Portfolio news 0

New deals, significant inventory and record US commercial activity drive adoption

Mirriad, the leading in-content advertising company, today announces unaudited half-year results for the six months ended 30 June 2021.

Highlights:

Strategic developments

Financial highlights

Our key performance indicators

	Revenue		Cash consumption		Customers under contract
	£000k	Period on period change %	£000k	Period on period change %	No.	Period on period change %
6 months to June 2021	1,137	+27%	5,511	+23%	22	+38%
6 months to June 2020	897	+109%	4,487	-24%	16	+78%
6 months to June 2019	429	+258%	5,917	-5%	9	No change

 

Stephan Beringer, CEO of Mirriad , said:

 

"As we scale Mirriad into a cookie-less, fully programmatic ad-world with high volumes of in-content advertising opportunities for high spending brands; our mission is to secure the most progressive partners and advertisers first. Therefore, bolstering our market position by future proofing the business, including adoption, IP protection and technology development - is our priority as we enter our growth phase. It's here we're on target and today are building a significant market position and valuable IP for the business and it's shareholders.

"Since April 2020, Advertisers have generally retrenched towards more traditional formats as they were mitigating the uncertainties of the prolonged Covid-19 pandemic period. While these market conditions have been delaying our revenue trajectory, it is clear to see that the fundamental challenges faced by the industry - including ad fatigue, falling effectiveness and reach - are starting to bite brands even harder. In the face of these threats and recovering budgets, Mirriad is perfectly placed to counter these issues with a compelling solution that drives measurable purchasing decisions with a format that consumers actually prefer.

"Against the challenging macroeconomic backdrop we have continued to execute  our strategy to scale, and as a result, revenues in the key US market are increasing significantly,  fueled by incremental sales power, a strong roster of new content partners, and an increasing number of relationships with major advertisers and their agencies. Meanwhile, in China, we have taken big strides towards our programmatic future via a new audience-based buying model with Tencent. This is a first for the Company and it's the blueprint for how we see our proposition globally evolving  into the future of the $649 billion media advertising world. Having a leading global tech innovator like Tencent chose to collaborate and prove out our technology and solution is a positive statement. In this new CPM model, advertisers can buy in-content advertising like any other digital inventory by demographics, geographics and context across a vast pool of Tencent's video content and we are now working to build even more market demand and further develop our technology to drive the company towards true scale.

"Mirriad is in the adoption phase of building a marketplace with advertisers, brands and content first in mind. Our investment in global sales infrastructure is now generating a visibly strong pipeline of clients and agency partnerships.

"The advertising market is returning from the pandemic slowdown but we are seeing the first budgets return to traditional ad routes before utlising more innovative media.  We have seen several big campaigns delayed until Q1 2022 giving us volatility in revenue forecasting.  Tencent have also delayed the launch of the new audience buying solution until the Autumn. The year end result is linked to the Tencent launch and the closing of a small number of large deals the timing of which is difficult to predict. This level of volatility has led us to be increasingly cautious in our current revenue forecasts.  In late July the Company provided revised guidance for revenues this year and an expectation on annualised run rate around the end of the year. The Board now expects its revenues to be below this guidance and will provide a further update around the time of the year end.

Going forward the Board remains confident that revenues for 2022 will be materially larger than 2021 as a result of the strong development of the Company's business fundamentals, the opportunities in the pipeline and overall market position. The Company retains a strong balance sheet and healthy cash runway. This gives us the strength to develop our platform and business and build on the market leading position that Mirriad has in the in-content advertising market."

 

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: Canaccord Genuity Limited	Tel: +44 (0)20 7523 8000
Simon Bridges Richard Andrews Thomas Diehl
Financial Communications: Charlotte Street Partners
Tom Gillingham Andrew Wilson	Tel: +44 (0)7741 659021 Tel: +44 (0)7810 636995