- AudioBoom's revenue increased by 460% to £1,843,000 in the six months to the end of May, ahead of the previous trading update for the period announced on 7 June.

The company reported an adjusted EBITDA loss of £2.6m (H1 2016: £2.2m), and net cash used in operating activities also increased to £2.6m (H1 2016: £2.2m), reflecting the additional investment in technology and content acquisition which was enabled by the successful fundraising in March.

AudioBoom said cash management remained a key focus within the business. AudioBoom finished the period with cash reserves of £3.25m.

It said the monthly cash-burn was expected to decrease through the remainder of 2017 as the growth in revenue continues.

Chief executive Rob Proctor said: "I am delighted to report that H1 has been a period of rapidly improving financial results and KPIs and that the Group has continued its accelerated growth post period end.

"We are now delivering on our potential and are well positioned to lead our emerging industry on the international stage with a strong balance sheet to fund the business through to profitability."

"Audioboom has focused on its original content production during this period, which is vitally important as we look to create our own IP and increase our overall gross margins.

"Additionally, we have placed emphasis on our ability to deliver programmatic advertising campaigns which, given PWC's latest industry report showing a sharp rise in programmatic audio revenues, means that we are once again ahead of the curve and well positioned for future growth."

"I believe that our overall strategy of content acquisition, content creation and media sales is being further validated by the rapid rise in voice activated, hands free, screen free, internet search requests via digital home assistants, such as Amazon Echo and Microsoft's Cortana.

"ComScore estimates that 50% of all internet search requests are going to be voice activated by 2020 and logically, if the search request doesn't have a screen or a keyboard, then the results and associated content must be delivered back to the user in audio.

"Given AudioBoom's ever expanding list of content partners and content library, combined with our natural language processing insights, we are ideally placed to be a leading player in this next evolution of the internet".

Story provided by