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Mirriad Advertising plc, the established computer vision and AI platform company, announces its unaudited results for the year ended 31 December 2018.

Financial overview

•  2018 revenue of £416k (2017 £874k) in the context of the previously flagged challenges with the Group's go-to-market strategy. Trading improved in H2 with revenue of £296k (H1 £120)

• Net assets reduced 44% to £15.6m (2017: £27.9m) as a result of the losses in the period and a decision to take an impairment charge against internally generated software of £1.2m

• Operating loss increased 27% to £14.4m (2016: £11.3m) including the £1.2m impairment noted above

• Cash and cash equivalents at 31 December 2018 were £15.2m 

 

Operational highlights

• Appointment of new senior management team on 1st October when Stephan Beringer joined as CEO and Jana Eisenstein as President

• Signature of initial contract with Tencent in China

• £2m equity investment by Jinhua Puhua Tianqin Equity Investment Fund Partnership ("Puhua")

• Signature of contract with TF1 in France

• Awarded the Best Video Marketing and Advertising Platform in the Digiday Technology Awards in September

 

Post period highlights

•  New strategy announced by Stephan Beringer in March 2019 to address the ineffectiveness of the Group's previous go-to-market strategy

• Closure of the Group's operations in Brazil and withdrawal from commercial operations in India which are low per capita advertising spend market

• Appointment of new CTO, Niteen Prajapati, on 1st April 2019 

• Roger Faxon stepped down as Chairman on 30th April to be replaced by John Pearson

• Trading in 2019 to date is in line with the Company's budget and Q1 2019 revenue surpassed H1 2018 revenue

• The Company has sufficient cash to fund its activities throughout the current financial year however will need to raise additional funds in the next 12 months. Cash balances at 31 March 2019   were £12.3m.

Stephan Beringer, Chief Executive Officer of Mirriad, commented:

"I was under no illusion about the scale of the task ahead when I joined Mirriad in 2018, and the challenge is reflected in these results. We have moved decisively to address the ineffectiveness of the company's previous strategy and to reset our cost base.

"The business is now getting into a far better position to use its award-winning technology to tap into the huge market opportunities we have identified and put the business on a path to growth, creating value for our investors. I am very encouraged by the progress to date and have confidence that our new strategy can and will deliver value for our shareholders."

To read the full RNS release, please click here

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 1000

 

Charlotte Street Partners            

Andrew Wilson

Tom Gillingham                                                

Tel: +44 (0) 7810 636995

Tel: +44 (0) 7741 659021

 

Notes to Editors

About Mirriad

 
Mirriad is an established computer vision and AI-powered platform company, built on Academy-Award winning entertainment tech, with 29 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. 

 

Forward looking statements

Certain information contained in this announcement, including any information as to the Group's strategy, plans or future financial or operating performance, constitutes "forward-looking statements". These forward-looking statements may be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "anticipates", "projects", "expects", "intends", "aims", "plans", "predicts", "may", "will", "seeks" "could" "targets" "assumes" "positioned" or "should" or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this announcement and include statements regarding the intentions, beliefs or current expectations of the Directors concerning, among other things, the Group's results of operations, financial condition, prospects, growth, strategies and the industries in which the Group operates. The directors of the Company believe that the expectations reflected in these statements are reasonable, but may be affected by a number of variables which could cause actual results or trends to differ materially. Each forward-looking statement speaks only as of the date of the particular statement.

By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future or are beyond the Group's control. Forward-looking statements are not guarantees of future performance. Even if the Group's actual results of operations, financial condition and the development of the industries in which the Group operates are consistent with the forward-looking statements contained in this document, those results or developments may not be indicative of results or developments in subsequent periods.