Business
Q1 Quarterly Update
Q1 Quarterly Update.
About this update from Audioboom Group Plc
[{"type":"text","content":"\n \nRNS Number : 3230R Audioboom Group PLC 08 March 2016 \n\nFor release at 7.01am 8 March 2016\n \nAudioboom Group plc\n(\"Audioboom\" or the \"Group\")\nQ1 Quarterly Update\n \n \nThe Board of Audioboom (AIM: BOOM), the leading spoken-word audio on-demand platform, is pleased to provide a quarterly update on the Group's performance in the first financial quarter from 1 December 2015 to 29 February 2016 (\"Q1\").\n \nTrading \nRevenue in Q1 exceeded the total revenue for the full year ending 30 November 2015 of £192,000.\n \nAudioboom is now able to reconcile its forward media campaign bookings, due to technical advancements on its advertising booking platform and increased focus from the Cumulus media sales team. Accordingly, the Company is pleased to report strong advanced bookings of advertising revenue for Q2. \nNet cash at 29 February 2016 was £2.2m. In addition to increasing revenues, tight control on expenditure combined with greatly reduced consumer marketing spend, in line with the Group's strategy to focus on the B2B platform, has reduced the rate of monthly cash burn in Q1 by 34% from the monthly rate for the 12 months to 30 November 2015. \n \nKPIs\nAs previously stated content partners and listens are the most accurate indicators of the Group's future potential revenues - with quality content driving listens which, ultimately, generate advertising revenue. \n \nAudioboom made further significant progress in Q1, as measured by its KPIs and significant...