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Audioboom – results more than five months after its year-end, the accounts show why…

By Steve Moore | Wednesday 3 May 2017

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

Spoken word audio on-demand platform company, Audioboom (BOOM) has announced results for its year ended 30th November 2016. Hmmm – more than five months after the year-end then, rarely a good sign.

The accounts show why the announcement only now - a loss of £4.8 million helping see cash down, even after £2.4 million of new equity, by £2.4 million to £0.69 million (net assets down by £2.1 million to £1.3 million).

It was thus clearly cash crunch ahoy again – and towards the end of March the company was “pleased to announce”, and CEO Rob Proctor was “obviously delighted” with, a £4.5 million discounted fundraising. I bet they were!

The loss was reduced from an adjusted £5.5 million in the prior year, on revenue up from just £0.192 million to £1.31 million, with the announcement emphasising “the growth in revenues has continued… and currently over £3m of advertising campaigns are booked to occur during the 2017 financial year… the company continues to target the milestone of becoming cash-flow positive on a monthly basis during the final quarter of 2018”.

Confidence is also noted from its operating in “the fastest growing sector of digital media” - and I previously concluded that there does now look to be some more reasons for positivity here. However, there still remains some way to go before cash-flow positive becomes a realistic proposition and cash burn thus currently remains key. I’ll continue to monitor progress with interest.

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