Mirriad Advertising plc, a leading in-content advertising and virtual product placement company, released its unaudited interim results for the six months ended June 30, 2024. The company reported a decline in revenue to ยฃ0.39 million compared to ยฃ0.59 million in H1 2023. This was attributed to delays in agreed campaigns and a highly competitive market. Gross proceeds from fundraising activities during this period totaled ยฃ6.8 million, with net proceeds of ยฃ6.3 million. The company also identified significant cost savings, implementing approximately ยฃ0.25 million in annualized savings in the second half. Cash reserves as of June 30, 2024, were ยฃ8.3 million, down from ยฃ9.8 million in 2023. The operating loss for H1 2024 was reduced to ยฃ5.0 million, compared to a restated loss of ยฃ7.3 million in H1 2023 due to cost reduction efforts. The loss per share improved to 0.8p from 2.2p in the previous year.
On the strategic front, Mirriad secured a programmatic partnership with a major US-based supply-side platform and was awarded Gold Shield status by the Trusted Partner Network, enabling partnerships with leading US entertainment and media companies. They also signed a two-year master services agreement with a prominent US media and entertainment conglomerate.
Looking <mark style="background-coloryellow">ahead</mark>, while the second half is traditionally busier, management expects revenue for the year to be below market expectations. However, this is expected to be partially offset by a reduced cost base. The company remains focused on driving long-term value for shareholders.
| | H1 2024 | H1 2023 | Change |
|---|---|---|
| Revenue | ยฃ390k | ยฃ592k | -34% |
| Gross Profit | ยฃ208k | ยฃ433k | -52% |
| Operating Loss | ยฃ4,977k | ยฃ7,282k | -32% |
| Loss before tax | ยฃ4,946k | ยฃ7,208k | -31% |
| Loss for the period | ยฃ4,767k | ยฃ6,916k | -31% |
| Loss per share | 0.8p | 2.2p | -64% |
| Cash flow used in operating activities | ยฃ4,012k | ยฃ6,990k | -42% |
| Net cash | ยฃ8.3m | ยฃ9.8m | -15% |