Podcast company Audioboom has reassured investors that third quarter trading is in line with expectations following the departure of its chief executive last week.
Rob Proctor stepped down at the end of September and chief operating officer Stuart Last has become interim chief executive.
Third quarter revenues were 86% ahead at $5.7m and there was $2.5m of cash left in the bank. Audioboom is adding to its market share and continues to add podcasts to its service. Advertiser count and premium impressions continue to grow rapidly.
The full year revenues are expected to be $21.5m. That could equate to a cash outflow from operating activities of nearly $5m, which would use up most of the cash raised this year but still mean that net cash would be around £2m at the end of 2019. A further, more limited, cash outflow is expected next year.
The share price continued to fall after the figures and is 170p.
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