Audioboom shares have tumbled after its finance chief suddenly departed

 
Emma Haslett
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Audioboom reported a 460 per cent rise in revenues last week (Source: Getty)

Just days after it posted a stellar rise in revenues, British podcasting platform Audioboom has parted ways with its chief financial officer.

Shares fell 9.9 per cent to 2.05p in morning trading, after a brief statement to the stock market in which chairman Malcolm Wall said David McDonagh had left the company "with immediate effect".

In an email to staff seen by City A.M., he added: "I do not want to go into the reasons for his departure. I can tell you that it is not linked to any financial issues or concerns for the company." It is understood McDonagh had frequently disagreed with chief executive Rob Proctor over the company's growth strategy.

Jump in profits

Last week Audioboom reported a massive 460 per cent rise in revenues, which hit £1.8m in the six months to the end of May, from £329,000 in the first half of 2016.

Monthly unique users reached 81m in May, up from 34m at the same point last year.

At the time, Proctor said the company was "well position to lead [the] emerging industry on the international stage", adding that a strong balance sheet will fund the business through to profitability.

"Audioboom has focused on its original content production during this period, which is vitally important as we look to create our own IP and increase our overall gross margins."

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