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Shares in British audio startup Audioboom fell on Monday after the firm projected a full-year loss for 2016 and delayed revenue for the final quarter.
Revenue for the 12 months to 30 November is expected to exceed £4.8 million, up 250% year on year. That’s positive news, but the firm also warned: “Certain revenues which were expected to fall into Q4 2016/17 will now be reflected in Q1 2017/18 due to the precise timing of campaigns and bookings, with advanced bookings for Q1 2017/18 being ahead of management’s expectations.”
Losses were pegged at £4.5 million, an improvement on last year’s £4.6 million loss. The firm lacks a chief financial officer after incumbent David McDonagh left suddenly in July.
The company’s cash balance stood at £700,000, with an extra £750,000 available.
The firm’s shares are down 23% since Friday, standing at 2.7p.
Audioboom, which counts property tycoon Nick Candy among its investors, has netted some podcasting wins this year. It scooped up a new football podcast, The Totally Football Show, which is hosted by former Guardian Football Weekly chair James Richardson. The show, which AudioBoom helps produce, debuted at the start of August at the top of the UK iTunes chart, and now has two million downloads per month.
The company also re-signed the weekly No Such Thing as a Fish podcast, which is presented by the researchers on BBC comedy panel show “QI.” That title has 6 million downloads per month.
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