25th Jul 2025 16:28
(Alliance News) - Mirriad Advertising PLC on Friday reported the signing of a services agreement as it noted a near 50% decline in interim revenue.
The London-based advertising and product placement firm said revenue for the six months to June 30 was approximately GBP200,000, down around 49% from GBP390,000 a year earlier. It said this was split broadly between the US and Europe, the Middle East and Africa.
Cash at June 30 stood at GBP2.4 million, down 71% from GBP8.3 million, but with Mirriad noting a reduction in run rate costs to approximately GBP220,000, down from between GBP650,000 to GBP675,000 in April this year.
Mirriad also said it has inked a services deal with Middle Eastern advertising sales houses firm MBC Media Solutions.
Mirriad will provide in-video advertising services to MBC to enable non-intrusive advertising solutions for MBC group's subscription video on demand and linear content.
The agreement is for an initial two-year term and will result in around USD370,000 in revenue per year of the contract for Mirriad.
Shares in Mirriad Advertising were up 0.8% to 0.012 pence on Friday afternoon in London.
Chief Executive Louis Wakefield said: "Together with MBC, we've previously built out a compelling model for brands to scale virtual placement campaigns and planning in the Middle East, and it's great to renew and now formalize our partnership with a fresh sense of possibility with new offers in the region."
By Christopher Ward, Alliance News reporter
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