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REG - Mirada PLC - Interim Results

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RNS Number : 2932U  Mirada PLC  02 December 2021

The information contained within this announcement is deemed by the Company to
constitute inside information pursuant to Article 7 of EU Regulation 596/2014
as it forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 as amended.

 

2 December 2021

 

Mirada plc

("Mirada", "the Company" or "the Group")

 

Interim results for the six months to 30 September 2021

 

Mirada (AIM: MIRA), a leading provider of integrated software solutions for
digital TV operators and broadcasters, announces its unaudited interim results
for the six months to 30 September 2021.

 

Financial Highlights

 

 ·         Revenue increased $0.52m (10%) to $5.99m (H1 FY21: $5.47m).

 ·         EBITDA* increased $0.55m (96%) to $1.12m (H1 FY21: $0.57m).

 ·         Net Debt** increased to $7.71m at 30 September 2021 (31 March 2021: $7.07m),
           including  utilisation of $1.12m of the revolving credit facility with Leasa,
           owned by the Group's largest shareholder.

 

* EBITDA is defined as earnings before interest, tax, depreciation,
amortisation and share-based payments

** Net Debt is defined as Gross Debt minus Cash

 

Operational Highlights

 

 ·         Significant increase in licences and Android TV uptake from the Group's
           largest customer, izzi Telecom.
 ·         Commercial opportunities in Latin America continue to progress and emergence
           of Southeast Asia as a key potential growth market.
 ·         Increase (from €1.3m to €3.0m) and extension of the Leasa facility,
           expiring November 2022.
 ·         Completion of full transition to a remote/office working hybrid model,
           reducing overheads.

 

Post-period Highlights

 

 ·         Set-top boxes ("STBs") deployed with Android TV technology surpassed 1 million
           in November 2021.
 ·         Increased presence in North America and the Caribbean through strategic
           collaboration with Shift 2 Stream.
 ·         Trading conditions continue to improve and pipeline continues to grow.

 ·         Confident of delivering a year of material commercial and strategic progress.

 

José-Luis Vázquez, CEO of Mirada, commented:

 

"The market is now in recovery and with a superior product and a clear sales
strategy, we are in a strong position to return to the growth trajectory we
were on before the pandemic. Existing customers are once again looking to
invest in our products and services and, while the lead times on new business
can be lengthy and hard to predict, our pipeline is large and we are having
productive conversations with prospects on a daily basis.

 

Of course, the operating environment is not without risk and uncertainty as
seen with the increase in Covid precautions over the past few days, but we
have proven how resilient we are in the toughest of conditions, and assuming
the demand in the market remains strong, we are confident in our ability to
deliver high levels of commercial and strategic progress through the second
half and beyond."

 

 Contacts

 Mirada plc                                                +44 (0)20 8187 1661
 José-Luis Vázquez, Chief Executive Officer                investors@mirada.tv (mailto:investors@mirada.tv)
 Gonzalo Babío, Finance Director

 Allenby Capital Limited (Nominated Adviser & Broker)      +44 (0)20 3328 5656
 Jeremy Porter/Liz Kirchner (Corporate Finance)
 Jos Pinnington (Sales and Corporate Broking)

 Alma PR (Financial PR Adviser)                            +44 (0)20 3405 0205
 David Ison                                                mirada@almapr.co.uk
 Andy Bryant
 Matthew Young

 

About Mirada

 

Mirada is a leading provider of products and services for Digital TV Operators
and Broadcasters. Founded in 2000 and led by CEO José Luis Vázquez, the
Company prides itself on having spent over 20 years as a pioneer in the
Digital TV market. Mirada's core focus is on the ever-growing demand for TV
Everywhere for which it offers a complete suite of end-to-end modular products
across multiple devices, all with innovative state-of-the-art UI designs.
Mirada's products and solutions, acclaimed for unparalleled flexibility and
optimal time to market, have been deployed by some of the biggest names in
digital media and broadcasting including Televisa, ATN International,
Telefonica, Sky, Virgin Media, BBC, ITV, Skytel and France Telecom Orange.
Headquartered in London, Mirada has commercial representation across Europe,
Latin America and Southeast Asia and operates technology centres in the UK,
Spain and Mexico. For more information, visit www.mirada.tv
(http://www.mirada.tv/) .

