Audioboom Group PLC on Wednesday said it swung to a loss in the first half of the year, while revenue was hurt by the dropping of a podcast programme.
The London-based podcast provider said it swung to a pretax loss of $10.6 million in the first six months of the year from a profit of $566,000 a year prior. This partly attributed to a contract provision of $8.9 million.
Revenue for the six-month period fell by 22% to $31.8 million from $40.9 million the year before. The was mainly driven by the loss of Audioboom’s Morbid podcast, which left the network in May of last year.
The company did not declare an interim dividend, unchanged from the previous year.
Looking ahead, Audioboom said despite its interim performance being down compared to the first six months of 2022, it expects year-on-year growth in the second half of the year.
Chief Executive Officer Stuart Last said: ‘The past 12 months have been challenging, but the strength of our platform and content engine have minimised the impact of market conditions on the business. We have made strategic changes - particularly in our revenue operation - that are strengthening our business and setting us up us for success alongside an ad market recovery.’
Shares in Audioboom were up 5.3% at 200.00 pence each in London on Wednesday morning.
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