Mirriad Advertising plc, the established computer vision and AI platform company, announces its unaudited results for the year ended 31 December 2018.
- 2018 revenue of £416k (2017 £874k) in the context of the previously flagged challenges with the Group's go-to-market strategy. Trading improved in H2 with revenue of £296k (H1 £120k)
- Net assets reduced 44% to £15.6m (2017: £27.9m) as a result of the losses in the period and a decision to take an impairment charge against internally generated software of £1.2m
- Operating loss increased 27% to £14.4m (2016: £11.3m) including the £1.2m impairment noted above
- Cash and cash equivalents at 31 December 2018 were £15.2m
- Appointment of new senior management team on 1st October when Stephan Beringer joined as CEO and Jana Eisenstein as President
- Signature of initial contract with Tencent in China
- £2m equity investment by Jinhua Puhua Tianqin Equity Investment Fund Partnership ("Puhua")
- Signature of contract with TF1 in France
- Awarded the Best Video Marketing and Advertising Platform in the Digiday Technology Awards in September
Post period highlights
- New strategy announced by Stephan Beringer in March 2019 to address the ineffectiveness of the Group's previous go-to-market strategy
- Closure of the Group's operations in Brazil and withdrawal from commercial operations in India which are low per capita advertising spend markets
- Appointment of new CTO, Niteen Prajapati, on 1st April 2019
- Roger Faxon stepped down as Chairman on 30th April to be replaced by John Pearson
- Trading in 2019 to date is in line with the Company's budget and Q1 2019 revenue surpassed H1 2018 revenue
- The Company has sufficient cash to fund its activities throughout the current financial year however will need to raise additional funds in the next 12 months. Cash balances at 31 March 2019 were £12.3m
Stephan Beringer, Chief Executive Officer of Mirriad, commented:
"I was under no illusion about the scale of the task ahead when I joined Mirriad in 2018, and the challenge is reflected in these results. We have moved decisively to address the ineffectiveness of the company's previous strategy and to reset our cost base.
"The business is now getting into a far better position to use its award-winning technology to tap into the huge market opportunities we have identified and put the business on a path to growth, creating value for our investors. I am very encouraged by the progress to date and have confidence that our new strategy can and will deliver value for our shareholders."
For further information please visit www.mirriad.com