with Gumball to bring Adaptive Ads to Showcase. This AI-driven ad
product creates bespoke ads for each podcast episode based on the unique
aspects of the content - making the ads more engaging for the audience and
more valuable to the advertiser.
Our work in video and AI during the first half of the year will help establish
us as the most cutting-edge podcast platform in the world.
Financial Review
Group revenue in the first half of 2025 increased to US$35.1 million (H1 2024:
US34.1 million), with significant improvement recorded in gross profit,
increasing by US$1.7 million to US$7.4 million (H1 2024: US$5.7 million), and
adjusted EBITDA profit (earnings before interest, tax, depreciation,
amortisation, share based payments, non-foreign exchange movements, material
one off items and onerous contract provisions and losses incurred), increasing
by US$1.5 million to US$1.8 million (H1 2024: US$0.3 million). The total
profit before tax in the first half of 2025 increased by US$2.6 million to
US$1.3 million (H1 2024: US$1.3 million loss before tax) with the prior year
loss before tax being driven by the higher onerous contract net loss in the
first half of 2024 (H1 2025: US$1.8 million vs H1 2024: US$2.6 million) and a
higher share based payment charge in the prior year (H1 2025: US$0.2 million
vs H1 2024: US$1.0 million).
Premium advertising revenue, in which leading podcast hosts endorse products
and brands to their engaged audience natively within their shows, recorded 9%
growth (H1 2025: US$19.5 million vs H1 2024: US$17.9 million). Showcase
advertising revenue, generated from our automated ad tech-driven marketplace,
recorded 25% growth (H1 2025: US$11.6 million vs H1 2024: US$9.3 million).
Sonic Integrated Marketing, our brand platform focused on providing tools and
services directly to podcast advertisers, recorded a 43% reduction in revenue
(H1 2025: US$3.8 million vs H1 2024: US$6.7 million), largely due to a change
in allocation of brand spend which was previously received in H1 2024 and is
now expected to be reflected in H2 2025. Group gross margin, including the
impact of onerous contracts, improved to 21% (H1 2024: 17%) due to the
increased contribution of higher gross margin Showcase revenue to total Group
revenue (H1 2025: 33% vs H1 2024: 27%) and the reduced impact of the Company
utilising its share of advertising revenue to satisfy a small number of
podcaster minimum guarantees.
The Company continued to control overheads very well during the first six
months of 2025 despite inflationary pressures, with the Company reporting opex
(excluding interest, tax, depreciation, amortisation, share based payments,
non-cash foreign exchange movements and material one-off items) of US$5.7
million (H1 2024: US$5.4 million). Average headcount increased to 42 (30 June
2024: 40) and total salary and commission costs increased by 8% (US$0.3
million) vs H1 2024 to US$3.7 million. Total technology costs to operate the
Audioboom platform decreased by 21% (US$0.3 million) vs H1 2024 to US$1.1
million with bandwidth and ad impression costs reducing due to lower
contracted rates agreed at the start of 2025. Other costs across the Company
increased by US$0.3 million to US$0.8 million.
As detailed further in Note 8, an onerous contract provision was created in
relation to two specific partner contracts in 2023. One of the contracts
provided for ended on 31 January 2025 and the remaining contract will end on
31 December 2025. The ad rates that have been commanded, and the future ad
rates that are likely to be commanded, are lower than those modelled when the
contracts were signed in early 2022 due to advertising markets being more
challenging for longer than anticipated. In light of revenue growth being
lower than projected it is now assumed that it is unavoidable that the
remaining contract will generate a net loss through to its conclusion in
December 2025. The contracts recorded a net loss of US$1.8 million in H1 2025
(H1 2024: US$2.6 million) and this loss was offset by the provision created in
2023. The provision held on the balance sheet for future estimated net
losses of the contract is US$1.6 million.
