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Mirriad Advertising PLC on Friday reported ‘disappointing’ interim revenue, but reaped the benefits of its recent restructuring programme, as it lowered operating expenses and narrowed its loss. The London-based advertising and product placement firm reported a pretax loss of £2.7 million in the six months that ended June 30, narrowing from £4.2 million a year earlier. Revenue from continuing operations, however, fell 32% to £106,000 from £156,000, with the company noting weaker US trading conditions in the first quarter tied to political uncertainty. It added that this affected trading conditions in Europe before the end of the period. Mirriad expects this to be offset in the second half of the year by ‘the greater trading potential’ it has started to see going into the new period. The improved bottom line amid the weaker revenue is owed to a significant decline in administration expenses, down 35% to £2.7 million from £4.2 million. ‘We successfully reduced our monthly operating expenses from circa £650,000 in April 2025 to approximately £220,000 currently following the restructuring undertaken around May,’ noted Mirriad. Looking ahead to the second half, Mirriad sees increased revenue momentum in Europe, with it expecting its joint venture in the US to provide a ‘strong contribution’. Shares in the company were flat at 0.0085 pence on Friday morning in London. It has a market capitalisation of £1.2 million. ‘Revenues for H1 2025 were very disappointing, however we believe trading was severely impacted by the internal turmoil caused by the necessary restructuring and distraction of the fundraise, which was largely compounded by external market conditions outside of our control,’ said Chief Executive Louis Wakefield. ‘Following these difficulties in H1 2025 and the many difficult but necessary steps we were required to take, we believe that the company is now better set up to capitalise on the global VPP opportunity and move towards our goal of positive cash-flow generation.’ Copyright 2025 Alliance News Ltd. All Rights Reserved.
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