Mirriad (MIRI), the leading in-content advertising company, provides the following trading update for the year ended 31 December 2023 ("FY 2023"), alongside a look-ahead for 2024.

Financial Highlights

- FY23 Revenue of c. £1.8m (FY22: £1.5m)

- 20% organic increase

- 31% increase (excluding revenue from discontinued operations)

- Net Cash as at 31 December 2023 was £6.1m (1H23: £9.8m)

Operating Highlights

- Market Share gains up to c25% of the total US TV advertising market

- Up from 8% in 3Q23

- Material negotiations ongoing with two further US majors

- Representing an additional 30% of US TV advertising market

- Programmatic testing continuing with five partners

Outlook

- Further client wins in 1H24 expected with US 'majors' and 'super-majors'

- Representing an additional 30+% of potential market share

- Programmatic integration with 5 key media players in the US market

- Activation and first revenue expected to be recognised in 1H24

Market Intelligence

- 2H23 revenue of £1.2m significantly ahead of 1H23 revenue of £0.6m

- Reflecting seasonality in the Advertising Market

- Strong balance sheet following Placing and Open Offer in 1H23 of £6.3m (£5.7m net)

- Monthly cash burn better than expected during 2H23

- New client wins planned for 2024, with ‘US Majors’ and ‘Super Majors’, will clearly represent a ‘phase-shift’ and significantly increase the Company’s value proposition