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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.
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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