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(Alliance News) - Mirriad Advertising PLC said Wednesday it entered the second half on a stronger footing after passing several key milestones, with interim revenue tripling but losses deepening on higher costs.
For the six months ended June 30, pretax loss widened to GBP7.2 million from GBP6.6 million the year prior. Revenue more than tripled to GBP429,067 from GBP120.191 the year before, with gross profit rising more than six times to GBP351,348 from GBP54,412 the year prior.
Profit performance was hurt by rising administrative costs, jumping to GBP7.6 million from GBP6.8 million the year prior.
Cash levels halved to GBP9.2 million from GBP22.1 million the year prior. Following a fundraise, this rose again to GBP22.8 million by the end of August.
"The idea behind Mirriad's award-winning technology is future proof, but it required a market strategy to match," Mirriad Chief Executive Officer Stephen Beringer said. "Following the announcement of this new market strategy in March, we have already passed several key milestones in the first half of this year, including a significant new fundraise and the signing of an innovative new contract with Tencent."
In late June, Mirriad announced it secured a "breakthrough" two-year contract to provide its in-video advertising technology to Chinese technology giant Tencent Holdings Ltd.
"First half revenues have increased year-on-year, and we now have several new opportunities - including the commercial partnership with France Televisions - to steadily grow our revenues further," Beringer added. "The company is on a stronger footing going into the second half of 2019."
Shares in Mirriad were 1.0% higher at 15.40 pence in London on Wednesday.
