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Mirriad Advertising (MIRI) investor relations material

Mirriad Advertising H1 2024 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2024 earnings summary23 Sep, 2024

Executive summary

  • Revenue for H1 2024 declined 34% to £390k compared to H1 2023, reflecting a transitional period as sales migrate to partner-driven models and campaign delays.

  • Operating loss reduced by 32% to £5.0m (H1 2023 restated: £7.3m) due to significant cost reductions.

  • Gross proceeds of £6.8m (£6.3m net) were raised through a Placing, Retail Offer, and Directors' Subscription in May and June 2024.

  • Cash at 30 June 2024 was £8.3m, down from £9.8m a year earlier, with a debt-free balance sheet.

  • Strategic partnerships and programmatic initiatives are underway, with a focus on the US market and programmatic integration.

Financial highlights

  • Revenue: £390k (H1 2023: £592k), with US revenue at £234k and EMEA at £156k.

  • Gross profit: £208k (H1 2023: £433k); gross margin decreased due to higher production costs.

  • Operating loss: £5.0m (H1 2023 restated: £7.3m); administrative expenses down 33% to £5.2m.

  • Loss per share: 0.8p (H1 2023 restated: 2.2p); no dividend proposed.

  • Net cash used in operations: £4.0m (H1 2023: £7.0m); cash and cash equivalents at period end: £8.3m.

Outlook and guidance

  • Full-year revenue expected below current market expectations, with H2 traditionally stronger and revenue skewed to Q4.

  • US full-year revenue expected in the range of $1.5m to $3m, contingent on pipeline deals and agency partnerships.

  • Further cost savings identified and being implemented; focus remains on programmatic integration and efficiency.

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Frequently asked questions

Mirriad Advertising PLC is a provider of advanced in-content advertising solutions. Utilizing artificial intelligence and computer vision technology, the company dynamically inserts advertising imagery, such as signage, products, or videos, into pre-existing video content. This innovative approach caters to various media and advertising industries, including television, subscription video on demand (SVOD), advertising-based video on demand (AVOD), music, and influencer content. The company is headquartered in London, United Kingdom, and its shares are listed on the London Stock Exchange.

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