RE: (MIRI)5 Mar 2019 12:09
Highlights
& Cash and cash equivalents £22.1m (30 June 2017 £5.8m)
Operational
& The Group continues to focus on large scale distribution partners
& New media owner contracts signed with NBCU in the US and El Cartel Media (RTL II) in Germany, with further contracts in some of the world's leading advertising markets currently under development
& Contract renewed with Youku/Alibaba on non-exclusive basis
& Contract renewed with Star India, part of the Fox group, in March 2018 as part of a significant new initiative in India
& Launch of the new strategic In-Video Ad Unit and release of white paper citing validation by comScore US and Miaozhen Systems China
& Delivery of proprietary Marketplace technology and deployed for successful campaigns with key customers such as Globosat, Star and Youku
& Tencent contract announced shortly after period end on 26 July
& Stephan Beringer appointed new Chief Executive Officer (see separate announcement issued 27 September 2018), post period-end
Financial
& Revenue £120k (30 June 2017 £352k) as the Group focuses on development of technology and building long term Marketplace partnerships
& Cash and cash equivalents £22.1m (30 June 2017 £5.8m)
& Cash consumption £6,222k (30 June 2017 £4,551k) as the Group built out operations in its five target markets
& Operating loss of £6,652k (30 June 2017 £4,905k) in line with management expectations
& Loss per share 6p (30 June 2017 9p)
& An additional c£2m in new capital was raised from Puhua at 62p per share in April 2018
Commenting on the results, Roger Faxon, Chairman of Mirriad said:
"Since the company's IPO in December, Mirriad has accelerated on its commitment to drive scale through developing key long-term distribution partnerships and integrating the company's proprietary platform into the operations of those key players. The team has performed strongly, building a compelling foundation from which Mirriad can now grow.
With the fundamentals in place, we now must focus on delivering operational excellence in our drive to build revenue. To lead this next phase, we are appointing Stephan Beringer as CEO, who we believe will be a transformative leader. He is a highly experienced executive who has grown businesses at the nexus of media, technology and advertising, and he understands this market incredibly well. 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."