- Audioboom posts pre-tax losses of GBP7.4m for the year to the end of November compared with GBP3.9m in the 11 months to the end of November in 2014.

Revenues rose to GBP192,000 from GBP51,000 and the group says revenue in the first quarter of the current financial year has already exceeded the total for 2015.

Audioboom is now able to reconcile its forward media campaign bookings, due to technical advancements on its advertising booking platform and increased focus from the Cumulus media sales team. Accordingly, the Company is pleased to report strong advanced bookings of advertising revenue for Q2.

Net cash at 29 February 2016 was £2.2m. In addition to increasing revenues, tight control on expenditure combined with greatly reduced consumer marketing spend, in line with the Group's strategy to focus on the B2B platform, has reduced the rate of monthly cash burn in Q1 by 34% from the monthly rate for the 12 months to 30 November 2015.

Net cash used in operating activities in the 2015 financial year increased to £5.72m (2014: £2.38m) as the proceeds of an £8m placing in October 2014 were invested in developing the business. Cash management remains tight and a key focus within the business, particularly given the slower than originally anticipated growth in revenue.

Cash-burn was reduced towards the year end as the Company reduced its marketing spend relating to the consumer products, website and apps, and the targeting of registered users, in line with its strategic focus on the B2B platform. This reduced cash burn continues and our net cash position is also being augmented by increasing revenue. Audioboom finished the year with cash reserves of £3.13m.

Chief executive Rob Proctor said: "2015 was a year of steady but important progress for Audioboom. We focused the business on our market leading SaaS platform and the monetisation of this asset through advertising revenue share agreements. In short, quality content is the key to driving 'listens'; listens drive advertising and advertising drives revenue. During the year, the Group significantly increased the quantity and quality of its content partners, signed up with Cumulus, the second largest radio group in the US, and achieved a record number of 300 million plus listens in the year. "2016 has started well with the announcement of our Indian partnership with Eros and our successful selection to be a content provider on the relaunched Google Play in the US. We are confident that all these activities will positively impact our ability to generate advertising revenues. "Our focus in 2016 remains on expanding our reach and distribution in the USA and India, monetisation, improving our platform functionality and consolidating our position as a leading B2B advertising and digital audio content distribution company - ultimately resulting in revenue growth in 2016 and beyond."

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