(Alliance News) - Mirada PLC announced on Thursday strong interim results, citing significant increases in licences from its largest customer, Izzi Telecom, for the success.
For the 6 months ended 30 September, the software solutions provider narrowed its pretax loss to USD1.2 million from USD1.6 million in the same period of 2020.
Earnings before interest, tax, depreciation and amortisation nearly doubled, up 96% to USD1.1 million from USD570,000 in the same period of the previous year.
Revenue was also up, rising 10% to USD6.0 million from USD5.5 million in the same period of 2020.
Mirada's largest customer, Izzi Telecom, was responsible for just over three quarters of the company's total revenue for the period through its purchase of an increased number of licenses.
Mirada said it expects revenue from Izzi Telecom to "remain at high levels" moving forward.
Chief Executive Jose-Luis Vazquez commented: "The market is now in recovery and with a superior product and a clear sales strategy, we are in a strong position to return to the growth trajectory we were on before the pandemic. Existing customers are once again looking to invest in our products and services and, while the lead times on new business can be lengthy and hard to predict, our pipeline is large and we are having productive conversations with prospects on a daily basis.
"Of course, the operating environment is not without risk and uncertainty as seen with the increase in Covid precautions over the past few days, but we have proven how resilient we are in the toughest of conditions, and assuming the demand in the market remains strong, we are confident in our ability to deliver high levels of commercial and strategic progress through the second half and beyond."
Shares in Mirada were untraded at 73.00 pence on Thursday in London.
By Heather Rydings; heatherrydings@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.
