Mirriad Advertising Regulatory News (MIRI)

5 February 2020

("Mirriad" or the "Group")

Year-end trading update

Mirriad Advertising plc ('Mirriad'), the computer vision and AI platform company is updating the market on current trading.

The Directors confirm that the new management team and business are successfully executing the plan and strategy shared with shareholders last year. Trading is in line with guidance given to the market in July 2019.

2019 revenues are subject to audit, but the Company expects them to be 2.74 times 2018 figures, with 2019 full year revenues of £1.14m compared to 2018 full year revenues of £416k.

The Company has continued to sign framework agreements with leading broadcasters and distributors. After the conclusion of successful tests with Channel 4 in Q4 2019, the company has now signed its first broadcaster agreement in the UK and is expecting to run first live campaigns on Channel 4 programmes in Q1 2020.

In the US the Company is in multiple discussions with tier one networks and streaming platforms and signed deals with two global media companies in December 2019; Condé Nast, who produce some of the world's leading digital, video and social brands and Tastemade, whose leading food, home, and travel content reaches 250 million monthly active viewers.

In France the Company now has contracts with the top three TV channels following a deal with M6 shortly before the year end.

These agreements contribute to improved foundations for future revenues, with management confident they underline the Group's continued progress.

The Tencent contract was signed in July 2019 and covers the two years April 2019 to March 2021, with a guaranteed level of revenues for each year. The relationship with Tencent is developing successfully, with an increasing number of Chinese advertisers placing recurring campaigns on the platform, alongside growing interest from global advertisers as well as close collaboration between Tencent and Mirriad technology teams who are actively working on next levels of the proposition for China.

Mirriad expects to end 2019 with cash resources of £19.1 million, with monthly cash consumption over the course of that year averaging slightly below £1 million per month.

Stephan Beringer, CEO of Mirriad, said: "We continue to make strong progress, following the large-scale strategic reset in 2019. The steady flow of new agreements with top-tier content producers and distributors as well as the growing enthusiasm from major advertisers and agencies are evidence of the accelerating traction in the market and the increasing adoption of Mirriad's proposition."