Audioboom shares soar after podcast platform finally turns a profit thanks to surging demand from advertisers
Audioboom shares soared as it made a profit for the first time amid surging demand from advertisers.
Shares in the group, which hosts podcasts on topics ranging from sport to crime, jumped 5.7 per cent, or 80p, to a seven-year high of 1490p after it posted a £1million profit for 2021.
Revenues during the year also rocketed 125 per cent to £44.4million as the company cashed in on a surge in podcast listeners during lockdown, which in turn had attracted more advertisers to its platform.
Investors: Audioboom’s success has provided a tidy windfall for Australian singer and actress Holly Valance and her husband, property tycoon Nick Candy
The group, founded in 2009, flagged ‘significant growth’ from its technology products, which allow podcasters to add adverts to older episodes of their shows without needing to re-edit them.
The company’s success has also provided a tidy windfall for Australian singer and actress Holly Valance and her husband, property tycoon Nick Candy.
The couple are the company’s second-largest shareholders with a stake of around 14.8 per cent.
The share price rise has added around £28.6million to their fortune since the end of 2020.