StockMarketWire.com - Podcast company Audioboom reported a full-year loss after a rise in revenue was offset by sales and administrative costs.

Pre-tax losses for the year through December amounted to $7.5m, compared to losses of $8.4m on-year, even as revenue rose 91% to $22.3m.

Losses at the earnings before interest, tax, depreciation and amortisation (EBTIDA) level narrowed to $2.9m, from $4.7m.

Chief executive Stuart Last said the company's results were 'outstanding' and had exceeded market expectations for the first time in its history.

'In 2019, our premium content and premium advertising strategy came sharply into focus, and resulted in revenue almost doubling and our EBITDA loss being significantly reduced,' he said.

'Momentum has continued into 2020, with bookings ahead of management expectations for the first quarter.'

'While we are working hard to understand the impact of Covid-19 on the industry and our business, we're confident that the support of our shareholders and an improved cash position has put us in a strong position to continue our expansion and further cement Audioboom as the leading independent podcast company.'


At 1:55pm: [LON:BOOM] Audioboom Group share price was -1p at 155p



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