Cash held at 30 June 2025 of US$2.5 million decreased by US$1.4 million from
31 December 2024 (US$3.9 million) with US$2.0 million collected in the first
four days of July and a further US$3.4 million available via an overdraft
facility. Cash collections continue to perform well thanks to our efficient
internal processes, however, we note the US$2.0 million collected in early
July and attribute that to customers preserving their own month end cash
reserves. The Company recognises that there is a timing difference between
paying revenue share to podcast partners, with our biggest podcast partners
being paid on 30 day terms, and collecting cash from debtors, with agencies
who typically pay between 60 and 90 days of receiving their invoice. We report
a debtor day figure of 80, in line with 31 December 2024 (82) but higher than
30 June 2024 (71) due to collections from customers being staggered over the
month end date. Total cash collected in H1 2024 of US$36.1 million was 103% of
revenue reported and US$0.7 million higher than H1 2024 (US$35.4 million).
Operating cash inflow, before working capital movements, totalled US$0.5
million (H1 2024: US$3.1 million cash outflow) with the improvement being due
to the US$1.2 million net profit recorded in H1 2025 (H1 2024: US$1.3 million
net loss) and the decrease in net loss from onerous contracts as detailed in
note 8 (H1 2025: US$1.8 million, H1 2024: US$2.6 million). With the remaining
onerous contract due to expire on 31 December 2025, it is expected that
adjusted EBITDA will be more of a proxy for cash generation from 2026 and
onwards.
Outlook
We have today announced the signing of a binding agreement to acquire
Adelicious Ltd, a leading podcast network in the UK with top performing
podcasts including Shagged. Married. Annoyed., Football's Greatest with Jeff
Stelling, Frank Off The Radio, and Russell Howard's Five Brilliant Things.
Adelicious will add around 20 million monthly downloads to our Creator
Network, and the combination of Adelicious and Audioboom's UK operation will
create the second largest podcast network in the territory - together they
will focus on becoming the number 1 network in Europe. The Adelicious
acquisition will be immediately accretive to Audioboom shareholders, and will
deliver considerable value to the Group in coming years.
We are entering our highest demand season of the year with our highest ever
levels of advertising inventory. The Audiobooom Creator Network is growing
well - up 5% in the first half of the year - with new podcasts signed in Q2
coming online including Something Was Wrong, Al Franken and Undisclosed.
With the expansion of our work in video and the ever-increasing capabilities
of Showcase we are excited about the rest of 2025 and delivering our record
year. With our strengthened UK and European position Audioboom, is leading
podcasting globally.
Stuart Last
Chief Executive Officer
Audioboom Group PLC
Consolidated Statement of Comprehensive Income
Unaudited six months to 30 June 2025 Unaudited six months to 30 June 2024 Audited 12
months to 31 Dec 2024
Majority of business Onerous contract Majority of business Onerous contract Majority of business Onerous contract
Notes US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
Continuing operations
Revenue 2 33,106 2,043 35,149 31,249 2,871 34,120 66,844 6,540 73,384
Cost of sales (25,661) (3,889) (29,550) (25,511) (5,487) (30,998) (52,469) (10,628) (63,097)
Cost of sales - onerous contracts release 8 - 1,846 1,846 - 2,616 2,616 - 4,088 4,088
Gross profit 7,445 - 7,445 5,738 - 5,738 14,375 - 14,375
Administrative expenses (6,130) (7,006) (13,329)
Adjusted EBITDA profit - Non-GAAP 1,791 300 3,389
- Share based payments (171) (994) (1,369)
- Depreciation (8) (14) (25)
- Depreciation - leases (100) (57) (200)
- Operating foreign exchange loss (191) (155) (192)
- Onerous contracts net loss 8 (1,846) (2,616) (4,088)
- Onerous contracts release 8 1,846 2,616 4,088
- Contract settlement and costs - (348) (548)
- Restructuring costs (6) - (9)
Operating profit / (loss) 1,315 (1,268) 1,046
Finance income 11 12 26
