Audioboom FY revenues fall, returns to growth in Q4

Audioboom said full-year revenues had fallen from $74.9m in 2022 to $65.0m twelve months later, while its annual adjusted underlying loss of approximately $1.5m was in stark contrast to its $3.6m underlying earnings in the prior year.

However, Audioboom experienced a return to revenue growth in the fourth quarter, up 37% quarter-on-quarter to $19.2m, as well as a quarterly adjusted EBITDA profit of roughly $200,000, compared to a loss of $1.9m in the previous quarter.

Chief executive Stuart Last said: "I'm pleased to report a successful final quarter of 2023, with the business returning to growth mode. Our Q4 revenue of over $19.0m is the highest since Q2 2022 and reflects the improvements we have made in the business across the year.

"I am buoyed by a more positive sentiment in the advertising industry, with brands making strong budget commitments during the upfronts booking season, resulting in us contracting more than $47.0m of revenue for 2024 through advance bookings."

As of 0855 GMT, Audioboom shares were down 2.23% at 317.75p.

Reporting by Iain Gilbert at Sharecast.com