Audioboom Group PLC on Monday said revenue is down more than 10% so far in 2023, sending the company into loss, even on an adjusted basis, but it expects a better fourth quarter and 2024.

Audioboom is a publisher of podcasts. It is registered in Jersey and has offices in London and New York.

Revenue in the nine months that ended September 30 was $45.8 million, down 12% from $57.1 million a year before. It said the decline was the result of the loss of the ’Morbid’ podcast, which left the Audioboom network in May of last year, and a weak advertising market.

This left Audioboom with an adjusted loss before interest, tax, depreciation and amortisation of $1.7 million for the nine months. For all of 2022, Audioboom recorded positive adjusted Ebitda of $3.6 million, though at the pretax level, it had a loss of $429,000.

Turning to the fourth quarter, which began this month, Audioboom said it expects revenue of at least $19 million, up slightly from $18.3 million a year before. It also expects to returned to positive adjusted Ebitda in the current quarter.

Cash holdings stood at $3.0 million on September 30, down from $5.3 million on June 30, though Audioboom also has $1.8 million in undrawn overdraft available.

Looking further out, Audioboom said it expects ‘record revenue’ in 2024, leading to ‘a return to strong adjusted Ebitda positivity’.

‘Across 2023 we have made improvements in key areas of our business in order to accelerate our path back to growth,’ said Chief Executive Officer Stuart Last.

‘Our milestone of creating 1 billion sellable advertising impressions in October is the result of changes to our inventory creation process, further development of our Showcase marketplace, and the continued growth of the Audioboom Creator Network.’

Audioboom shares were down 2.8% at 175.00 pence on Monday morning in London. The stock is down 65% over the past 12 months.

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