Mirriad Advertising PLC on Tuesday reported a smaller loss for the first half of 2023, though the company highlighted ongoing US advertising market pressure dating back to the fourth quarter of 2022.

The London-based in-content advertising technology provider said pretax loss narrowed 12% to £7.5 million from £8.4 million a year prior. Revenue rose 2.5% to £591,883 from £577,436, and administrative expenses were reduced by 10% to £8.0 million from £8.9 million, following the company’s exit from its Chinese business amid other cost saving measures.

Mirriad warned of ‘a backdrop of significant and ongoing US advertising market pressure, which can be tracked back to Q4 2022.’

It noted revenue progress in the EU and the Middle East, but emphasised that the US market had ‘by far the most potential and will remain our focus ahead of advertising market confidence returning’.

Looking ahead, Mirriad said it had enough cash to the end of August 2024, as it eyes an opportunity with programmatic selling in 2024.

Mirriad declared no dividend, unchanged from a year prior.

Chief Executive Stephan Beringer said: ‘Our pipeline is strong, with interest from the top players in the industry, thanks to the progress we have made technologically and by proving the unique performance of our solution with some of the biggest networks, advertisers and content owners as a true differentiator in what is a saturated and constrained global ad market.’

Chair John Pearson added that the company is starting to realise cost savings with driving efficiencies a top priority.

Mirriad Advertising shares were down 2.1% to 1.32 pence each on Tuesday morning in London.

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