Mirriad Advertising PLC Mirriad Trading Update (6205E)
July 05 2019 - 1:00AM
UK Regulatory
TIDMMIRI
RNS Number : 6205E
Mirriad Advertising PLC
05 July 2019
Mirriad Advertising plc
Mirriad TRADING UPDATE
5 July 2019
Mirriad Advertising plc
("Mirriad" or the "Group")
Improved revenues follow positive engagement and the
announcement of a new client contract
Mirriad Advertising plc ('Mirriad'), the established computer
vision and AI platform company is updating the market on current
trading.
The Directors are encouraged by recent developments in Mirriad's
underlying business and performance. Mirriad recently announced a
new two-year contract with Tencent Video, one of China's largest
digital entertainment platforms. The contract provides minimum
fixed monthly revenues to the Mirriad.
Management continues to make good progress in increasing
engagement with senior stakeholders at advertising clients, agency
groups and broadcasters/distributors, a direct measure of the
implementation of the new market strategy.
Mirriad anticipates that its new contract with Tencent, taken
together with other recent activity, will result in 2019 revenue
exceeding that recorded in 2017. It will also be substantially
greater than revenues in 2018. Mirriad now expects minimum revenues
of GBP1.1 million in 2019 and GBP2.2 million in 2020 based on
existing customer contracts and before the impact of any
incremental revenue arising from ongoing commercial
discussions.
At the end of May Mirriad had cash resources of GBP10.2 million,
with monthly cash consumption continuing to run at around GBP1
million per month. The Mirriad has also announced this morning that
it has raised a further GBP14.18 million through a placing,
conditional on shareholder approval at a general meeting to be held
on 31 July 2019. The proceeds of the placing will be used for
general working capital purposes and to provide the Group with
sufficient funds to demonstrate the efficacy of its new
go-to-market strategy and revenue traction with partners in its key
markets.
Stephan Beringer, CEO of Mirriad, said: "There is now a real
sense of momentum surrounding the new strategy we are implementing
at Mirriad. The Tencent contract is a very important milestone and
proof of the work we are undertaking to get our Academy
Award-winning technology to transform the way advertisers can
engage with their target audiences.
"We are still relatively early on in our strategic reset,
however, we look forward to delivering additional value for our
shareholders by sustainably growing the business."
About Mirriad
Mirriad is an established computer vision and AI-powered
platform company, built on Academy Award-winning entertainment
tech, with 30 patents and patents pending. Using sophisticated
technologies, Mirriad connects people with brands, through seamless
ad insertions in popular linear and digital content. Advertisers
can now reach very large target audiences in a contextually
relevant way without interrupting the viewing experience.
Research has consistently shown in-video advertising to be
highly effective for the marketer and preferred by audiences on TV,
online, and mobile.
Mirriad is headquartered in London, with offices in New York,
Paris, Munich, Mumbai, and Shanghai.
Enquiries:
For further information please visit www.mirriad.com or
contact:
Mirriad Advertising plc
Stephan Beringer, Chief Executive Officer
David Dorans, Chief Financial Officer
Tel: +44 (0)207 884 2530
Numis Securities Limited (Nominated Adviser & Broker)
Nick Westlake
James Black
Hugo Rubinstein
Tel: +44 (0) 207 260 1200
Financial Communications:
Charlotte Street Partners
Andrew Wilson Tel: +44 (0) 7810 636995
Tom Gillingham Tel: +44 (0) 7741 659021
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
TSTSSESIIFUSEEW
(END) Dow Jones Newswires
July 05, 2019 02:00 ET (06:00 GMT)
Mirriad Advertising (LSE:MIRI)
Historical Stock Chart
From Apr 2024 to May 2024
Mirriad Advertising (LSE:MIRI)
Historical Stock Chart
From May 2023 to May 2024