5th Dec 2016 07:57
LONDON (Alliance News) - Mirada PLC on Monday said a slower-than-anticipated roll-out of its products by a key customer in Mexico will mean its full-year revenue and profit will miss market expectations.
Mirada, which makes software for digital television providers and broadcasters, said Televisa, its major customer in Mexico, is planning to increase its quality-assurance process on deploying to new cities in order to avoid disruptions in its service.
As a result, the roll-out of Mirada's technology by Televisa will be slowed down, the UK firm said.
This will mean revenue for the year to the end of March will miss market expectations and profit for the period will be "substantially" below market forecasts, Mirada said.
The group said that while the roll-out of its Iris product with Televisa has slowed, the scope of the contract remains unchanged.
"Although it is disappointing that, for reasons beyound Mirada's control, we are anticipating a slowdown in the Televisa rollout, the Televisa contract remains unchanged, and provides the company with an exceptional reference," said Mirada Chief Executive Jose Luis Vasquez.
"As such, the company's pipeline of opportunities, particularly in South East Asia and Latin America, is growing rapidly, having more than doubled in the past ten weeks alone. We are in advanced discussions with a number of these potential clients on which we expect to provide a further update in due course," he added.
By Sam Unsted; [email protected]; @SamUAtAlliance
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