BUSINESS LIVE: Audioboom aims for profitability; ITM Power enters US market; The UK’s growth prospects are improving

Susannah Streeter, Head of Money and Markets, Hargreaves Lansdown:

“As risk-off sentiment spread, investors sought more defensive positions amid fears of escalating conflict in the Middle East.

“The FTSE 100 is set to benefit from higher energy prices as oil and gas prices fall again but remain at elevated levels after rising sharply on supply concerns.”

“Investors are bracing for volatility ahead as they fear Hezbollah militants could attack Israel over its operations in Gaza, as forces poised for an invasion.” US Secretary of State Antony Blinken was on a whistle-stop tour by countries around the Middle East and stressed that all leaders want the conflict to be contained, but clearly there are still concerns about the risk of contagion.

“Although gold prices have retreated somewhat, they remain near one-month highs, highlighting the desire for safe havens.” “The Israeli prime minister’s promise to destroy Hamas is also helping to keep the dollar strong as investors take on riskier investments Give up positions.”

Podcast producer Audioboom expects to return to profitability in the fourth quarter after revenue was hit by a weaker advertising market and the loss of a top show earlier this year.

Sales fell to $45.8 million in the nine months to the end of September, compared with $57.1 million at the same time last year, causing the group to report a profit loss of 1.7% in the period million US dollars.

The “loss of the Morbid podcast” in May 2022 and a “weak advertising market” are to blame.

However, it is expected that the company will return to profitability in the final quarter, although “revenues will increase and the burden of the author’s minimum contractual guarantee obligations will be reduced.”

Stuart Last, CEO of Audioboom, said:

“Strong operational progress in the third quarter of 2023 is recognized by a return to year-over-year comparisons and strong sequential revenue growth in the final quarter of the year, as well as a return to adjusted EBITDA earnings on a quarterly basis.”

“Throughout 2023, we have made improvements in key areas of our business to accelerate our path back to growth.” Our milestone of reaching one billion sellable advertising impressions in October is the result of changes to our inventory creation process, evolving our Showcase marketplace and the continued growth of the Audioboom Creator Network.

“As a result, we are positioned to capture maximum advertiser demand, generate more than $19 million in revenue in the fourth quarter of 2023, and are on track to achieve record annual revenue in 2024.”

“As audiences continue to flock to podcasting – highlighted by our network’s record monthly downloads of more than 126 million – we are optimizing for the current advertising market while remaining prepared and ready to take full advantage of future macroeconomic improvements. “