Audioboom Group Plc (BOOM.L), an audio and podcasting distribution platform, on Tuesday reported higher revenues for the third quarter, mainly helped by an increased revenue from Showcase, the company's global advertising marketplace.
Looking ahead, for the full year, AudioBoom has revised up its adjusted EBITDA outlook to $2.5 million from its prior expectation of $1.3 million.
AudioBoom was up by 16.55 percent at 244.75 pence per share in the early morning trading on the London Stock Exchange.
For the three-month period to September 30, the company recorded adjusted EBITDA of $1 million, driven by the growth in the highest gross margin revenue line, Showcase.
Revenue was $18.8 million, up 34 percent from previous year's $14 million.
Revenue from Showcase surged 99 percent to $7 million from prior year's $3.5 million.
Looking ahead, Stuart Last, CEO of Audioboom, said: "The final quarter is always an exciting time for the business, buoyed by strong advertising demand around sports seasons and the holidays. This year the US election will boost that demand further - our politics and news programming slates have seen their audiences grow by more than 34% during the early part of presidential campaigning, and this growth has quickly translated to revenue opportunity."
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