18th Jul 2016 08:35
LONDON (Alliance News) - Mirada PLC on Monday reported a widened pretax loss for its financial year to the end of March, hit by one-off charges and higher investments in its products, but said it continues to be optimistic on the outlook for its technology.
Mirada, which makes software for digital television providers and broadcasters, said it made a GBP829,000 pretax loss in the year to March 31, compared to a GBP113,000 loss a year earlier, driven by higher amortisation charges and administrative costs. This included increased product investment spending and a one-off tax charge booked on the lease of its office in Wapping, east London.
Revenue rose 6.0% to GBP6.0 million from GBP5.7 million, helped by the roll-out of Mirada technology on the Televisa Group-owned Cablevision Monterrey network in Mexico. Mirada said its pipeline in other markets in South East Asia and Eastern Europe also is growing.
"Mirada has a complete and exceptional suite of multi-screen products of which we consider our flagship Iris Inspire product to be at least as strong as any major competitor. As such, we continue to be a successful contender in the market for advanced digital television user experience propositions," said Mirada Chief Executive Jose Luis Vazquez.
"We believe we are extremely well positioned to convert this growing pipeline and this, combined with our expectation of increasing revenues as our software is rolled out across Televisa's network, gives us great confidence for the future," Vazquez added.
Mirada shares were down 18% to 4.3 pence Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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