AudioBoom hits the right notes with upgraded forecasts

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Audioboom Group PLC (LON:BOOM) was making the right noises for investors on Friday as the podcast firm said it had continued to see “strong sales momentum” amid a content-focused expansion plan.

In a trading update, the AIM-listed group said signed advertising bookings for the year now represented over 95% of its recently upwardly revised market forecast for revenue in 2021.

READ: Audioboom’s tempo slows in second half

As a result, the company said it now expects its revenues will be “significantly in excess of the current market expectations for the year” alongside higher adjusted earnings (EBITDA).

Audioboom attributed the strong performance to a number of recent developments including a “high volume of new advertising bookings” since its advertising inventory for the third quarter of 2021 was made available to customers at the start of April.

The company also said the successful launch of the Dark Air with Terry Carnation podcast had seen strong demand which had enabled more than 90% of its advertising inventory to be sold before the podcast premiered, adding that its top 50 shows have managed to maintain an average advertiser fill rate of over 85%.

Shares in the firm surged 6.6% to 703.5p in early deals.

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