Podcast maker Audioboom warns on falling advertising revenues as costs take their toll
Audioboom shares slipped as it warned businesses would cut back on advertising amid soaring costs.
The podcast-maker said the advertising market is ‘not immune’ to the impacts of the economic downturn.
Shares slipped 2.5 per cent, or 22p, to 868p. The warning came as Audioboom posted record half-year results.
Shareholders: Audioboom’s success has boosted property tycoon Nick Candy (pictured with wife, actor Holly Valance), who owns a 15% stake in the business
The business posted £34million in sales for the six months to June 30, up 79 per cent from a year earlier.
And it booked a £1.7million profit, bouncing back from a £170,000 loss last year.
The average number of advertisers using it also jumped to 376, 15 per cent higher than a year earlier. Podcasting skyrocketed during the pandemic.
Audioboom’s success has boosted property tycoon Nick Candy, who owns a 15 per cent stake in the business.