Mirriad Advertising says annual revenue down as US markets decline
Mirriad Advertising PLC on Thursday reported a narrowed annual loss, although revenue decreased amid delays in the US.
Shares in the London-based advertising and product placement firm were down 1.1%, at 0.0091 pence, in London on Thursday.
Revenue for 2024 totalled £1.0 million, down 44% from £1.8 million the year before.
Mirriad also reported a pretax loss of £8.7 million, narrowed from an £11.4 million loss. Its loss per share meanwhile narrowed to 1.0p from 2.7p.
Mirriad said that continuing content clearance delays from its US partners, as well as a ‘lack of engagement’ from agencies, meant that US revenue ‘continued to disappoint’.
‘This was further compounded by strong macro-economic winds and political uncertainties,’ Chief Executive Officer Louis Wakefield said.
Mirriad said that so far in 2025, from the beginning of the year to May 31, revenue totalled around £200,000 and was ‘split roughly evenly between the US (pre joint venture) and EMEA’.
Looking ahead, it added: ‘Our current pipeline is possibly the strongest we have ever seen in Europe with our first six figure deal in the region contracted and beginning production to start airing over Summer (as currently scheduled), and multiple other similar sized deals being targeted and in discussion.’
‘2024 was a year of considerable challenge for Mirriad; however, with the US joint venture and associated restructuring now complete, I believe we are now well-placed to benefit from the new organisational structure in the U.S whilst being able to focus on driving growth from the European market,’ commented Wakefield.
Also, Mirriad announced that following his appointment as CEO, Wakefield has joined the board with immediate effect.
Chief Financial Officer Nic Hellyer, meanwhile, ‘will be stepping down from [the] board in the coming months’. Hellyer will remain on the board ‘for a handover period’.
Mirriad furthermore said it has appointed One Advisory to assist with its finance and company secretarial functions in the future.
Also two non-executive directors, Bob Head and Nicole McCormack, will step down from the board on June 30.
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