Finance costs (64) (85) (168)
Profit / (loss) before tax 1,262 (1,341) 904
Taxation on continuing operations (3) (8) 15
Profit / (loss) for the financial period 1,259 (1,349) 919
Other comprehensive income
Foreign currency reserves translation difference 896 (293) (257)
Total comprehensive profit / (loss) for the period 2,155 (1,642) 662
Profit / (loss) per share
Basic EPS 3 7.7 cents (8.2) cents 5.6 cents
Diluted EPS 3 7.0 cents (8.2) cents 5.0 cents
Audioboom Group PLC
Consolidated Statement of Financial Position
Unaudited as at 30 June 2025 Unaudited as at 30 June 2024 Audited as at
31 Dec 2024
Notes US$'000 US$'000 US$'000
ASSETS
Non-current assets
Property, plant and equipment 20 29 20
Right of use asset 817 1,017 917
Deferred tax asset 1,228 1,571 1,125
2,065 2,617 2,062
Current assets
Trade and other receivables 5 17,257 14,938 18,426
Cash and cash equivalents 2,541 3,456 3,858
Deferred tax asset 899 392 824
20,697 18,786 23,108
TOTAL ASSETS 22,762 21,403 25,170
Current liabilities
Trade and other payables 6 (13,492) (13,940) (16,505)
Onerous contract provision 8 (1,565) (3,682) (3,411)
Lease liability (183) (78) (148)
NET CURRENT ASSETS 5,457 1,086 3,044
Non-current liabilities
Lease liability (799) (981) (894)
Onerous contract provision 8 - (1,200) -
NET ASSETS 6,723 1,521 4,212
Equity
Share capital - - -
Share premium 63,300 63,104 63,116
Issue cost reserve (2,048) (2,048) (2,048)
Foreign exchange translation reserve (786) (1,719) (1,683)
Reverse acquisition reserve (3,380) (3,380) (3,380)
Retained earnings (50,363) (54,436) (51,793)
TOTAL EQUITY 6,723 1,521 4,212
Audioboom Group PLC
Consolidated Cash Flow Statement
Unaudited six months to 30 June 2025 Unaudited six months to 30 June 2024 Audited 12 months to 31 Dec 2024
US$'000 US$'000 US$'000
Profit / (loss) from operations 1,259 (1,349) 919
Adjustments for:
Tax charge / (credit) 4 8 (15)
Interest payable 64 85 168
Interest received (11) (12) (26)
Depreciation of fixed assets 8 13 25
Depreciation of right of use assets 100 57 200
Share based payments 171 994 1,369
Release of partner contract provision (1,846) (2,617) (4,088)
Foreign exchange gain / (loss) 724 (264) (223)
Cash generated from / (used in) operating activities before working capital 473 (3,085) (1,671)
movements
Decrease / (increase) in trade and other receivables 1,169 1,391 (2,098)
(Decrease) / increase in trade and other payables (3,021) 1,539 4,103
Net cash (used in)/ generated from operating activities (1,379) (155) 334
Investing activities
Purchase of property, plant and equipment (7) - (16)
Net cash used in investing activities (7) - (16)
Financing activities
Principal lease payments (116) (115) (199)
Proceeds from issue of ordinary share capital 184 - 13
Net cash generated from / (used in) financing activities 69 (115) (186)
Net (decrease) / increase in cash and cash equivalents (1,317) (270) 132
Cash and cash equivalents at beginning of period 3,858 3,726 3,726
Cash and cash equivalents at end of period 2,541 3,456 3,858
Audioboom Group PLC
Consolidated Statement of Changes in Equity
Share premium Other reserves* Retained earnings Total equity
US$'000 US$'000 US$'000 US$'000
At 31 December 2023 63,104 (6,854) (54,081) 2,169
Loss for the period - - (1,349) (1,349)
Equity-settled share-based payments - - 994 994
Foreign exchange loss on translation - (293) - (293)
of overseas subsidiaries
At 30 June 2024 63,104 (7,147) (54,436) 1,521
Profit for the period - - 2,268 2,268
Issue of shares 12 - - 12
Equity-settled share-based payments - - 375 375
Foreign exchange profit on translation of overseas subsidiaries - 36 - 36
At 31 December 2024 63,116 (7,111) (51,793) 4,212
Profit for the period - - 1,259 1,259
Issue of shares 184 - - 184
Equity-settled share-based payments - - 171 171
Foreign exchange profit on translation of overseas subsidiaries - 897 - 897
At 30 June 2025 63,300 (6,214) (50,363) 6,723
*Other reserves relate to the following reserves: Issue Cost Reserve, Foreign
Exchange Translation Reserve and the Reverse Acquisition Reserve. Full details
are disclosed in the 2024 Annual Report.
