Audioboom podcast platform’s income lifted as advert market reveals restoration

Shares in podcast publisher Audioboom rose sharply on Friday after the group lifted annual profit expectations for the second time in a month.

Audioboom, which hosts the popular F1: Beyond The Grid podcast – and is also home to our This is Money podcast, told shareholders it had maintained strong momentum into the fourth quarter of the year. 

Revenues within its Showcase advertising platform were up 49 per cent year-on-year in October.

The AIM-listed firm now expects to post full-year adjusted earnings before nasties of $2.8million (£2.2million), ahead of its 15 October upgrade of $2.5million.

Showcase is a tech-based advertising marketplace Audioboom says allows advertisers to build a campaign in five minutes via a self-service portal.

The platform’s success marks a significant improvement after Audioboom chief executive Stuart Last highlighted an ‘advertising market recession’ in the summer.

Weakness in global advertising, which has also weighed on London-listed ad companies like M&C Saatchi, has helped to drive Audioboom shares 18.3 lower since the start of the year. 

Audioboom shares rose 8.3 per cent to 233p at the open on Friday.

Shares have also suffered from a $9million hit to revenues sparked by an update to Apple’s iOS operating system.

The perceived undervaluation of the shares has led Audioboom to consider an alternative stock market listing in the US.

Last told shareholders on Friday: ‘Audioboom’s strong performance has continued into the final quarter of the year.

‘With confidence in advertising demand for the remainder of our strongest quarter of the year, I am very pleased to see a second upgrade to our adjusted EBITDA profit expectations this year.’