 

Chief Executive Officer's Statement

 

Overview

 

I am pleased to report that the growing momentum across the business reported
in the announcement of our full year results has continued. Having not only
weathered the pandemic so far but taken the opportunity to make significant
and permanent operational improvements to the business, Mirada is primed to
capitalise on the ever-increasing number of opportunities that are arising as
we begin to look beyond the worst of Covid.

 

Period Review

 

The six months to the end of September 2021 was a period where virtually no
new business activity took place - not only at Mirada but across the industry
- so to be able to post a solid set of financials goes a long way to
demonstrating how resilient we are as a business, underpinned by sticky
customers and a growing proportion of recurring revenues.

 

Operationally, we have continued to make excellent progress. Most
significantly, our new global sales strategy - which has specialist resellers
with vast local knowledge at its core - has been implemented and continues to
go from strength to strength. Post-period end, we signed a significant
reseller deal with Shift 2 Stream, a TV as a Service provider active in North
America and the Caribbean, enabling us to expand our reach into North America
and strengthening our presence in the Caribbean, both of which are important
markets. A typical lead time for Mirada to sign up customers is nine to twelve
months, but the fact our pipeline of active opportunities has grown so
substantially in such a short space of time should reassure investors we are
moving in the right direction with real conviction.

 

We took the opportunity during the pandemic to refocus and optimise the
organisation and make it more robust. We now have established remote working
practices and are seeing increased levels of productivity across our
technical, sales and central teams as a result. Fully embracing the cloud has
not only enabled Mirada itself to operate as a more joined up entity, but it
has proven invaluable in selling and maintaining our products and services
around the world. As we approach calendar year 2022, Mirada is a leaner and
more efficient and nimble business.

 

We have previously identified the transition to Android TV as being a key
market trend where Mirada has a strong competitive position, and the first
half saw us continue to cement our position as one of the world's pre-eminent
providers. The success of our rollout of STBs powered by our Android TV
Operator Tier offering led to a significant increase in the number of licences
our largest customer, izzi Telecom, ordered from us, which helped support
revenues. Post-period end, we officially surpassed deployment of one million
set-top-boxes containing our software which, according to statistics published
by technology research firm Omdia, means Mirada STBs now constitute
approximately 5% of the expected 20 million global Android TV Operator Tier
installed base in 2021. Omdia forecasts that 50 million Android TV Operator
Tier STBs will be in use in 2024, and with existing and prospective customers
actively considering replacing their legacy platforms, we are well-positioned
to be a material part of that growth.

 

Closely linked to the explosion in demand for Android TV technology is the
rise of super-aggregation, another macrotrend that is having a profound effect
on the whole digital entertainment industry. In response to the rise of
premium content providers such as Netflix and Amazon Prime Video, traditional
pay TV operators are moving away from simply providing a range of linear
channels to working with content providers to integrate their offerings
alongside their own into a single, consolidated TV experience. This enables
them to attract new and retain existing subscribers, who increasingly demand
variety and convenience in equal measure, while providing the content
providers a lucrative, low-cost route to market.

 

Mirada's flagship Android TV-powered product, Iris, now boasts one of the most
comprehensive sets of integrated content providers available, with all the key
players including Disney+, Amazon Prime Video, Netflix, HBO, Fox and more now
represented. This is a technically challenging feat to achieve and maintain -
particularly in the small and medium operator space - giving Mirada a strong
competitive advantage as we look to capitalise on improving trading conditions
post-pandemic.

 

Alongside the increased business from izzi Telecom - both for our Android TV
platform and in enhancing its legacy Linux technology - we made good progress
in delivering products and services across the rest of our customer base.
Uptake of our products for Viya and OneComm in the US Virgin Islands and
Bermuda respectively (both owned by ATNi) continues to be healthy.

 

In Spain, Zapi subscribers grew by 22% in the period, and we anticipate a
boost in those numbers with the addition of new content provider integrations
as the company pursues its super-aggregation strategy in partnership with us.

