(Alliance News) - Audioboom Group PLC on Monday said revenue is down more than 10% so far in 2023, sending the company into loss, even on an adjusted basis, but it expects a better fourth quarter and 2024.

Audioboom is a publisher of podcasts. It is registered in Jersey and has offices in London and New York.

Revenue in the nine months that ended September 30 was USD45.8 million, down 12% from USD57.1 million a year before. It said the decline was the result of the loss of the 'Morbid' podcast, which left the Audioboom network in May of last year, and a weak advertising market.

This left Audioboom with an adjusted loss before interest, tax, depreciation and amortisation of USD1.7 million for the nine months. For all of 2022, Audioboom recorded positive adjusted Ebitda of USD3.6 million, though at the pretax level, it had a loss of USD429,000.

Turning to the fourth quarter, which began this month, Audioboom said it expects revenue of at least USD19 million, up slightly from USD18.3 million a year before. It also expects to returned to positive adjusted Ebitda in the current quarter.

Cash holdings stood at USD3.0 million on September 30, down from USD5.3 million on June 30, though Audioboom also has USD1.8 million in undrawn overdraft available.

Looking further out, Audioboom said it expects "record revenue" in 2024, leading to "a return to strong adjusted Ebitda positivity".

"Across 2023 we have made improvements in key areas of our business in order to accelerate our path back to growth," said Chief Executive Officer Stuart Last.

"Our milestone of creating 1 billion sellable advertising impressions in October is the result of changes to our inventory creation process, further development of our Showcase marketplace, and the continued growth of the Audioboom Creator Network."

Audioboom shares were down 2.8% at 175.00 pence on Monday morning in London. The stock is down 65% over the past 12 months.

By Tom Waite, Alliance News editor

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