16th Jul 2020 14:43
(Alliance News) - Mirada PLC on Thursday expressed confident outlook going forward following a swing to profit in its most recently ended financial year.
The AIM-listed software provider said revenue increased by 7% in the year to the end of March to USD13.2 million from USD12.3 million a year prior.
Excluding Mirada Connect, revenue increased 13% to USD13.0 million from USD11.5 million year-on-year. Mirada Connect was sold in July 2019 for GBP2.1 million, providing a one-off net gain of USD1.7 million.
As a result, the company said it swung to a pretax profit of USD275,000 from USD3.3 million loss reported a year before.
"Despite the uncertain impact of Covid-19, Mirada's financial position is continuously improving, reinforced by the support of its largest shareholder," said Chief Executive Jose Vazquez.
"Together, these factors have led to an improved commercial performance, with participation in multiple deals which, combined with the growing pipeline, provide confidence in the company's ability to secure more contract wins in the coming years," added Vazquez.
Mirada's net debt as at March 31 increased to USD5.1 million from USD4.9 million a year prior, with a new EUR1.3 million credit facility granted by Leasa Spain SLU.
Mirada shares were trading 10% higher in London on Thursday at 99.00 pence each.
By Evelina Grecenko; [email protected]
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