StockMarketWire.com - Audioboom reported wider losses as costs associated with the failed acquisition of Triton Digital offset a sharp jump in revenues.

For the 13-month period ended 31 December, losses before tax widened to $8.36m from $6.41m a year earlier, while revenue increased 92% to $11.7m.

The wider losses were driven by increase in costs related to the failed acquisition of Triton Digital Canada.

The company did not proceed with the proposed acquisition as it struggled to raise the required funds, but did however incur US$1.7m of costs in relation to corporate fees incurred during the aborted acquisition process.

The adjusted earnings (EBITDA) loss, which excluded the impact of the Triton acquisition, fell to $5.1m from US$5.6m, following 'much improved performance in the final three months of the period,' the company said.

'We signed some impressive new content during the period, including 'Casefile', 'And That's Why We Drink' and also re-signed two of the UK's biggest podcasts, by number of listens. I am particularly pleased with the success of our Audioboom Originals Network programming with both the London and New York studios creating more than 11 shows, which expands our operating margins and creates valuable intellectual property for the Company,' said Rob Proctor, CEO of Audioboom.

'The entire audio entertainment industry is already beginning to value intellectual property within the sector and we have already seen several large industry players, such as Spotify, acquiring podcasting businesses over the past 12 months and Luminary, a podcast start up, raise US$100m.'

'The recent successful placing and subscription for new shares in the Company positions us well to acquire even more talent and valuable third-party podcasts to both maintain our leading market position across the United States and Europe, and drive further material revenue growth this year.'


At 8:49am: [LON:BOOM] Audioboom Group share price was -0.1p at 2.2p



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