Audioboom Group PLC (AIM:BOOM) Final audited results for the year ended 31 December 2021

Audioboom (AIM: BOOM), the leading global podcast company, is pleased to announce its final audited results for the year ended 31 December 2021.

Financial and operating highlights

· 2021 revenue of US$60.3 million, up 125% on 2020 (US$26.8 million). Year-on-year growth outpaced the predicted wider industry average growth by 108% (1)

· Maiden adjusted EBITDA( 2) profit of US$3.1 million (US$1.8 million loss), with the Company recording positive adjusted EBITDA ( 2) in every month of 2021

· Maiden annual net profit before tax of US$1.7 million (2020: US$3.3 million loss)

· Maiden total profit of US$7.0 million (2020: US$3.2 million loss), enhanced by recognition of deferred tax asset

· Average global monthly downloads for Q4 increased to 113 million, up 39% on Q4 2020 (81.7 million). Global downloads in October 2021 reached a record 115.7 million

· Average brand advertiser count for Q4 of 396, up 32% on Q4 2020 (301)

· Average global revenue per 1,000 downloads (eCPM) for Q4 increased to US$55.85, up 49% (Q4 2020: US$37.55)

· Group cash of US$3.0 million (31 December 2020: US$3.3 million)

Key commercial developments

· Continued development of our production arm, Audioboom Studios, with the commercial success of Dark Air with Terry Carnation, as well as the extension of our production partnership with Formula 1

· Enhanced our creator network through new commercial partnerships with leading podcasts, including Redhanded, The Way I Heard It with Mike Rowe, Zane & Heath Unfiltered, Dark History, Hacks on Tap, and Spitballers

· Launch of key advertising technology, including inventory creation tool, AdRip, and our global automated advertising marketplace, Showcase

Post year end highlights

· Record Q1 revenue of US$19.7 million, up 107% on Q1 2021 (US$9.5 million)

· Record Q1 adjusted EBITDA(2) profit of approximately US$0.9 million (Q1 2021: US$0.03 million)

· Average global monthly downloads increased for the ninth successive quarter to 126.2 million, up 45% on Q1 2021 (87.1 million). Global downloads in March 2022 reached a record 131.0 million

· Continued growth of Showcase, our global advertising marketplace. Revenue from advertising technology in Q1 2022 more than 151% greater than in Q1 2021, and now contributing more than 11% to Group revenue

· Strong pricing due to robust advertising demand, with an Average Unit Rate (AUR) during the quarter for our top 25 podcasts at US$14,295 vs Q1 2021’s AUR of US$6,455

· Further expansion of Audioboom Studios with new title launches including National Park After Dark, Can I Get In Your Pantry?? and Devils in the Dark, which reached number 1 on the UK True Crime podcast chart and the Top 15 of Apple’s overall podcast chart

· Long-term renewal of key content partnerships in our Premium Network, including Casefile True Crime, Mile Higher, Strange & Unexplained, Lights Out and The Sesh

· Launch of a new strategic partnership with leading radio and media company, NZME, to monetise Audioboom’s advertising inventory in New Zealand

· To supplement available cash reserves, a £1.5 million overdraft with HSBC was implemented on 14 April 2022

· As of its trading update provided on 11 April 2022, the Company had contracted revenue in excess of US$60.5 million for 2022 through advance advertising bookings, underpinning expectations for the current financial year and higher than total revenue in 2021

1) Interactive Advertising Bureau’s May 2021 Podcast Advertising Revenue Study stated that US podcast advertising revenue was expected to grow by 60% in 2021 relative to 2020

2) Earnings before interest, tax, depreciation, amortisation, share based payments, non-cash foreign exchange movements and material one-off items

Stuart Last, CEO of Audioboom, commented: “I am delighted to report on a defining year for the business which saw top-line growth of 125%, our maiden EBITDA and net profit, and the transformation of shareholder value. Our phenomenal performance has positioned us as the world’s leading pure-play podcast business and increased our market-share significantly. Our innovation led to the launch of new best-in-class advertising technology tools, the scaling of our platform and new levels of success for our creator partners and advertisers.

Our ambition is to build the world’s leading podcasting business, and I am delighted with the start we have made in 2022 and look forward to the future with confidence. I would like to thank our creators, clients, customers and partners, as well as our incredibly talented Audioboom team and our supportive shareholders as we look forward to another exciting and successful year.”

Enquiries

Audioboom Group plc

Stuart Last, Chief Executive Officer

Brad Clarke, Chief Financial Officer

Tel: +44(0)20 3714 4285


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