LONDON (Alliance News) - Mirriad Advertising PLC on Thursday said its loss widened in the first half of its current financial year, hurt by higher investments in staff and technology development.
The video technology company also said Stephan Beringer will succeed Chief Executive Officer Mark Popkiewicz, who will step down on Monday next week after 11 years of service.
Meanwhile, Beringer has been a president of Data, Technology & Innovation at advertising giant Publicis Groupe for nine years. Beringer previously held roles of chief growth & strategy officer for the Digital Technologies division of Publicis Groupe, while he also served as international Chief Executive for marketing firm Digitas and media company Razorfish.
"I would like to thank Mark Popkiewicz for his extraordinary role in the evolution of the company," said Chairman Roger Faxon.
"Stephan's leadership will enable Mirriad to accelerate demand and drive sustainable and repeatable sales for the long-term," added Faxon.
In a separate statement, Mirriad said its loss widened to GBP6.6 million in the six months to June 30 compared to GBP4.9 million reported a year earlier, while revenue also fell to GBP120,191 from GBP352,163.
Administrative expenses came in higher year-on-year at GBP6.8 million versus GBP5.2 million, as the company said it continued to expand staff in its local offices and invest in its technology team.
Mirriad floated on AIM in December last year and since then has been negotiating with a number of existing and prospective clients for potential reinvestment of raised funds.
As a result, the company has secured new contracts with NBCUniversal Media LLC in the US, El Cartel Media in Germany and investment firm Tencent Holdings Ltd in China.
"We now must focus on delivering operational excellence in our drive to build revenue," explained Faxon. "With Stephan on board, working with the Mirriad team, we are confident that the company is now ready to fulfil its considerable promise over the coming years."
Shares in Mirriad were untraded on Thursday, last quoted at 29.30 pence each.
Mirriad Advertising (MIRI)