This announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and
is disclosed in accordance with the company's obligations under
Article 17 of MAR.
20
November 2024
Mirriad Advertising
plc
("Mirriad" or the
"Company")
Trading
update
Mirriad (AIM: MIRI),
a leading in-content advertising company,
announces the following trading update for the twelve months ending
31 December 2024.
As noted in the announcement of
interim results on 23 September 2024 (the "H1 Results"), the
Company had not been successful in the US "Upfronts" negotiations
and that it was therefore reliant on its traditional routes to
market, notably the "scatter" markets. Progress in those markets
since then has been slower than expected, with advertiser demand in
the US affected by election uncertainty, further decreasing demand
for advertising in linear TV, and continuous emphasis on
performance and retail media solutions. A number of significant
potential contracts have been cancelled and progress on others has
been slow.
The Company also announced in the H1
Results that it was holding substantive discussions with large
global agency groups to work on partnerships to give their clients
access to virtual product placement content clusters packaged
around seasonal events and specific contextual parameters. These
discussions are active and could still result in substantial
revenue in Q4 but are dependent on the agencies and supply partners
agreeing the terms for these packages.
On programmatic, good progress has
been made and a Q4 launch is being targeted, though some technical
hurdles remain. In any event, a successful launch of programmatic
is not likely to generate significant revenue in the current
year.
As a result of the above, revenue
expectations for the year fall in a broad range from £1m to £2m,
with the upper end of that range dependent on the partnership deals
referenced above.
Substantial progress has been made
on cost saving initiatives, both as previously announced as well as
new initiatives, and the Group run rate cost base is now c. £8m on
an annualised basis. This compares to c. £11.7m in 2023. Cash at
the end of October 2024 was just over £6.0m.
For further information please
visit www.mirriad.com
or contact:
|
Mirriad Advertising plc
Stephan Beringer, Chief Executive
Officer
Nic Hellyer, Chief Financial
Officer
|
c/o Allenby
|
|
Nominated Adviser and Broker
Allenby Capital Limited
James Reeve/Lauren Wright (Corporate
Finance)
Guy McDougall/Matt Butlin (Sales and
Corporate Broking)
|
Tel: +44 (0)20 3328 5656
|
The person responsible for the release of this announcement on
behalf of the Company is Nic Hellyer, Chief Financial
Officer.