 

I am pleased to report that after the pandemic impacted the pace of
subscriptions for Skytel in Mongolia, we have seen a resumption of more normal
deployment levels of our over-the-top (OTT) service (SkyGo), which at 30
September had been accessed by almost 340 000 users. It is a similar story at
Digital TV Cable Edmund in Bolivia, where activity has resumed with an
expectation for sustained growth in the next calendar year.

 

Moving forwards, with industry trends continuing to evolve in our favour and
through being able to bring one of the best products available to market
through new and improved sales channels, assuming the recovery from Covid
continues we are confident of being able to announce important new wins in the
not-too-distant future. Geographically, new business momentum continues to
build in Latin America, while Southeast Asia has emerged as a substantial
growth opportunity with talks ongoing across several prospects.

 

I would like to take this opportunity to again thank our staff for their hard
work, dedication and acumen through what has been an extremely busy period for
us. The volume and scale of opportunities we have before us is genuinely
unprecedented and the ways of working we have adopted are still relatively
new. I am proud of how everyone at Mirada has bought into what we are trying
to achieve, demonstrating exceptional adaptability and commitment, and am
grateful for their efforts. I would also like to thank our shareholders,
partners and customers for their continued support.

 

Funding Requirements

 

On 27 September 2021, the Company announced the extension from €1.3m to
€3.0m of the facility granted by a related party, of which €1,47m was
utilised at 30 September 2021. The facility is being provided by Leasa Spain,
S.L.U. ("Leasa" or the "Lender"). The Lender is incorporated in Spain and
ultimately owned by Mr Ernesto Luis Tinajero Flores who has a total beneficial
interest in 87.21% of Mirada's share capital. The term of the Facility has
been extended until 30 November 2022 ("Maturity Date"), although the Company
retains the option to repay any drawn amounts earlier.

 

 

 

 

Financial Overview

 

Revenue from activities was $5.99 million for the six months to 30 September
2021 (H1 FY21: $5.47 million), a $0.52 million increase on the same period
last year largely due to a significant increase in licences and Android TV
uptake from the Group's largest customer, izzi Telecom.

 

In H1 FY22, our largest customer represented 79% of total revenues (H1 FY21:
67%). The higher weighting is predominately due to izzi Telecom purchasing an
increased number of licences as its business has grown versus the impact of
Covid on new customers. The Board expects that the proportion of revenue from
this customer will remain at high levels, however it should reduce as
contributions from anticipated new customers grow.

 

EBITDA increased $0.55 million to $1.12 million (H1 FY21: $0.57 million).
EBITDA in this context is defined as earnings before interest, tax,
depreciation, amortisation and share-based payments.  The main driver of the
increase is the $0.52m revenue growth, mentioned above. Other Administrative
Expenses are flat, however, excluding the 5% devaluation of the US Dollar
against the Euro in the period, the reduction in Other Administrative
Expenses, at constant foreign exchange rates, was $0.23 million (5%).

 

Loans and borrowings increased by $1.07 million to $8.25 million (31 March
2021: $7.18 million). Of these facilities, long-term debt included $1.84
million of bank loans and $0.93 million of zero-interest loans from Spanish
Government entities. Short-term debt included $1.75 million from the Leasa
facility, $1.71 million short-term credit lines, $0.65 million bank loans,
$0.37 million short-term zero-coupon loans from Spanish Government entities,
and $1.01 million invoice factoring facilities. Cash and cash equivalents
increased to $0.54 million at the end of the period (31 March 2021: $0.11
million). Net Debt increased to $7.71 million (31 March 2021: $7.07 million).
The main driver for the increase is a $1.12m utilisation of the facility with
Leasa, owned by the Company's largest shareholder.

 

Outlook

 

While Covid effectively brought new business to a halt and curtailed existing
customer investment into Mirada products and services, it forced us to rethink
many of our working practices and accelerated plans to optimise the operations
of the business. Now, although we appear to be emerging from the worst of the
pandemic, those changes will continue to benefit Mirada.

 

At the same time, markets are returning to normal and with them the number of
opportunities with prospective and existing customers are increasing. Lead
times for the types of significant deals we are pursuing can be long and
unpredictable, but it has been some time since our pipeline has been this
healthy, and the interactions our sales team are having with targets on a
daily basis give us real cause for optimism.

