LONDON (ShareCast) - (Sharecast News) - Podcast company Audioboom said on Monday that it had delivered a "strong performance" in 2021, with the company exceeding market expectations once again.
Audioboom stated revenues had surged 125% year-on-year to $60.2m, outpacing predicted wider industry growth, leading it to record maiden annual adjusted underlying earnings profits of $3.0m after turning in a positive adjusted EBITDA in every month in 2021. Maiden annual net profits of approximately $1.4m were also a marked improvement when compared to the prior year's loss of $3.3m.

The AIM-listed firm highlighted the "significant growth" of ad tech-related revenues during the fourth quarter as much of the reason for its improved showing, driven by an increase in adoption of its proprietary inventory creation tool AdRip, and the launch of its global advertising marketplace Showcase in November 2021.

Fourth-quarter revenues from ad tech were approximately 3.5 times that of the first and, for the first time in the history of Audioboom, reached more than $1.0m in a month in December.

Chief executive Stuart Last said: "2021 was a phenomenal year for Audioboom. In my second year leading the business, we have delivered an incredible set of results, the culmination of our focus on content expansion and platform development. Achieving profitability on both an adjusted EBITDA and net basis is transformative, establishing a self-sustaining business funded for continued growth, and reshaping shareholder value.

"I'm very excited about 2022. We have seen unprecedented demand and high pricing during this year's "upfront" advertising sales process, during which we have already booked more than $45.0m of advertising for 2022, giving us a strong foundation for further growth."

As of 1050 GMT, Audioboom shares were up 4.26% at 1,470.0p.

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