Mirriad Advertising inks agreement, notes interim revenue decline
Mirriad Advertising PLC on Friday reported the signing of a services agreement as it noted a near 50% decline in interim revenue.
The London-based advertising and product placement firm said revenue for the six months to June 30 was approximately £200,000, down around 49% from £390,000 a year earlier. It said this was split broadly between the US and Europe, the Middle East and Africa.
Cash at June 30 stood at £2.4 million, down 71% from £8.3 million, but with Mirriad noting a reduction in run rate costs to approximately £220,000, down from between £650,000 to £675,000 in April this year.
Mirriad also said it has inked a services deal with Middle Eastern advertising sales houses firm MBC Media Solutions.
Mirriad will provide in-video advertising services to MBC to enable non-intrusive advertising solutions for MBC group’s subscription video on demand and linear content.
The agreement is for an initial two-year term and will result in around $370,000 in revenue per year of the contract for Mirriad.
Shares in Mirriad Advertising were up 0.8% to 0.012 pence on Friday afternoon in London.
Chief Executive Louis Wakefield said: ‘Together with MBC, we’ve previously built out a compelling model for brands to scale virtual placement campaigns and planning in the Middle East, and it’s great to renew and now formalize our partnership with a fresh sense of possibility with new offers in the region.’
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