Business
Audited Results for year ended 31 December 2023
Audited Results for year ended 31 December 2023.
About this update from Mirriad Advertising Plc
[{"type":"text","content":"\n\nThis announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (\"MAR\"). Upon the publication of this announcement, this inside information is now considered to be in the public domain.\n\n4 June 2024\n \n \nMirriad Advertising plc\n \n(\"Mirriad\" or the \"Company\")\n \n \nAudited Results for the year ended 31 December 2023\n \n \nMirriad, a leading in-content advertising company, announces its audited results for the year ended 31 December 2023 (\"2023\").\n \nFinancial highlights for the year\n \n• Increase in revenue to £1.80m (2022: £1.51m) following growth in US and EMEA markets\n \n• Adjusted EBITDA* loss decreased to £10.4m (2022: £14.0m) and cash consumption decreased to £10.5m (2022: £12.9m) following significant restructuring in the year\n \n• Statutory loss for the year £10.9m (2022: £15.3m)\n \n• Completion of placing raising £5.75m (gross) together with open offer raising a further £0.55m in June 2023\n \n• Net cash at 31 December 2023 of £6.1m (2022: £11.3m)\n \n• Net assets at 31 December 2023 of £6.6m (2022: £11.1m), tracking cash holding\n \n* Defined as operating loss adjusted for depreciation, amortisation and share-based payment expense\n \n \nKPIs\n \nAs in prior periods, the Company is reporting operational key performance indicators (\"KPIs\"). The three \"supply side\" KPIs track the adoption of the Mirriad platform across the media industry, and the three \"demand side\" KPIs track the development of the engagement and activities of Mirriad with agencies and advertisers. Overall, they act as leading indicators of future revenue generation and overall progress in terms of market position and acceptance of the ad format. We have seen positive progress across most KPIs, with the only exception coming from partnership agreements...