Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
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 £200,000, down around 49% from £390,000 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 £2.4 million, down 71% from £8.3 million, but with Mirriad noting a reduction in run rate costs to approximately £220,000, down from between £650,000 to £675,000 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 $370,000 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.’
Copyright 2025 Alliance News Ltd. All Rights Reserved.