Mirriad sees strong growth in key US market

(Sharecast News) - In-content advertising technology company Mirriad said in a trading update on Monday that total revenue for 2021 was expected to be about £2m.
The AIM-traded firm reported "strong" year-on-year growth in the key United States market, with the number of campaigns in the territory more than doubling between 2020 and 2021, and the average campaign size also increasing by more than a third year-on-year.

As a result, US revenue rose by more than 180% to around £0.88m.

Of that, Mirriad said approximately 70% was generated in the second half, illustrating "substantial momentum" in the key advertising market.

European revenues rose by more than 68% to about £0.14m, with 65% of that booked in the second half, making for a "similar pattern" to the US market.

The company said it was building on its strong momentum and adoption in the US to scale further, with additional investment for the integration of Mirriad into the media buying ecosystem and business development hires now expected throughout 2022.

Recent product developments included an important advertising technology (adtech) partnership in the US, that the firm said would help accelerate its strategy to make in-content inventory available at scale in industry-leading digital media buying platforms.

The company closed the year with a cash balance of £24.5m.

"The past two years have been a testing time for everyone in the advertising and content industries, but there are encouraging signs that our markets are now entering a period of growth," said chief executive officer Stephan Beringer.

"At Mirriad, this is evidenced by strong US revenue trajectory in the second half of 2021 and the notable increase in both deal size and deal volume.

"Our platform's unique capabilities, including the proven ability to drive significantly more reach and greater advertising impact in an era of advertising fatigue and avoidance, continue to advance."

On the demand side, Beringer said the company was working with more partners than ever, with its content pipeline expanding accordingly.

"This is combined on the supply side with rapidly increasing available sellable inventory across more content categories.

"We are also progressing measures to drive wider adoption, namely the launch of new propositions including audience-based buying and the initiation of our programmatic strategy.

"We are positioning ourselves for scale as we pioneer the nascent in-content advertising market which is rapidly gaining traction with customers."

Mirriad said it would report its final audited full-year results for the year ended 31 December on 11 May.

At 1219 GMT, shares in Mirriad Advertising were down 11.16% at 19.1p.