StockMarketWire.com - Audioboom expects overall 2016 revenues to exceed £1.3 million, an increase of more than sixfold compared to last year, and ahead of market forecasts.

It said the rate of growth in 2016 continued to accelerate from H1 to H2, with Q4 revenues of more than £630,000.

This rate of revenue growth continued post year end, with over £1.1 million already booked for advertising campaigns in 2017.

Due to acceleration in audience acquisition costs and higher recruitment fees to acquire USA commercial head count, the company said it expects its EBITDA loss for the full year to be greater than market expectations.

The company took steps to reduce costs through new ad-serving and bandwidth partnerships which it expects could achieve cost savings of approximately 40% for 2017 over 2016 in this area.

Additionally, UK annual headcount was reduced by £465,000 to allow the Company to focus on its growth opportunities in the US.

The year-end cash balance was £710,000. Story provided by StockMarketWire.com