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Mirriad Advertising PLC on Wednesday said its full-year revenue would fall short of expectations, but noted a ‘positive direction of travel’.
Shares were down 24% trading at 5.19 pence per share on Wednesday afternoon in London.
Mirriad is a London-based advertising company, which provides customers with an AI & computer-vision-powered platform that inserts products and signage formats after content is produced.
The company said 2022 revenue is expected to be in the range of £1.5 million and £1.8 million, short of market expectations, pending a number of late deals which may be won by Mirraid, and delivered before the year end. In 2022, revenue was £2.0 million.
The company said its cash position for the end of 2022 is expected to be about £11.5 million, down 53% from £24.5 million the year prior, while earnings before interest, taxes, depreciation, and amortization loss for the period was £15.5 million, in line with market expectations.
A cost control programme had enabled Mirriad to deliver £2.5 million of annualised savings, with the majority to be achieved in 2023, the company said.
The company also said it was making continued growth in the US, as revenue rebalances away from China.
Chief Executive Officer Stephen Beringer said: ‘Although revenue is likely to be slightly lower than anticipated, a positive direction of travel is clear, despite macro market headwinds. The ongoing increase in the proportion of our revenue coming from the US is encouraging, reflecting the proactive steps we have taken to address the world’s largest advertising market. This ongoing structural change is underpinned by tight cost control measures, which have resulted in a better cash position than forecast.’
In August, Mirriad had said its revenue nearly halved to £577,436 from £1.1 million a year prior. Pretax loss widened to £8.4 million from £5.9 million.
By Harvey Dorset, Alliance News reporter
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