Allenby Capital results summary out29 Jan 2024 14:18
Mirriad Advertising plc* (MIRI.L, 1.8p/£8.8m)
Pre-close FY update: Acceleration of growth in H2 (24.01.24)
• FY (December) revenue of c. £1.8m +20% on a reported basis and +31% like-for-like, excluding revenue from
the discontinued Chinese operations. The US, the largest and most dynamic market, accounted for c. £1.4m.
The number of advertisers +15% to 68 during FY23 and the number of repeat advertisers +61% to 21.
• Year-end cash of £6.1m, with a significant reduction in the cash burn - £600k pm in H2 compared with
£1.2m pm in H1. The full benefit of the cost reduction programme will be seen in H1 FY24, and the outturn
average burn in H2 was slightly better than management expectations.
• Master licence and service agreements signed with multiple US entertainment companies during the year.
These represented 8% of the US TV advertising market across >60 partners during the first 9m, and a further
17% with two significant partners in Q4. Ongoing discussions with two further US majors, representing an
additional >30% of the US market.
• Programmatic testing continuing with five partners and on track to contribute revenue in H1 FY24. To date all revenue has been secured via the 'manual' mode.
Allenby Capital comment: As anticipated in our recent note, there was H2 revenue growth against both H2 FY22 and H1
FY23 in the seasonally stronger second half. More importantly, Mirriad has substantially expanded its reach into the US
advertising market with agreements signed with media companies that account for 25% of US TV advertising and there is
scope to expand this further. At the same time, Mirriad continues to increase advertiser numbers and the repeat business
is encouraging. With the launch of programmatic, that will streamline the ad slot buying process and integrate it into the
existing programmatic media buying marketplace. After several years of heavy investment, Mirriad, a leader in virtual
product placement (VPP) and in-content advertising technology and services, is moving from market building to a growth
phase.
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