Audioboom sees 'continued strong momentum' in Q4

15th Nov 2024 08:06

(Sharecast News) - Podcast business Audioboom said on Friday that it had seen "continued strong momentum" and underlying profits ahead of current market expectations.

Audioboom said strong momentum had continued into Q4 and that it now expects to generate an increased adjusted underlying earnings profit of $2.8m, even further ahead of recently upgraded market expectations of $2.5m.

The AIM-listed group stated its recent performance had been driven by "continued strong revenue growth" from Showcase, its tech-based advertising marketplace, which recognised 49% more revenue in October 2024 versus the same period a year earlier.

Chief executive Stuart Last said: "With confidence in advertising demand for the remainder of our strongest quarter of the year, I am very pleased to see a second upgrade to our adjusted EBITDA profit expectations this year.

As of 1020 GMT, Audioboom shares were up 2.56% at 220.50p.

Reporting by Iain Gilbert at Sharecast.com