Mirriad Advertising plc (AIM: MIRI) has warned it may be forced into administration or liquidation as worsening trading conditions and a lack of funding put the business under significant strain.
The company said 2026 has been “exceptionally challenging,” with anticipated advertising spend failing to materialise. Conditions deteriorated sharply amid escalating geopolitical tensions, particularly the Iran conflict, which affected the key Middle Eastern market during its typically busiest period.
Efforts to diversify revenue into other regions have progressed, but not quickly enough to offset the downturn. Performance from its US joint venture partner has also been well below expectations, adding further pressure.
Mirriad introduced cost-cutting measures in May 2025, reducing its monthly cost base to around £220,000. However, as of 30 March 2026, the company had approximately £675,000 in cash and had yet to secure additional funding.
In the absence of new capital, the board said it must now consider creditors’ interests and is preparing for a potential insolvency process. This could involve placing the company or its subsidiaries into administration or liquidation, which would likely result in a suspension of its shares.
