Mirriad Advertising PLC - London-based in-content advertising technology - Shares collapse by 17% to 3.15 pence in London on Wednesday. Firm says pretax loss in 2022 widens to £15.6 million from £12.0 million the previous year. Revenue falls to £1.5 million from £2.0 million. Mirriad says this was due to the impact of Covid-19 on Chinese business and sustained lockdowns in China. Administrative expenses up to £16.9 million, from £13.9 million, due to the US team growing to 15 staff members from 12. No dividend has been proposed for 2022.

Looking forward, Mirriad expects the market to improve in the second half of 2023, and the volume of trade to improve substantially by the end of the year. ‘The ongoing challenges facing the advertising market are clear, and we are confident in Mirriad’s unique ability to address these and deliver an experience that benefits brands, content owners and audiences alike,’ said Chief Executive Officer Stephen Beringer.

Current stock price: 3.19 pence, down 16%

12-month change: down 84%

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