 

As we move through the second half, we expect to see the same positive market
trends that built up a head of steam in the first half to continue. We are
working on several potentially lucrative opportunities, we have a
differentiated product that opens up revenue opportunities for digital TV
operators and broadcasters in ways that few others can, and we have a robust
and efficient organisational infrastructure geared up to support our growth
ambitions.

 

While we remain cognisant of the fact Covid isn't going away anytime soon and
still has the potential to cause further disruption in ways that are hard to
predict, we have demonstrated our resilience to date and, on our current
trajectory, we are confident in our ability to deliver a year of material
commercial and strategic progress.

 

Jose Luis Vazquez

Chief Executive Officer

2 December 2021

 

Consolidated Income Statement

                                           6 months ended        6 months ended

 30 September 2021
 30 September 2020

(Unaudited)
(Unaudited)
                                           $000                  $000

 Revenue                                   5,992                 5,471
 Cost of sales                             (369)                 (186)
 Gross profit                              5,623                 5,285

 Depreciation                              (168)                 (180)
 Amortisation                              (2,037)               (1,897)
 Other administrative expenses             (4,499)               (4,433)
 Total administrative expenses             (6,704)               (6,511)

 Operating profit/ (loss)                  (1,081)               (1,226)

 Finance income                            -                     37
 Finance expense                           (124)                 (113)
 Foreign currency translation differences  (11)                  (286)
 Profit/(loss) before taxation             (1,216)               (1,588)

 Taxation                                  (48)                  62
 Profit/(Loss) for period                  (1,264)               (1,526)

 

The above amounts are attributable to the equity holders of the parent
Company.

 

Consolidated statement of comprehensive income

 

                                                 6 months ended        6 months ended

 30 September 2021
 30 September 2020

(Unaudited)
(Unaudited)
                                                 $000                  $000

 (Loss)/profit for the period                    (1,264)               (1,526)

 Other comprehensive loss:
 Currency translation differences                (31)                  691
 Total other comprehensive profit/(loss)         (31)                  691

 Total comprehensive (loss)/profit for the year  (1,295)               (835)

 

 

Consolidated statement of financial position

                                                                          At                    At

 30 September 2021
 31 March 2021

(Unaudited)
(Audited)
                                                                          $000                  $000

 Goodwill                                                                 5,371                 5,435
 Other Intangible assets                                                  7,122                 7,314
 Right of use assets                                                      218                   343
 Property, plant and equipment                                            191                   223
 Other Receivables                                                        523                   354
 Non-current assets                                                       13,425                13,669

 Trade receivables                                                        4,427                 4,856
 Cash and cash equivalents                                                538                   107
 Current assets                                                           4,965                 4,963

 Total assets                                                             18,390                18,632

 Loans and borrowings                                                     (2,025)               (1,774)
 Related parties loans and interests                                      (41)                  (3)
 Trade and other payables                                                 (2,245)               (2,234)
 Contract liabilities                                                     (1,070)               (973)
 Lease liabilities                                                        (99)                  (204)
 Current liabilities                                                      (5,480)               (5,188)

 Net current assets                                                       (515)                 (225)

 Total assets less current liabilities                                    12,910                13,444

 Related parties loans                                                    (1,709)               (586)
 Interest bearing loans and borrowings                                    (4,475)               (4,815)
 Lease liabilities                                                        (123)                 (145)
 Non-current liabilities                                                  (6,307)               (5,546)

 Total liabilities                                                        (11,787)              (10,734)

 Net assets                                                               6,603                 7,898

 Issued share capital and reserves attributable to equity holders of the
 company

 Share capital                                                            12,015                12,015
 Merger reserve                                                           4,863                 4,863
 Foreign exchange reserves                                                13,730                13,761
 Accumulated loss                                                         (24,005)              (22,741)
 Equity                                                                   6,603                 7,898

 

Consolidated statement of changes in equity

 

                                          Share capital  Share premium  Foreign exchange reserve  Merger reserves  Accumulated losses  Total

                                          $000           $000           $000                      $000             $000                $000

