REG - Audioboom Group PLC - Trading Update

AudioboomAnnouncement

23/06/2023 07:00

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RNS Number : 6646D  Audioboom Group PLC  23 June 2023

 

This announcement contains inside information as stipulated under the UK
Market Abuse Regulations ("MAR").

 

Audioboom Group plc

("Audioboom", the "Group" or the "Company")

 

Trading Update

 

Audioboom (AIM: BOOM), the leading global podcast company, today provides an
update on current trading.

 

·    During 2023, the operational KPIs of the Company have continued to
demonstrate year-on-year growth, however, the advertising markets have
remained challenging for longer than anticipated. Whilst we believe the
advertising markets will improve - with the Company being in prime position to
take advantage when they do - the Company expects the revenue and adjusted
EBITDA for the current financial year to be lower than previously anticipated

·    The Company continues to see good like-for-like revenue and KPI
performance in the business (excluding the Morbid podcast which left the
network in May 2022), and we expect this to continue in the second half of the
year

·    In addition, to safeguard against future advertising market
conditions, the Company has adjusted the approach taken to calculating its
minimum guarantee offers for podcast partners

·    In May 2023, new records were set for global monthly downloads (135
million) and total brand count (8,007). Showcase, our automated advertising
marketplace, recorded its highest ever monthly revenue total in May, and total
cumulative advertising impressions made available to brands across the
Audioboom platform in the five months to 31 May 2023 reached 4.2 billion, up
21% on 2022 (3.5 billion)

·    The expansion of the Audioboom creator network has continued in Q2
2023 with new partnerships launched with top tier podcasters including Real
Ones with Jon Bernthal, Trading Secrets, and Once Upon A Crime

·    Business operations continue to improve significantly, with the
Company in a strong position to fully exploit future improvements in
advertising market conditions, and the Company expects to return to meaningful
growth in Q3 and Q4 2023 on a year-on-year and sequential basis

·    Group cash at 31 May 2023 of US$5.2 million (31 March 2023: US$5.1
million) with a further US$1.8 million available via an undrawn overdraft. The
Company has collected in excess of US$30m to date in 2023

 

The Company will publish its interim financial statements for the six months
ending 30 June 2023 in mid-July.

 

 

1)  Earnings before interest, tax, depreciation, amortisation, share based
payments, non-cash foreign exchange movements and material one-off items

 

Enquiries

 Audioboom Group plc
 Stuart Last, Chief Executive Officer                                    Tel: +44(0)20 3714 4285

 Brad Clarke, Chief Financial Officer

 finnCap Ltd (Nominated Adviser and Broker)
 Jonny Franklin-Adams/Abigail Kelly/Milesh Hindocha (Corporate Finance)  Tel: +44(0)20 7220 0500

 Charlotte Sutcliffe/Harriet Ward (ECM)

About Audioboom

 

Audioboom is a global leader in podcasting - our shows are downloaded more
than 130 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 Edison Research.

 

Audioboom's ad-tech and monetisation platform underpins a scalable content
business that provides commercial services for more than 8,000 podcasts, with
key partners including 'Casefile True Crime' (US), 'True Crime Obsessed' (US),
'The Tim Dillon Show' (US), 'No Such Thing As A Fish' (UK), and 'The Cycling
Podcast' (UK).

 

Audioboom Studios is home to a slate of content developed and produced by
Audioboom, including 'Dark Air with Terry Carnation', 'F1: Beyond The Grid',
'RELAX!', 'Covert', 'It's Happening with Snooki & Joey', 'Mafia', 'Huddled
Masses' and 'What Makes A Killer'.

 

Audioboom operates internationally, with operations and global partnerships
across North America, Europe, Asia and Australia. The platform allows content
to be distributed via Apple Podcasts, Spotify, Pandora, Amazon Music, Deezer,
Google Podcasts, iHeartRadio, RadioPublic, Saavn, Stitcher, Facebook and
Twitter as well as a partner's own websites and mobile apps.

 

For more information, visit audioboom.com.

 

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