24th Jan 2024 13:56
(Alliance News) - Mirriad Advertising PLC on Wednesday said it was boosted by the US market as it anticipates to post a revenue jump for 2023.
The London-based provider of in-content advertising technology said it expects revenue growth of around 20% to GBP1.8 million for 2023, from GBP1.5 million in 2022.
The company highlighted that it worked with 68 advertisers in 2023, an increase of 15% from 59 in 2022. The number of repeat advisers jumped 61% to 21 from 13.
It said that GBP1.4 million of last year's revenue, or around 78%, was "generated from the all-important US market." The percentage of total revenue coming from the US remained unchanged, but in total figures rose 17% from GBP1.2 million in 2022.
Cash as at December 31 declined 38% to GBP6.1 million from GBP9.8 million at June 30.
Chief Financial Officer Nic Hellyer said: "Our operating profile is changing fast. Revenue generated in 2023 reflected the fact that the business was still operating in 'manual' mode, with less than 10% of the key US market. With the majority of that market now under contract or in serious discussions, a firmer starting pipeline for revenue and multiple programmatic integrations underway to change the way inventory is sold, we are focused on delivering a substantial improvement in performance in the current year."
Mirriad shares fell 3.6% to 1.93 pence each on Wednesday afternoon in London.
By Tom Budszus, Alliance News slot editor
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