Audioboom 1H pre-tax loss reduced as revenue nearly doubled
By Joe Hoppe
Audioboom Group PLC, whose pre-tax loss for the first half of the year narrowed due to rising revenues as its audience grew.
The UK podcast company recorded a pre-tax loss of $ 458,000 for the first six months of the year, compared to a loss of $ 2.0 million in the period a year earlier, due to an increase in downloads and revenue per download almost doubled. Revenue increased 93% to $ 22.8 million.
The company said it was well positioned for further growth acceleration in the second half of the year. He said new content partnerships, original programming and recently launched advertising technology allow him to monetize significantly higher inventory levels.
“The financial progress made by Audioboom will allow us to invest more in key areas of the business as we move into the second half of 2021,” said Managing Director Stuart Last.
All Active Asset Capital Ltd. said on Monday it was in talks about a potential cash and stock offering of 188.3 million pounds ($ 257.5 million) for Audioboom, offering 12.5 new shares in All Active Asset Capital and 200 pence in cash for each Audioboom share.
This offer is worth £ 12 for each Audioboom share, a 36% premium over the company’s Friday closing price of 885 pence.
Audioboom shares at 08:31 GMT were up 5.0 pence, or 0.5%, to 945.0 pence.
Write to Joe Hoppe at [email protected]