Audioboom Group plc
Notes to the financial statements
1. General information and basis of preparation
Audioboom Group plc is incorporated in Jersey under the Companies (Jersey) Law
1991. The Company's ordinary shares of no par value are traded on AIM, a
market operated by the London Stock Exchange.
These consolidated interim financial statements, which are unaudited, have
been approved by the Board of Directors on 16 July 2025. They have been
drawn up using the accounting policies and the basis of presentation expected
to be adopted in the Group's full financial statements for the year ending 31
December 2025, which are not expected to be significantly different to those
set out in note 1 to the Company's audited financial statements for the year
ending 31 December 2024.
The consolidated interim financial statements have been prepared under the
historical cost convention and in accordance with International Financial
Reporting Standards ("IFRS") and with IAS 34 "Interim financial reporting", as
adopted by the UK.
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 as at the
date of the financial statements and the reported amounts of revenues and
expenses during the reporting period. Those estimates and assumptions are
consistent with those as reported in the Company's audited financial
statements for the year ending 31 December 2024.
Going concern
These interim 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
these interim financial statements. The Group ended the period with access to
US$2.5 million of cash, and a US$3.4 million HSBC overdraft remaining
available to draw down. In addition, the Group collected a further US$2.0
million in the first four days of July. The overdraft is subject to an annual
renewal process and has been renewed through to 30 May 2026. 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 continuing positive
adjusted EBITDA in 2025, projected increase in revenues and cash utilisation
of the Group and taking account of reasonable possible changes in trading
performance, including changes outside of expected trading performance and the
impact of missed partner minimum guarantees, indicate that the Group will have
sufficient cash and financing facilities available to continue in operational
existence for the next twelve months from the date of approval of these
interim 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 the HSBC overdraft. 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 interim financial statements appropriate.
2. Revenue
The Group's revenue from external customers by segment is detailed below:
Unaudited six months to 30 June 2025 Unaudited six months to 30 June 2024 Audited 12 months to 31 Dec 2024
US$'000 US$'000 US$'000
Premium advertising 19,522 17,867 39,346
Showcase advertising 11,597 9,315 23,128
Sonic Integrated Marketing advertising 3,829 6,736 10,510
Subscription fees 200 202 400
Total 35,148 34,120 73,384
3. Profit per share
Basic earnings per share (EPS) 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, net
loss per share would be decreased by the exercise of share options. Therefore,
for the period ending 30 June 2024, as per IAS 33:36, the anti-dilutive
potential ordinary shares are disregarded on the calculation of diluted EPS.
Reconciliation of the loss and weighted average number of ordinary shares used
in the calculation are set out below:
30 June 2025
Profit Weighted average number of shares Per share amount
US$'000 Thousand Cents
Basic EPS
Profit attributable to equity shareholders 1,259 16,431 7.7
Diluted EPS
Profit attributable to equity shareholders 1,259 18,105 7.0
30 June 2024
Loss Weighted average number of shares Per share amount
US$'000 Thousand Cents
Basic and diluted EPS
Loss attributable to equity shareholders (1,349) 16,377 (8.2)
31 December 2024
Profit Weighted average number of shares Per share amount
US$'000 Thousand Cents
Basic EPS
Profit attributable to equity shareholders 919 16,377 5.6
Diluted EPS
Profit attributable to equity shareholders 919 18,369 5.0
4. Share capital
Issued and fully paid - ordinary shares of no par value
At 30 June 2025 16,439,641
At 30 June 2024 16,376,936
At 31 December 2024 16,383,608
During the period 34,158 new ordinary shares were issued to satisfy the
exercise of existing share options under the Company's Share Option Scheme
2014 by current employees, and 21,875 new ordinary shares were issued to
satisfy the exercise of existing warrants.
The total number of instruments over equity (including both share options and
warrants) outstanding at the period end was 1,665,991 and, of these, 1,467,194
had vested at the period end.
