Business
Final Audited Results for the year end 31 Dec 2022
Final Audited Results for the year end 31 Dec 2022.
About this update from Mirriad Advertising Plc
[{"type":"text","content":"\n\n7 June 2023\n \n \nMirriad Advertising plc\n \n(\"Mirriad\" or the \"Company\")\n \n \nFinal Audited Results for the year ended 31 December 2022\n \n \nMirriad, the leading in-content advertising company, announces its final audited results for the year ended 31 December 2022 (\"2022\").\n \nFinancial highlights\n· Completion of placing raising £5.75m (gross of expenses) together with open offer raising £0.55m in June 2023\n· Revenue of £1.5m (2021: £2.0m) a reduction from 2021 as the Company exits its Chinese business and focuses on growth in the US market\n· EBITDA loss widened to £15.2m (2021 £11.6m) and cash consumption increased to £12.9m (2021: £10.4m) as the Company continued to invest in its US and technology teams\n· Further restructuring of business announced with significant reduction in administrative costs anticipated from H2 2023 onwards\n· Net cash at 31 December 2022 of £11.3m (2021: £24.5m)\n· Net assets at 31 December 2022 of £11.1m (2021: £24.9m) tracking cash holding\n \nKPIs\nAs in prior periods, the Company is reporting operational key performance indicators (\"KPIs\"). The three \"supply side\" KPIs track the wider market adoption of the Mirriad platform and the three \"demand side\" KPIs track the development of the commercial relationships with agencies, advertisers and partnerships. Overall, the Company uses these KPIs to anticipate future revenue generation.\n \n\n\n\n\nKPI\n\n\n2022\n\n\n2021\n\n\n% Change\n\n\n\n\nSupply side:\n1. Active supply partnerships*\n2. Supply partners represented\n3. Seconds of content available**\n\n\n \n#37\n#61\n651,990 secs.\n\n\n \n#25\n#46\n472,754 secs.\n\n\n \n+48%\n+33%\n+38%\n\n\n\n\nDemand side:\n1. Active agency relationships\n2. Number of advertisers who have run campaigns\n3. Strategic and commercials partnership agreements with advertisers and agencies\n\n\n \n#19\n#59\n\n#3\n\n\n \n#19\n#45\n\n#3\n\n\n \nNo change\n+31%\n\nNo change\n \n\n\n\n\n \n* Defined as the number of supply partners who ran a campaign during the period\n** Defined as the total number of seconds of advertising invent...