MIRA.L Regulatory News (MIRA)

Prior to publication, the information contained within this announcement was deemed by the Company to constitute inside information as stipulated under the UK Market Abuse Regulation. With the publication of this announcement, this information is now considered to be in the public domain.

5 May 2021

Mirada plc 

("Mirada" or the "Company")

Year End Trading Update

Mirada plc (AIM: MIRA), a leading provider of integrated software solutions for digital TV operators and broadcasters, provides the following trading update for the financial year ended 31 March 2021.

The Board of Mirada is pleased to report that it expects trading to be in line with market expectations for revenue, EBITDA and profit before tax for the financial year ended 31 March 2021.

After the global impact of the COVID-19 pandemic during much of 2020, trading improved during the second half of the financial year as customers re-commenced their investment plans, driven by end-user demand for OTT platforms and online content. In particular, the deployment of Mirada's Android TV solution for its customers has seen stronger demand than internally forecast. Between launch in September 2020 and the end of the fiscal year on 31 March 2021, more than 450,000 Android TV hybrid set-top boxes were deployed amongst the subscriber base of Mirada's customers. 

In addition, the Company is very well positioned to benefit from the new trend of super-aggregation, where TV operators aggregate content from numerous subscriptions onto a single convenient platform. Not only is Mirada integrated with all the major content providers, including Amazon Prime Video, Disney+, HBO and Netflix, but it has already deployed aggregated solutions of this kind with customers. This is especially attractive to Mirada's potential customers as it not only provides a reference point of the Company's ability to replicate deployment with other clients, but it also means significantly shorter time-to-market, simplified process of negotiations between operators and content providers and several other advantages. It is also a very compelling proposition for the end-users, due to the unified search and recommendation environment, allowing subscribers to easily find their content instead of spending time browsing over separate OTT services.

Finally, as announced previously, the COVID-19 related slowdown in the sales activities the Company had been experiencing in the past year has now reversed and Mirada has a strong pipeline of opportunities covering a wider geographic reach than at any time previously. With potential from across the globe, Asia is emerging as a particular area of opportunity. This is as a direct consequence of Mirada's recent investment into Asia and successful expansion of its reseller network into the region. Other regions with several potential opportunities are Latin America and the Caribbean, North America and Eastern Europe.

Jose Luis Vazquez, CEO of Mirada, commented: "We are pleased to report that trading for the year to 31 March 2021 was in line with market expectations and believe we are well positioned to benefit from current market developments. We are very satisfied with current demand for Android set-top boxes at izzi and our other customers, and the trend toward super-aggregation plays to the strengths of our offering. We have a diverse and solid pipeline of opportunities and we look to the future with confidence."

All financial information included in this announcement is subject to audit.

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About Mirada

Mirada is a leading provider of products and services for Digital TV Operators and Broadcasters. Founded in 2000 and led by CEO José Luis Vázquez, the Company prides itself on having spent over 20 years as a pioneer in the Digital TV market. Mirada's core focus is on the ever-growing demand for TV Everywhere for which it offers a complete suite of end-to-end modular products across multiple devices, all with innovative state-of-the-art UI designs. Mirada's products and solutions, acclaimed for unparalleled flexibility and optimal time to market, have been deployed by some of the biggest names in digital media and broadcasting including Televisa, ATN International, Telefonica, Sky, Virgin Media, BBC, ITV, Skytel and France Telecom Orange. Headquartered in London, Mirada has commercial representation across Europe, Latin America and Southeast Asia and operates technology centres in the UK, Spain and Mexico. For more information, visit www.mirada.tv.