Source - Alliance News

Mirriad Advertising PLC on Wednesday said it was boosted by the US market as it anticipates to post a revenue jump for 2023.

The London-based provider of in-content advertising technology said it expects revenue growth of around 20% to £1.8 million for 2023, from £1.5 million in 2022.

The company highlighted that it worked with 68 advertisers in 2023, an increase of 15% from 59 in 2022. The number of repeat advisers jumped 61% to 21 from 13.

It said that £1.4 million of last year’s revenue, or around 78%, was ‘generated from the all-important US market.’ The percentage of total revenue coming from the US remained unchanged, but in total figures rose 17% from £1.2 million in 2022.

Cash as at December 31 declined 38% to £6.1 million from £9.8 million at June 30.

Chief Financial Officer Nic Hellyer said: ‘Our operating profile is changing fast. Revenue generated in 2023 reflected the fact that the business was still operating in ’manual’ mode, with less than 10% of the key US market. With the majority of that market now under contract or in serious discussions, a firmer starting pipeline for revenue and multiple programmatic integrations underway to change the way inventory is sold, we are focused on delivering a substantial improvement in performance in the current year.’

Mirriad shares fell 3.6% to 1.93 pence each on Wednesday afternoon in London.

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