29th Apr 2019 09:37
LONDON (Alliance News) - Mirada PLC said Monday it expects a swing to profit and revenue to beat expectations in its recently ended financial year.
Mirada provides software products and services to digital television operators and broadcasters.
For the year to the end of March, adjusted earnings before interest, taxes, depreciation and amortisation are to swing to a positive USD600,000 from a loss of USD1.1 million the year before.
Revenue is expected to rise above management expectations to USD12.3 million, up 40% from USD8.8 million the prior year.
Mirada said growth over the year was partly driven by its relationship with Mexican telecommunications company Izzi Telecom.
During the football world cup in mid-2018, Izzi decided to extend the deployment of Mirada's Iris Inspire Multi-Tier product to cover a wider share of its customer base and into new segments.
Outside of Mexico, Mirada saw the roll-out of its Iris platform to telecommunications providers One Communications in Bermuda and Digital TV Cable in Bolivia, while continuing product deployment with Skytel in Mongolia.
"Mirada has delivered a year of strong growth in both revenue and Ebitda, which I am pleased to say is above board expectations. This growth has been underpinned by new contract wins and the excellent work we continue to carry out with our clients. The board is confident in the outlook for the new financial year, as well as the long-term prospects of the company," said Chief Executive Jose Luis Vazquez.
Shares in Mirada were up 5.5% at 0.87 pence on Monday.
Related Shares:
MIRA.L