("Mirriad" or the "Company")
Trading update for the six months to
Mirriad, the leading in-content advertising company, announces the following trading update for the six months ended
H1 headlines
· Revenue for the year to
· Revenues for H1 of
·
· Decision to make orderly wind down of Chinese operations by the end of the Tencent contract in
· US revenues grew by 57% to
· Closing cash at the end of
· Improvements recorded across all KPIs on supply and demand sides
· Cost control programme to deliver
The completion of the half-year budgetary review process identified significant current weakness in the Chinese market which was not anticipated at the time of the last review, predominately due to stringent Covid-19 lockdowns. Combined with contractual changes which saw us move away from guaranteed income in this market, revenue in
The company has taken decisive action to address this challenge, with an orderly wind down in
The Board is encouraged by the US sales pipeline, with the business receiving an increasing number of substantial RFPs and inbound enquiries. In the financial year ended
Outlook
Across the business, the team is working hard to successfully convert and further grow our pipeline, against the backdrop of varying macroeconomic uncertainty in many of our markets.
Recurring business is strong and, as evidenced by our KPIs, there is positive progress on building both the supply and demand sides of our pipeline. To maximise the realisation of this pipeline we will now be leaning more into digital - in the EU and APAC - to reflect positive initial progress made on this front in
The contract signed with Magnite on
Alongside this, we continue to make positive progress on developing our dynamic insertion approach, with a first campaign running with a leading global food and beverage company in the US. We are continuously improving our end-to-end experience, enhancing data exchange, and developing self-service capabilities.
Revenue is not currently where we would like it to be, but Company plans always assumed a significantly backloaded revenue profile and, factoring the elements outlined above, we anticipate H2 will show substantially higher revenues than H1.
"Our positive US momentum is diluted by the disappointing results of our operations in
"In our priority markets we are seeing a clear in-content interest surge - moving it from novel consideration to must-have and we expect our revenue-generating activity to be backloaded towards the end of the year, as per industry norms. We are also within the Company's expectations of cash consumption and cash balance as the whole Mirriad team works to convert our high-quality and varied pipeline at pace."
The company will provide further updates in its interim results, which will be released in the week commencing
ENDS
Enquiries:
For further information please visit www.mirriad.com or contact:
Tel: +44 (0)207 884 2530
Financial Adviser, Nominated Adviser and Broker:
Panmure Gordon
Tel: +44 (0)20 7886 2500
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 as it forms part of
About Mirriad
Mirriad's award-winning solution unleashes new revenue for content producers and distributors by creating new advertising inventory in content. Our patented, AI and computer vision technology dynamically inserts products and innovative signage formats after content is produced. Mirriad's market-first solution seamlessly integrates with existing subscription and advertising models, and dramatically improves the viewer experience by limiting commercial interruptions.
Mirriad currently operates in the US,