Audio social media business Audioboom lost nearly one-quarter of its value after it admitted that 2014-15 revenues would be lower than expected at £250,000.
This led to house broker Arden slashing its 2015-16 revenues forecast from £7m to £2.5m.
At 3.13p a share, Audioboom is valued at £16.7m. Year-end cash was £3.1m.but it will have net debt of more than £1m by next November.
Even signing up the likes of Mike Parry and Alan Brazil for podcasts has not been able to help to grow Audioboom revenues as fast as the management had hoped. The focus is generating advertising revenues. The deal signed with US radio group Cumulus has not taken off as expected because of the appointment of a new chief executive and this will also hold back 2015-16 revenues.
© 2021 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.