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
Mirriad Advertising (MIRI)