Business
Trading update
Trading update.
About this update from Mirriad Advertising Plc
[{"type":"text","content":"\n \n \n \n Mirriad Advertising plc\n \n \n \n \n \n \n \n \n \n (\"Mirriad\"\n \n or the\n \n \"Company\")\n \n \n \n \n \n \n \n \n \n Trading update for the twelve months to 31 December 2022\n \n \n \n \n \n \n Mirriad, the leading in-content advertising company, announces the following trading update for the twelve months ended 31 December 2022 (\"the period\").\n \n \n \n FY22 headlines\n \n \n \n • Revenue for the year to December 2022 is now expected to be £1.52m-£1.75m, slightly short of market expectations, pending a number of late deals which may be won and delivered before the year end\n \n \n • Closing cash position at the end of December 2022 expected to be around £11.5m (December 2021 £24.5m) with year end cash to be better than market expectations due to cost control measures\n \n \n • EBITDA loss of £15.5m, in line with market expectations\n \n \n • US revenues to grow by between 36% and 64% to between £1.2m and £1.45m,\n accounting for around 80% of total revenue, despite a recently less favourable exchange rate\n \n \n •\n Cost control programme to deliver £2.5m of total annualised savings,\n with the vast majority to be achieved in 2023\n \n \n The Company ends the year in a better cash position than forecast, thanks to tight and ongoing efficiency measures. EBITDA loss is £15.5m, in line with projections. Revenue, in a range between £1.52m-£1.75m will be slightly short of market expectations with the final outturn depending on closing several outstanding deals and delivering those campaigns before the year end. The Company notes the continued growth in the US despite a recently weaker dollar, as revenues continue to rebalance away from China.\n \n \n \n Outlook and KPI performance\n \n \n \n The Company accounts for revenue as deals are delivered to clients and with two weeks trading remaining this calendar year, the final revenue number will reflect that the Company's revenues are backloaded to Q4, with the December holiday period particularly important for advertisers and content owners in the US market. This is further evidenced by the significant volume of requests-for-proposal (\"RFPs\") the Company is currently receiving.\n \n \n This year, the Company has continued its pivot to focus on the US, the world's largest advertising market with an estimated TAM of $106Bn and the home o...