24 January 2022

Mirriad Advertising plc

("Mirriad" or the "Company")

Trading update, KPIs and Notice of Results

Accelerating customer adoption and traction in the key US Market

Mirriad, the leading in-content advertising company, today issues a trading update for the year ended 31 December 2021 ("FY2021").

Trading Update

Total revenue for FY2021 is expected to be approximately £2.0 million.

The Company has seen strong year-on-year growth in the key US market, with the number of campaigns in the US more than doubling between FY2020 and FY2021, and the average campaign size also increasing by more than a third year-on-year.

As a result, US revenue rose by more than 180% to approximately £884k. Of this, approximately 70% was generated in H2 2021, illustrating substantial momentum in this key advertising market for Mirriad. European revenues rose by more than 68% to approximately £143K, with 65% of this booked in H2 2021; a similar pattern  to the US. 

The Company is building on its strong momentum and adoption in the US to scale further, with additional investment for the integration of Mirriad into the media buying ecosystem and business development hires now expected throughout 2022.

Recent product developments include an important AdTech partnership in the US that will help accelerate Mirriad's strategy to make in-content inventory available at scale in industry-leading digital media buying platforms.

The Company closed the year with a cash balance of £24.5 million.

KPIs

In line with the Company's internal strategy, the Board plans to present a number of operational KPIs in future results statements to track delivery of key business objectives.

Notice of results

The Company expects to report its final audited 2021 full year results on 11 May 2022.

Stephan Beringer, CEO of Mirriad, said: "The past two years have been a testing time for everyone in the advertising and content industries, but there are encouraging signs that our markets are now entering a period of growth. At Mirriad, this is evidenced by strong US revenue trajectory in the second half of 2021 and the notable increase in both deal size and deal volume.

"Our platform's unique capabilities, including the proven ability to drive significantly more reach and greater advertising impact in an era of advertising fatigue and avoidance, continue to advance. On the demand side, we are working with more partners than ever before and our content pipeline is expanding accordingly. This is combined on the supply side with rapidly increasing available sellable inventory across more content categories.  We are also progressing measures to drive wider adoption, namely the launch of new propositions including audience-based buying and the initiation of our programmatic strategy.

"We are positioning ourselves for scale as we pioneer the nascent in-content advertising market which is rapidly gaining traction with customers." 

END

Market abuse regulation:

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR").

Enquiries:

For further information please visit www.mirriad.com or contact:

Mirriad Advertising plc

Stephan Beringer, Chief Executive Officer

David Dorans, Chief Financial Officer

Tel: +44 (0)207 884 2530

Financial Adviser, Nominated Adviser and Broker:

Panmure Gordon

Alina Vaskina / James Sinclair-Ford (Corporate Advisory)

Erik Anderson (Corporate Broking)

Tel: +44 (0)20 7886 2500

Financial Communications:

Charlotte Street Partners

Tom Gillingham Tel: +44 (0) 7741 659021

Andrew Wilson Tel: +44 (0) 7810 636995

About Mirriad

Mirriad's award-winning solution unleashes new revenue for content producers and distributors by creating new advertising inventory in content. Our patented, AI and computer vision technology dynamically inserts products and innovative signage formats after content is produced. Mirriad's market-first solution seamlessly integrates with existing subscription and advertising models, and dramatically improves the viewer experience by limiting commercial interruptions. 

Mirriad currently operates in the US, Europe and China.