Acast: That Peter Crouch Podcast maker cuts loss as UK sales pass £50m

Acast, the giant behind the likes of That Peter Crouch Podcast, saw its pre-tax loss cut during its latest financial year as its turnover passed the £50m mark.

The group, which also makes shows such as Sh**ged Married Annoyed and The Adam Buxton Podcast, has reported a pre-tax loss of £5.8m for its UK business for 2023.

The total comes after Acast posted a pre-tax loss of £8.2m in 2022.

According to newly-filed accounts with Companies House, Acast’s UK turnover also increased from £49.6m to £53m.

Set up in Sweden in 2014 and is now the world’s largest independent podcast platform.

Acast said it has “experienced significant growth in recent years and is in a good market position”.

It added that its directors “believe this success will continue in the coming years”.

In February, the wider Acast group announced its net sales totalled SEK 1.636bn (£121.3m) in the year, up from SEK 1.390bn (£103.1m).

Its operating loss also fell from SEK 352.6m (£26.1m) to SEK 258.6m (19.1m) over the same period.

At the time, CEO Ross Adams said: “Acast finishes the year strong and we enter 2024 with early signs of improved momentum in the market.

“A strong underlying development during the last quarter of the year creates a path towards a positive EBITDA in 2024.

“The work to balance tight cost control with the development of new services and tools that help advertisers and podcast creators reach a wide audience will have continued high priority for us in the coming year.

“We enter 2024 with a robust balance sheet that increase our competitiveness even more. The world’s advertising markets are still affected by the weakened economy, but Acast’s position as the leading player in podcasting is stronger today than it was a year ago.”