8.40am: Record performance for podcast specialist
It produced record quarterly revenue of US$9.5mln, up 49% on the same time last year and up 12% on the fourth quarter. It also made a first time profit of US$0.03mln compared to a US$0.5mln loss in the first quarter of 2020.
Average global monthly downloads were up 37% on this time last year. The company said it was on track for full year revenues well ahead of current market expectations. It has already signed advertising bookings representing more than 90% of the current market forecast for 2021 group revenue.
Its new launches included RELAX! with Colleen Ballinger and Erik Stocklin – which reached number 1 on the Apple US podcast chart – and Dark Air with Terry Carnation – a show written by and starring Rainn Wilson from The Office (US).
Chief executive Stuart Last said the first quarter was “a breakthrough period” for the company.
He said: “Our record performance is driven by our content focused expansion strategy. New content partnerships and successful Audioboom Originals Network launches delivered strong growth in our Global Downloads key performance indicator, with more than 90 million downloads in March
“As a result, Audioboom became the fourth largest podcast publisher by number of average weekly users in the US on the Triton Digital ranker.”
The company’s shares are up 50p or 7.14% to 750p.
Its shares are up 3.33% or 0.1p to 3.1p after it said full year revenues rose 48% and sales volumes 30%, with exports surging 81%. It expects like-for-like earnings growth for the full year to be around.55% to £302,000.
Executive chairman Don Goulding said: “I am pleased to report strong results at the end of a challenging 12 months which saw us cope with global lockdowns, significant operating restrictions in the on-trade channel, and a tricky Brexit transition…
“We ramped up investment in new product and new brand development with the launch of further RedLeg variants and a new botanical spirit brand TRØVE…
“The outlook for the coming year is positive as restrictions are eased, consumer confidence grows, and social activity is restored. Against this backdrop we will confidently continue to drive growth and invest in new products which offer shareholder value.”