(Alliance News) - Mirada PLC on Thursday said its loss narrowed in its most recently-ended financial year, helped by double-digit growth in revenue.
The Iris multiscreen technology company said the pretax loss narrowed to USD3.3 million in the year to the end of March compared to USD5.2 million loss reported a year earlier, as revenue increased by 40% to USD12.3 million, driven by the new projects.
Staff costs, meanwhile, increased by a third to USD7.3 million from USD5.6 million the year before due to the growth of the development team during the year, Mirada explained.
"Mirada is increasing its market reach, with a growing healthy pipeline of opportunities as a result of the successful deployment, and a wide appraisal of, its Iris multiplatform product," said Chief Executive Jose Vazquez.
"Together these factors have led to an improved commercial performance with participation in multiple deals and, combined with our growing pipeline, provide confidence in our ability to secure more contract wins in the current year," added Vazquez.
Mirada shares were trading broadly flat on Thursday in London at 0.95 pence a share.