Podcast platform Audioboom’s profits rise as advertising market shows recovery

Shares in podcast publisher Audioboom rose sharply on Friday after the group raised annual profit expectations for the second time in a month.

Audioboom, which hosts the popular F1: Beyond the network podcast – and is also the home of our this is money podcast, told shareholders that it had maintained strong momentum in the fourth quarter of the year.

Revenue within its Showcase advertising platform increased 49 percent year-over-year in October.

The AIM-listed company now expects to post adjusted full-year earnings ahead of unpleasantness of $2.8m (£2.2m), ahead of its $2.5m upgrade on 15 October.

Showcase is a technology-based advertising marketplace that Audioboom says allows advertisers to create a campaign in five minutes through a self-service portal.

The platform’s success marks a significant improvement after Audioboom CEO Stuart Last highlighted an “advertising market downturn” in the summer.

Weakness in global advertising, which has also hit London-listed advertising companies such as M&C Saatchi, has helped drive Audioboom shares down 18.3 since the start of the year.

audioboom actions rose 8.3 per cent to 233 pence at Friday’s open.

The stock has also taken a $9 million hit to earnings caused by an update to Apple’s iOS operating system.

The perceived undervaluation of the stock has led Audioboom to consider a listing on the US alternative stock market.

He last told shareholders on Friday: ‘Audioboom’s strong performance has continued into the final quarter of the year.

“With confidence in advertising demand for the remainder of our strongest quarter of the year, I am very pleased to see a second improvement in our adjusted EBITDA earnings expectations this year.”