Mirriad Advertising (MIRI.L) Results for the year ended 31 December 2019

Stephan Beringer, Chief Executive Officer of Mirriad, commented “After the significant strategic reset in March last year, it is tremendous to see a sharp increase in Mirriad’s 2019 revenue.

The simplification of our go-to-market strategy to focus on the developed advertising markets in China, the UK, France, Germany and the US drove improved growth and underpinned the landmark deal with Tencent. The strategy was further endorsed by the successful £16.2 million fundraise in July last year.

“Our emphasis in 2020 will be driving shareholder value by increasing adoption in our target markets with existing and new partnerships, leveraging the impressive scale of high-level relationships that we’ve built.

“Despite the immediate challenges posed in Europe and the US by the emergence of Covid-19, we are already tracking positive recovery in our Chinese business. As a result of our partnership with Tencent, the number of brands using Mirriad on its platform was at the highest level ever in April as businesses and consumers in the country resumed stalled activity.

Alongside this, we are in advanced partnership discussions with multiple tier-one entertainment majors in the US, engaging with global agencies in our key markets and executing campaigns for leading advertisers such as P&G. When combined with the encouraging revenue figures from Q1 2020, there are good grounds for optimism in the months ahead.”

Mirriad Advertising plc, the computer vision and AI platform company, announces its unaudited results for the year ended 31 December 2019.

Financial overview

· 2019 revenue of £1,140k (2018 £416k)

· Operating loss reduced 16% to £12.2m (2018: £14.4m)

· Net assets £19.2m (2018: £15.6m)

· Cash and cash equivalents at 31 December 2019 were £19.1m

Operational highlights

· New strategy announced March 2019

· New commercial team in the US and new CTO April 2019

· Signature of contract with Tencent Video in China in June 2019

· £16.2m (gross) successful fundraise in July 2019

Post period highlights

· Signature of contract with first UK customer: Channel 4 in January

· Brand count on Tencent platform at highest level in March as China starts to recover from Covid-19 impact

· Unaudited Q1 revenue 2020 up 129% at £305k (2018: £133k)

· Cash and cash equivalents at 30 April 2020 were £15.81m

About Mirriad

Mirriad’s award-winning solution unleashes new revenue for content producers and distributors by creating new advertising inventory in content. Our patented, AI and computer vision technology dynamically inserts products and innovative signage formats after content is produced. Mirriad’s market-first solution seamlessly integrates with existing subscription and advertising models, and dramatically improves the viewer experience by limiting commercial interruptions.

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