- AudioBoom revenues for the six months to the end of May rose by 447% to at least £1.8m as the strong performance for the first quarter continued in the second quarter.

And it said independent research it commissioned had given it a real insight into how listeners were increasingly turning away from radio and towards podcasting to get their audio content.

The research into listening trends of consumers in the UK and USA was carried out by Edison.

It found that:

- AudioBoom listeners aged between 25 and 44 were listening to 60 podcasts a month

- More than two thirds said they listened to radio less as a result of listening to podcasts

- 63% said they "pay more attention to advertising on podcasts than advertising on broadcast radio"

- Six out of ten also said they had bought a product mentioned in a podcast

AudioBoom chief executive Rob Proctor said: "These figures give us real insight into how listeners are increasingly turning away from radio and towards podcasting to get their audio content.

"This is a group who have grown up with smartphones and podcasting caters to the on-demand and on-the-move generation.

"Unlike traditional radio, our listeners see the benefit in downloading their own content and having the option to listen to it when and where they want to."

The company's second quarter update noted that monthly unique users had rise to 81m in the three months to the end of May - up from 58m in the first quarter.

Proctor said: "I am particularly pleased to report that the operational momentum generated in 2016 is now beginning to translate into rapidly improving financial results, with a significant increase in revenue for the first half of the year to over £1.8 million.

"Our forward bookings provide us with confidence for the remainder of the year.

"The significant revenue increase compared to the first half of 2016 is driven by a broad range of growing KPIs, but most significant has been the growth in our US 'live read' fill rates over the last few quarters, rising from under 20% in Q2 2016 to just over 70% in Q2 2017.

"Additionally, our sales team has done a tremendous job in increasing the Company's overall advertiser brand count from just under 10 at the end of Q2 2016, to just over 80 at the end of the last quarter.

"It is now clear that advertisers are increasingly looking towards on-demand spoken word platforms to reach younger audiences as well as to target the right demographics for their brands."

At 8:11am: [LON:BOOM] Audioboom Group share price was +0.1p at 2.8p

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