Audioboom raises its profit forecast for the third time in two months

Audioboom has raised its profit forecast for the third time in less than two months, as the podcast platform’s ad sales continue to beat expectations.

The AIM-listed group, which hosts the popular podcast F1: Beyond The Grid, and also hosts our This is Money podcast, told shareholders on Wednesday it had continued to trade above expectations in the fourth quarter.

Audioboom has been forced to respond to changes to Apple’s iOS operating system this year, which “depleted inventory levels” and caused a potential $15 million revenue hit by 2024.

It has stepped up efforts on its high-margin Showcase business, which allows advertisers to create a campaign in five minutes through a self-service portal, according to Audioboom.

Storefront revenue in November increased 53 percent from the same period last year, and the number of advertising clients increased 65 percent to 10,165.

It boasts an average global revenue per 1,000 downloads (a key performance metric) of $75.60, up 38 percent from $54.75 in November last year, “as pricing and demand levels throughout the platform continue to grow.

Audioboom said the “continued success” of its Showcase approach has raised full-year revenue expectations to “at least” $73 million.

It now expects to post full-year adjusted earnings before unpleasant risks of $3.1 million, down from forecasts of $2.8 million in November and $2.5 million in October.

Audioboom also told shareholders that it expects revenue growth by 2025 to be “at least in line” with the industry’s forecast growth of 10 percent, adding that it expects “higher quality revenue” to drive earnings “significantly.” older” next year.

Boss Stuart Last said: “Our platform is generating higher quality revenue and extracting more value than ever before.”

audioboom actions They soared 9 per cent to 367.5p at the open, having added almost 60 per cent in the last 12 months.

The shares have still lost more than 65 per cent since trading at 1,060 pence in December 2005, and more than 80 per cent since their April 2022 high of 2,260 pence.