Mirriad Advertising PLC – 2019 interim results and report

Mirriad Advertising PLC – 2019 interim results and report

Mirriad, the computer vision and AI platform company, announces unaudited half-year results for the six months ended 30 June 2019.

Highlights

Strategic Development

  • The Group announced a substantial change in strategy in March 2019
  • Appointment of new CTO, Niteen Prajapati, on 1 April 2019
  • Appointment of new commercial leadership in the US in April 2019
  • Important new two year contract, including guaranteed revenues, signed with Tencent in July 2019 with effective date of 1 April 2019
  • First campaigns run with TF1 in France
  • Framework contract signed with France Télévisions shortly after the period end in July 2019
  • New Chairman and Non-executive Director

Financial

  • £16.2m (gross proceeds) from new share issue announced on 31 July 2019
  • Revenue of £429k (30 June 2018 £120k) as the Group's new go-to-market strategy shows early signs of success
  • Cash and cash equivalents £9.2m (30 June 2018 £22.1m), prior to the impact of the fundraise which completed post period end. Cash balance at end August 2019 is £22.8m.
  • Cash consumption £6.0m (30 June 2018 £6.2m) as the Group implemented its new strategy
  • Operating loss of £7.2m (30 June 2018 £6.7m) in line with management expectations including restructuring costs of £351k
  • Loss per share 7p (30 June 2018 6p)

Stephan Beringer, Chief Executive of Mirriad, said:

"The idea behind Mirriad's award-winning technology is future proof, but it required a market strategy to match. Following the announcement of this new market strategy in March, we have already passed several key milestones in the first half of this year, including a significant new fundraise and the signing of an innovative new contract with Tencent. H1 revenues have increased year-on-year, and we now have several new opportunities - including the commercial partnership with France Télévisions - to steadily grow our revenues further. 

"We have also added talent, capability and experience especially in our technology team and our team in the US, to help deliver our strategic priorities. The company is on a stronger footing going into the second half of 2019."

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