Mirriad Advertising PLC Trading update for the six months to 30 June 2023 (2740G)
18 Julio 2023 - 1:00AM
UK Regulatory
TIDMMIRI
RNS Number : 2740G
Mirriad Advertising PLC
18 July 2023
18 July 2023
Mirriad Advertising plc
("Mirriad" or the "Company")
Trading update for the six months to 30 June 2023
Mirriad, the leading in-content advertising company, announces
the following trading update for the six months ended 30 June 2023
("the period").
H1 headlines
-- Revenues for H1 modestly ahead of 2022 at GBP592k (H1 2022
GBP577k) following the final exit from China
-- Revenues from continuing operations +26% at GBP576k in H1 2023 (H1 2022 GBP458k)
-- Gross proceeds of fundraising closed in May 2023 of GBP6.3m (net GBP5.7m)
-- Closing cash at the end of June 2023 GBP9.8m (June 2022 GBP17.7m)
-- Restructuring plans to substantially reduce the monthly net
cash burn completed by the end of May 2023, incurring restructuring
costs of GBP311k
The Board is pleased that the Company has shown an increase in
overall H1 revenue compared to 2022. As previously announced in the
fundraising on 16 May 2023 this is against a backdrop of
significant and ongoing US advertising market pressure which
started in Q4 2022 and continued in H1 2023 with campaigns taking
longer to book and being booked closer to air date than
historically.
The US advertising market had shown year on year declines for
each of the 10 months to April 2023 and this has impacted the
Company's US revenues, which showed a year-on-year reduction to
GBP313k (H1 2022 GBP418k).
Revenues in EMEA increased materially to GBP252k (H1 2022
GBP37k) driven by growth in the Company's German business and the
acquisition of a new client in the Middle East.
The Company undertook a significant restructuring during H1 2023
addressing both staff and non-staff costs. In particular there was
the final closure of its Chinese operations, as previously
announced, and a cost reduction programme across the remaining
business. Ultimately this resulted in staff redundancies in all of
the Company's continuing operating companies and a material
reduction in US headcount, which reduced from 16 to 11 staff at the
end of May 2023. Overall headcount in continuing operations reduced
from 112 at the end of April to 91 at the end of June 2023.
Outlook
Overall, the Board is encouraged by the forward sales pipeline
in the US and anticipates a pick-up in US activity in H2 2023. The
Board also notes that Mirriad revenues are historically seasonal
with significantly higher revenue expected in H2 compared to H1.
The Company anticipates a similar pattern of revenue to FY2022 with
H2 revenue approximately twice that of H1.
Integration work, testing and partnership discussions continue
with multiple large entertainment companies in the US and the Board
anticipates that one or more of these companies will ultimately
contract with Mirriad for the provision of services by the end of
2023. The Company remains on track to deliver a fully programmatic
service to US customers with programmatic revenues expected in
2024.
The Company will provide further updates in its interim results,
which will be released in the week commencing 21 August 2023.
Stephan Beringer, CEO of Mirriad, said: " We are in line with
our internal revenue expectations despite an adverse macro
environment, the fact that 2023 is our first year without any
meaningful revenue from China, and our focus on programmatic as we
move from the market building phase.
To date our revenue profile is based on a manual sales process,
and we have flagged 2023 as the year we initiate the transition
from this first adoption phase to programmatic selling, which is
expected to open up true scale. We anticipate US momentum gathering
in H2, building to programmatic revenues in this market in
2024."
ENDS
For further information please visit www.mirriad.com or
contact:
Mirriad Advertising plc Tel: +44 (0)207 884 2530
Stephan Beringer, Chief Executive Officer
David Dorans, Chief Financial Officer
Nominated Adviser & Broker: Tel: +44 (0)20 7886 2500
Panmure Gordon
James Sinclair-Ford / Daphne Zhang (Corporate
Advisory)
Rupert Dearden (Corporate Broking)
Financial Communications:
Charlotte Street Partners
Tom Gillingham Tel: +44 (0) 7741 659021
Fergus McGowan Tel: +44 (0) 7590 049023
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014 as it forms part of UK
domestic law by virtue of the European Union (Withdrawal) Act 2018
("MAR"). Upon the publication of this announcement, this inside
information is now considered to be in the public domain.
Notes to Editors
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, Europe and the Middle
East.
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END
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