Mirriad Advertising (MIRI) H1 2024 earnings summary

Executive summary

• Revenue for H1 2024 declined 34% to £390k compared to H1 2023, reflecting a transitional period as sales migrate to partner-driven models and campaign delays.

• Operating loss reduced by 32% to £5.0m (H1 2023 restated: £7.3m) due to significant cost reductions.

• Gross proceeds of £6.8m (£6.3m net) were raised through a Placing, Retail Offer, and Directors' Subscription in May and June 2024.

• Cash at 30 June 2024 was £8.3m, down from £9.8m a year earlier, with a debt-free balance sheet.

• Strategic partnerships and programmatic initiatives are underway, with a focus on the US market and programmatic integration.

Financial highlights

• Revenue: £390k (H1 2023: £592k), with US revenue at £234k and EMEA at £156k.

• Gross profit: £208k (H1 2023: £433k); gross margin decreased due to higher production costs.

• Operating loss: £5.0m (H1 2023 restated: £7.3m); administrative expenses down 33% to £5.2m.

• Loss per share: 0.8p (H1 2023 restated: 2.2p); no dividend proposed.

• Net cash used in operations: £4.0m (H1 2023: £7.0m); cash and cash equivalents at period end: £8.3m.

Outlook and guidance

• Full-year revenue expected below current market expectations, with H2 traditionally stronger and revenue skewed to Q4.

• US full-year revenue expected in the range of $1.5m to $3m, contingent on pipeline deals and agency partnerships.

• Further cost savings identified and being implemented; focus remains on programmatic integration and efficiency.