Mirriad Advertising plc, a video technology company delivering in-video advertising globally, announces its audited results for the year ended 31 December 2017.
Financial overview
- Revenue increased 23% to £874k (2016: £711k) as the Group deployed its services in key advertising markets
- Net assets increased 129% to £27.9m (2016: £12.2m) following the successful IPO in December 2017
- Operating loss increased 55% to £11.3m (2016: £7.3m) as the Group established new offices and hired additional staff and invested in its technology
Operational highlights
- The Company was admitted to AIM following its successful IPO on 19 December, raising £23.7m net of associated costs
- The Group ran its largest single campaign run in China in Q4 generating total impressions for the advertiser in excess of 800m with strong post campaign research results
- Contract signed in the US with Univision in October
- The Group signed an extended term on its existing contract with Globosat in Brazil in September extending the term by a further five years from the start of the original contract
- Contract signed in Europe with RTL Germany in May
- Granted patents increased to 11 with 7 additional patents pending as at 31 December 2017. These cover the Company’s core technology and are registered in a variety of territories including Europe and the US. A Chinese application was confirmed as pending in August
- Grant funding secured from European Union’s Eureka Eurostars programme for the “Valence” project, covering location based contextual advertising in February (total funding of £298k over the period of the grant)
Post period highlights
- Renewal of the Group’s contract with Youku, a subsidiary of Alibaba, on a non-exclusive basis allowing the Group to work with other customers in the Chinese market
- New contract with NBCU in the US market which the Group is now focused on implementing
- Investment by Jinhua Puhua Tianqin Equity Investment Fund Partnership (“Puhua”), a Capital fund established in Jinhua in the People’s Republic of China, at 62p per share raising approximately £2m before costs, on 24 April 2018
- Released research backed by comScore independently verifying Mirriad’s advertising units on 2ndMay
Mark Popkiewicz, Chief Executive Officer of Mirriad, commented: “We are maintaining our focus on the world’s largest and fastest growing advertising markets which are also markets with high video consumption. In China we successfully delivered the Group’s largest ever in-video advertising campaign at the end of 2017 closely followed by independent research which has clearly confirmed the efficacy and effectiveness of Mirriad in-video advertising. As a result of the funds raised in the successful IPO, we are actively engaged in rolling out the new in-video ad unit, management platform and services to key customers. We believe this will lay the foundations for future revenue growth.”
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