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(Alliance News) - Mirriad Advertising PLC on Tuesday reported improved results for 2019 as it declared its intention to focus on expansion in 2020.
Shares in the artificial intelligence-led advertising company were trading 3.9% lower at 13.55 pence each on Tuesday morning in London.
For 2019, Mirriad posted revenue of GB1.1 million, up from GBP415,886 million reported for 2018. Pretax loss narrowed to GBP12.2 million from GBP14.4 million.
The company attributed the improvement in its results to the two-year contract signed with Chinese technology giant Tencent Holdings Ltd in June. Additionally, during the year, administrative costs fell to GBP13.2 million from GBP14.9 millio and GBP16.2 million was raised in July.
No dividend was declared unchanged from the year prior.
Looking ahead, Mirriad said it will focus on securing new contracts and building on its existing partnerships in its target markets of China, the UK, France, Germany and the US.
"Despite the immediate challenges posed in Europe and the US by the emergence of Covid-19, we are already tracking positive recovery in our Chinese business. As a result of our partnership with Tencent, the number of brands using Mirriad on its platform was at the highest level ever in April as businesses and consumers in the country resumed stalled activity, said Chief Executive Stephan Beringer.
"Alongside this, we are in advanced partnership discussions with multiple tier-one entertainment majors in the US, engaging with global agencies in our key markets and executing campaigns for leading advertisers such as P&G. When combined with the encouraging revenue figures from Q1 2020, there are good grounds for optimism in the months ahead," he added.
For the first three months of 2020, Mirriad recorded revenue of GBP305,000, up nearly three-fold year-on-year from GBP133,000. As at the end of 2019, the company had cash of GBP19.1 million.
By Ife Taiwo; ifetaiwo@alliancenews.com
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