5. Trade and other receivables
Unaudited six months to 30 June 2025 Unaudited six months to 30 June 2024 Audited 12 months to 31 Dec 2024
US$'000 US$'000 US$'000
Amounts receivable for the sale of goods and services 15,330 13,286 16,460
Allowance for doubtful debts (90) (96) (10)
Net receivables 15,240 13,190 16,450
Other receivables 147 142 144
Prepayments and accrued income 1,804 1,507 1,773
Taxes recoverable 66 99 59
Total 17,257 14,938 18,426
The average credit period taken on sales of goods and services is 80 days (30
June 2024: 71; 31 December 2024: 82). Accrued income carried forward that will
fully reverse is US$0.7 million (30 June 2024: US$0.5 million; 31 December
2024: US$0.4 million).
6. Trade and other payables
Unaudited six months to 30 June 2025 Unaudited six months to 30 June 2024 Audited 12 months to 31 Dec 2024
US$'000 US$'000 US$'000
Current liabilities
Trade payables 12,390 11,558 13,136
Other taxes and social security 50 42 49
Accruals 1,030 2,298 3,211
Other payables 22 42 109
Trade and other payables due within one year 13,492 13,940 16,505
Trade payables and accruals principally comprise amounts outstanding for trade
purchases and ongoing costs. The average credit period taken for trade
purchases is 74 days (30 June 2024: 72; 31 December 2024: 82 days). The
Company currently accrues all costs based on contract terms. Payables relating
to leases total US$0.1 million which is due in under one year.
7. Related party transactions
During the period, there were no related party transactions.
8. Contract provision and costs
A provision was recognised in 2023 in relation to two partner contracts. As
advertising markets have performed below the expectations previously modelled
for these agreements, it was assumed that it was unavoidable that the
contracts would generate a loss through to their conclusion in January 2025
and December 2025 respectively. The contracts, which were both negotiated in
early 2022 during buoyant podcast advertising market conditions, recorded a
net loss of US$1.8 million in H1 2025 and in light of revenue growth being
lower than projected at the previous reporting date it is considered likely
that the remaining contract will continue to be loss making through to its
conclusion.
A provision was therefore created for the estimated total contract loss with
the trigger point being future revenue and growth assumptions for the shows
being lowered due to the advertising markets being more challenging for longer
than anticipated. Consequently, the ad rates that have been, and are likely to
be, commanded for the contract are likely to be lower than those previously
assumed.
In estimating the potential net loss of the contracts, high, medium and low
growth projections have been used to estimate the total net loss of the
contracts. The provision has been recognised as, even under the high growth
scenario, it is estimated that the contracts will incur a net loss due to
insufficient time and opportunity to derive sufficient revenue growth for the
contracts to generate a profit before the remaining contract's expiration in
December 2025. A weighted average of the different growth scenarios has been
used as the performance of future advertising markets and the specific shows
can only be estimated at the balance sheet date.
It has been deemed appropriate to disaggregate the revenue, net loss and
provided for projected net loss of these contracts within the consolidated
statement of comprehensive income in order to detail revenue and gross margin
which reflects the performance of the underlying business. No overheads or
other costs have been included in the provision assessment because the main
cost of the contract is the revenue share owed to the partner.
The following are the amounts recognised in the statement of comprehensive
income:
Unaudited six months to 30 June 2025 Unaudited six months to 30 June 2024 Audited 12 months to 31 Dec 2024
US$'000 US$'000 US$'000
Onerous contracts net loss incurred 1,846 2,616 4,088
Onerous contracts provision release (1,846) (2,616) (4,088)
Total - - -
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:
Unaudited six months to 30 June 2025 Unaudited six months to 30 June 2024 Audited 12 months to 31 Dec 2024
US$'000 US$'000 US$'000
Contract provision brought forward 3,411 7,499 7,499
Release of current contract provision (1,846) (1,364) (1,635)
Release of non-current contract provision - (1,253) (2,453)
Total 1,565 4,882 3,411
9. Post balance sheet events
On 16 July 2025, Audioboom announced the signing of a binding agreement (and
an associated £3 million placing to support the cash element of the
consideration) to acquire 100% of the share capital of Adelicious Limited, a
UK registered podcast network, creating the second biggest podcast network in
the UK, to complement Audioboom's leadership position in the USA.
ENDS
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