Despite challenging market conditions, Audioboom Group PLC (AIM: BOOM) managed to remain profitable in Q1. However, revenue fell to US$15.4 million, which was lower than the US$19.5 million posted in the same period last year.
Despite the decrease in revenue, Audioboom maintained profitability through strong management and cost control. As of March 31, group cash stood at US$5.1 million, down from US$8.1 million at the end of 2022, with an additional US$1.8 million available through an undrawn overdraft.
Although average monthly global downloads of 125.2 million increased by 13% compared to the previous quarter, they were comparable to the 126.2 million downloads in Q1 2022.
Furthermore, the average monthly brand advertiser count of 6,498 was up 74% YoY and 9% higher QoQ.
Stuart Last, Audioboom’s CEO, stated that the company had made significant improvements to its business operations in Q1, despite the challenging market conditions. Last also noted that the company expects to deliver year-on-year growth for the full year while continuing to outperform the wider market and that strong indications suggest that the advertising market is returning.
