LONDON (ShareCast) - (Sharecast News) - Audioboom expects its full-year adjusted operating profits to be below market expectations despite some "significant" year-on-year revenue growth.
The AIM-listed audio-on-demand provider turned in a record revenue of more than $2.4m for the quarter ended 31 August, up 14% on the previous quarter and 26% on the same quarter a year earlier.

However, despite the significant year-on-year revenue growth, Audioboom warned investors that revenue for the 13 months ended 31 December was now expected to be below current market expectations with "a consequential material impact" on losses before interest, tax, depreciation and amortisation.

Audioboom anticipates an LBITDA of $4.5-5.5m, without including the costs of the aborted reverse takeover of Triton Digital. There was $1.6m cash in the bank at the end of September.

The group said much of its woes stemmed from the forced cancellation of the Triton deal earlier in the year that led to the outfit losing some key content, having to pay a break fee and other restructuring costs.

"The company now believes that it has put the challenges associated with the abortive Triton Digital transaction behind it and continues to grow the business at significant rates on all metrics," said Audioboom.

Advertiser numbers were up to 154 as at 30 September from 130 at the end of the second quarter and 104 a year ago.

As of 0845 BST, Audioboom shares had crashed 29.14% to 1.65p.

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