Audioboom posts wider full year loss

Shares in AIM-listed Audioboom slid on Tuesday after it posted a wider full year loss for 2015.

The spoken word audio on-demand platform said its pre-tax loss for the year to the end of November came in at £7.3m compared with a £3.9m loss in 2014.

Revenue rose to £192,000 from £51,000 but net cash used in operating activities increased to £5.6m from £2.4m as the proceeds of an £8m placing in October 2014 were invested in developing the business.

The company said total listens in the year exceeded 300m, up 66% from the previous year, while content channels increased to 6,682 from 4,293.

Chief executive officer Rob Proctor said: "2015 was a year of steady but important progress for Audioboom. We focused the business on our market leading SaaS platform and the monetisation of this asset through advertising revenue share agreements.

"In short, quality content is the key to driving 'listens'; listens drive advertising and advertising drives revenue. During the year, the group significantly increased the quantity and quality of its content partners, signed up with Cumulus, the second largest radio group in the US, and achieved a record number of 300 million plus listens in the year.”

Audiboom said this year has started well, with the announcement of its Indian partnership with Eros and its selection to be a content provider on the relaunched Google Play in the US.

At 1232 GMT, shares were down 7.3% to 3.24p.