LONDON (Alliance News) - Mirriad Advertising PLC said Wednesday that investments in new offices, staff and technology led to a widened pretax loss for 2017.
For 2017, the company recorded a pretax loss of GBP11.3 million, compared with GBP7.3 million pretax loss in the year ago period. Administrative costs, which includes the new investments, rose to GBP12.1 million from GBP8 million.
The video-advertising company said its revenue climbed 23% to GBP874,000 from GBP711,000 driven by the deployment of key advertising markets, especially Asian-focused.
The company maintained a positive outlook and expects to see results of its strategy in the second half of 2018.
"With relatively low levels of capital expenditure, the development of marketplace and the potential to demonstrate the impact of in video advertising to broadcasters and digital distributors, we are confident in the group's ability to drive significant growth in the coming year and beyond," Chairman Roger Conant Faxon said.
Mirriad jointed AIM market in December. Shares in the company were down 1.5% at 38.40 pence each in afternoon trade.
Mirriad Advertising (MIRI)