Mirriad’s market-first solution seamlessly integrates with existing subscription and advertising models, improving the viewer experience by limiting commercial interruptions while delivering dramatically increased reach and impact for advertisers. Mirriad operates in the United States, Europe and China.
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Mirriad is making significant progress in building partnerships on the content supply side and with blue-chip advertisers and agencies, particularly in the important North American market. Newly defined KPIs will help clarify further headway here. Technical development continues to focus on offering full programmatic delivery, which is key to Mirriad’s innovative advertising solution becoming totally assimilated into the ecosystem. FY21 results were as flagged in February’s trading update, with year-end net cash of £24.5m. We have reinstated illustrative forecasts, remaining cautious on our assumptions of the speed of industry adoption.
Y/E Dec |
Revenue (£m) |
EBITDA (£m) |
PBT (£m) |
EPS (fd) (p) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2020A | 2.2 | (8.6) | (9.1) | (4.2) | N/A | N/A |
| 2021A | 2.0 | (11.6) | (12.0) | (3.9) | N/A | N/A |
| 2022E | 3.3 | (15.0) | (15.2) | (5.4) | N/A | N/A |
| 2023E | 7.8 | (12.9) | (13.0) | (4.7) | N/A | N/A |
Industry outlook
With the ever-growing challenges of reaching ad-avoiding audiences and the withdrawal of third-party cookies from FY23, brand owners are looking for more innovative solutions to engage with their target audiences, while content providers are looking to build and protect their ad revenues. To take full advantage, Mirriad needs to integrate with a programmatic advertising ecosystem, with seamless identification and monetisation of ad inventory and a scalable platform readily compatible with agencies’ working practices.
Last updated on 30/06/2022Content on Mirriad Advertising
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TMT
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Share price graph
Balance sheet |
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| Forecast net cash (£m) | 8.5 |
| Forecast gearing ratio (%) | N/A |
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Key management |
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| Stephan Beringer | CEO |
| David Dorans | CFO |
| Ryan Mendy | IR |