Mirriad Advertising PLC - London-based in-content advertising company - Sees pretax loss widen to GBP5.9 million in the six months ended June 30, from a GBP4.9 million loss the year prior. Revenue increases by 27% year-on-year to GBP1.1 million from GBP897,000. Notes accelerating pivot of revenue towards the US and away from China. Says the US now constitutes 23% of revenue in the first half and 72% of revenue in the third quarter. Sees higher income in the first half offset by rising administrative expenses, which rose 22% to GBP7.0 million from GBP5.8 million. Proposes no interim dividend, in keeping with the previous year.
Guides revenue for the year below prior guidance, noting that some campaigns have been delayed until the first quarter of 2022. Expects revenue for 2022 to be materially above 2021 due to: "strong development of the company's business fundamentals, the opportunities in the pipeline and overall market position."
Chief Executive Stephan Beringer says: "Mirriad is in the adoption phase of building a marketplace with advertisers, brands and content first in mind. Our investment in global sales infrastructure is now generating a visibly strong pipeline of clients and agency partnerships...The company retains a strong balance sheet and healthy cash runway. This gives us the strength to develop our platform and business and build on the market leading position that Mirriad has in the in-content advertising market."
Current stock price: 29.30 pence, down 9.9% on Wednesday afternoon
Year-to-date change: down 34%
By Scarlett Butler; scarlettbutler@alliancenews.com
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Mirriad Advertising (MIRI)