Audioboom Q3 revenues hit record levels, hikes FY adjusted EBITDA guidance

(Sharecast News) - Podcast company Audioboom said on Tuesday that revenues had surged to record levels in Q3, leading the group to hike FY adjusted underlying earnings guidance.

Audioboom said Q3 revenues were up 34% at $18.8m, while total revenue for the nine months ended 30 September came to $52.9m, with September representing the group's second-highest monthly revenue ever.

The AIM-listed group also reported a record Q3 adjusted EBITDA profit of $1.0m, representing the fourth successive quarter of adjusted EBITDA profitability, driven by the growth in its highest gross margin revenue line. Total year-to-date adjusted EBITDA profits came to $1.3, a $3.0m swing from last year's $1.7m EBITDA loss.

Audioboom also raised FY EBITDA expectations from previous guidance of $1.3m to $2.5m.

Chief executive Stuart Last said: " I am delighted with Audioboom's performance in Q3 2024, headlined by strong revenue and adjusted EBITDA growth, and underpinned by a robust business model. With our seasonally strongest quarter ahead, we are set to significantly outperform market expectations for adjusted EBITDA.

"The final quarter is always an exciting time for the business, buoyed by strong advertising demand around sports seasons and the holidays. This year the US election will boost that demand further - our politics and news programming slates have seen their audiences grow by more than 34% during the early part of presidential campaigning, and this growth has quickly translated to revenue opportunity."

As of 1010 BST, Audioboom shares had rallied 10.94% to 232.98p.

Reporting by Iain Gilbert at Sharecast.com