Business
Trading update for the six months to 30 June 2023
Trading update for the six months to 30 June 2023.
About this update from Mirriad Advertising Plc
[{"type":"text","content":"\n\n18 July 2023\n \n \nMirriad Advertising plc\n \n(\"Mirriad\" or the \"Company\")\n \n \nTrading update for the six months to 30 June 2023\n \n \nMirriad, the leading in-content advertising company, announces the following trading update for the six months ended 30 June 2023 (\"the period\").\n \nH1 headlines\n \n· Revenues for H1 modestly ahead of 2022 at £592k (H1 2022 £577k) following the final exit from China\n· Revenues from continuing operations +26% at £576k in H1 2023 (H1 2022 £458k)\n· Gross proceeds of fundraising closed in May 2023 of £6.3m (net £5.7m)\n· Closing cash at the end of June 2023 £9.8m (June 2022 £17.7m)\n· Restructuring plans to substantially reduce the monthly net cash burn completed by the end of May 2023, incurring restructuring costs of £311k\n \nThe Board is pleased that the Company has shown an increase in overall H1 revenue compared to 2022. As previously announced in the fundraising on 16 May 2023 this is against a backdrop of significant and ongoing US advertising market pressure which started in Q4 2022 and continued in H1 2023 with campaigns taking longer to book and being booked closer to air date than historically. \n \nThe US advertising market had shown year on year declines for each of the 10 months to April 2023 and this has impacted the Company's US revenues, which showed a year-on-year reduction to £313k (H1 2022 £418k).\n \nRevenues in EMEA increased materially to £252k (H1 2022 £37k) driven by growth in the Company's German business and the acquisition of a new client in the Middle East. \n \nThe Company undertook a significant restructuring during H1 2023 addressing both staff and non-staff costs. In particular there was the final closure of its Chinese operations, as previously announced, and a cost reduction programme across the remaining business. Ultimately this resulted in staff redundancies in all of the Company's continuing operating companies and a material reduction in US headcount, which reduced from 16 to 11 staff at the end of May 2023. Overall headcount in continuing operations reduced from 112 at the end of April to 91 at the end of June 2023.\n \nOutlook\n \nOverall, the Board...