9th May 2019 11:23
LONDON (Alliance News) - Mirriad Advertising PLC on Thursday reported a widened annual loss due a halving in revenue.
Shares in the company, which provides "emotionally intelligent advertising powered by artificial intelligence", were trading down 10% at 6.50 pence each. The stock stood at 37.00 pence this time last year.
For 2018, the company suffer a pretax loss of GBP14.4 million versus a loss of GBP11.3 million a year prior. This was mainly due to higher administrative costs of GBP14.9 million from GBP12.1 million and reduced revenue.
Revenue for the year dropped to GBP415,886 from GBP874,191 following "lower than anticipated results" in all of the group's markets as commercialisation lagging behind original expectations.
"I was under no illusion about the scale of the task ahead when I joined Mirriad in 2018, and the challenge is reflected in these results. We have moved decisively to address the ineffectiveness of the company's previous strategy and to reset our cost base," Chief Executive Officer Stephan Beringer said.
He added: "The business is now getting into a far better position to use its award-winning technology to tap into the huge market opportunities we have identified and put the business on a path to growth, creating value for our investors. I am very encouraged by the progress to date and have confidence that our new strategy can and will deliver value for our shareholders."
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