Business
Results for the year ended 31 December 2019
Results for the year ended 31 December 2019.
About this update from Mirriad Advertising Plc
[{"type":"text","content":"\n \n \n RNS Number : 5478M\n Mirriad Advertising PLC\n 12 May 2020\n \n \n \n \n Mirriad Advertising plc\n \n \n \n \n \n PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2019\n \n \n \n \n \n 12 MAY 2020\n \n \n \n \n \n \n \n \n Mirriad Advertising plc\n \n \n (\"Mirriad\", the \"Company\" or the \"Group\")\n \n \n \n \n \n Results for the year ended 31 December 2019\n \n \n \n \n \n Mirriad Advertising plc, the computer vision and AI platform company, announces its unaudited results for the year ended 31 December 2019.\n \n \n \n \n \n Financial overview\n \n \n \n \n \n · \n 2019 revenue of £1,140k (2018 £416k) \n \n \n · \n Operating loss reduced 16% to £12.2m (2018: £14.4m) \n \n \n · \n Net assets £19.2m (2018: £15.6m) \n \n \n · \n Cash and cash equivalents at 31 December 2019 were £19.1m\n \n \n \n \n \n Operational highlights\n \n \n \n \n \n · \n New strategy announced March 2019\n \n \n · \n New commercial team in the US and new CTO April 2019\n \n \n · \n Signature of contract with Tencent Video in China in June 2019\n \n \n · \n £16.2m (gross) successful fundraise in July 2019\n \n \n \n \n \n Post period highlights\n \n \n \n \n \n · \n Signature of contract with first UK customer: Channel 4 in January \n \n \n · \n Brand count on Tencent platform at highest level in March as China starts to recover from Covid-19 impact\n \n \n · \n Unaudited Q1 revenue 2020 up 129% at £305k (2018: £133k)\n \n \n · \n Cash and cash equivalents at 30 April 2020 were £15.81m\n \n \n \n \n \n \n \n \n Stephan Beringer, Chief Executive Officer of Mirriad, commented:\n \n \n \n \n \n \"After the significant strategic reset in March last year, it is tremendous to see a sharp increase in Mirriad's 2019 revenue. The simplification of our go to market strategy to focus on the developed advertising markets in China, the UK, France, Germany and the US drove improved growth and underpinned the landmark deal with Tencent. The strategy was further endorsed by the successful £16.2 million fundraise in July last year.\n \n \n \n \n \n \"Our emphasis in 2020 will be driving shareholder value by increasing adoption in our target markets with existing and new partnerships, leveraging the impressive scale of high-level relationships that we've bui...