 Balance at 1 April 2021                  12,015         -              13,761                    4,863            (22,741)            7,898
 Profit for the period                    -              -              -                         -                (1,264)             (1,264)
 Other comprehensive income
 Movement in foreign exchange             -              -              (31)                      -                                    (31)
 Total comprehensive loss for the period  12,015         -              13,730                    4,863            (24,005)            6,603
 Transactions with owners
 Share based payment                      -              -              -                         -                -                   -
 Balance at 30 September 2021             12,015         -              13,730                    4,863            (24,005)            6,603

                                          Share capital  Share premium  Foreign exchange reserve  Merger reserves  Accumulated losses  Total
                                          $000           $000           $000                      $000             $000                $000

 Balance at 1 April 2020                  12,015         -              13,423                    4,863            (19,749)            10,552
 Profit for the period                    -              -              -                         -                (1,526)             (1,526)
 Other comprehensive income
 Movement in foreign exchange             -              -              691                       -                                    691
 Total comprehensive loss for the period  12,015         -              14,114                    4,863            (21,275)            9,717
 Transactions with owners
 Share based payment                      -              -              -                         -                -                   -
 Balance at 30 September 2020             12,015         -              14,114                    4,863            (21,275)            9,717

 

 

Consolidated statement of cash flows

                                                              6 months ended        6 months ended

 30 September 2021
 30 September 2020

(Unaudited)
(Unaudited)
                                                              $000                  $000
 Cash flows from operating activities
 Loss after tax                                               (1,264)               (1,526)
 Adjustments for:
 Depreciation of property, plant and equipment                168                   180
 Amortisation of intangible assets                            2,037                 1,897
 Finance income                                               -                     (37)
 Finance expense                                              124                   113
 Foreign currency translation differences                     11                    -
 Taxation                                                     48                    (62)
 Operating cash flows before movements in working capital     1,124                 565

 Decrease in trade and other                                  260                   595
 receivables
 Increase/(decrease) in trade and other payables              20                    (507)
 Interest paid                                                (4)                   (7)
 Taxation paid                                                (227)                 (144)
 Net cash generated from operating activities                 1,173                 502

 Cash flows from investing activities
 Interest and similar income received                         -                     37
 Purchases of property, plant and equipment                   (1)                   (47)
 Purchases of other intangible assets                         (1,872)               (2,122)
 Net cash used in investing activities                        (1,873)               (2,132)

 Cash flows from financing activities
 Interest and similar expenses paid                           (119)                 (106)
 Payment of principal on lease liabilities                    (135)                 (121)
 Loans received                                               400                   3,555
 Related parties loans received                               1,302                 -
 Repayment of loans                                           (517)                 (1,410)
 Net cash from financing activities                           931                   1,918

 Net increase in cash and cash equivalents                    231                   288

 Cash and cash equivalents at the beginning of the period     107                   185
 Exchange losses on cash and cash equivalents                 200                   79
 Cash and cash equivalents at the end of the year             538                   552

 

Cash and cash equivalents comprise cash at bank less bank overdrafts.

 

1. Basis of Preparation

 

These interim financial statements have been prepared in accordance with
international accounting standards in conformity with the requirements of the
Companies Act 2006. They do not include all disclosures that would otherwise
be required in a complete set of financial statements and should be read in
conjunction with the 31 March 2021 Annual Report. These interim financial
statements have not been audited nor have they been reviewed by the Group's
auditors under ISRE 2410 of the Auditing Practices Board. The financial
information for the 6 months ended 30 September 2021 and 30 September
2020 does not constitute statutory accounts within the meaning of Section 434
(3) of the Companies Act 2006 and both periods are unaudited. However,
selected explanatory notes are included to explain events and transactions
that are significant to an understanding of the changes in the Group's
financial position and performance since the last annual financial
statements.

 

The annual financial statements of Mirada plc are prepared in accordance with
international accounting standards in conformity with the requirements of the
Companies Act 2006. The comparative financial information for the year ended
31 March 2021 included within this report does not constitute the full
statutory Annual Report and Financial Statements for that period. The
statutory Annual Report and Financial Statements for the year to 31 March
2021 have been filed with the Registrar of Companies. The independent
Auditors' Report on that Annual Report and Financial Statements was
unqualified, did not draw attention to any matters by way of emphasis, and did
not contain a statement under 498 (2) or 498 (3) of the Companies Act 2006.

 

The accounting policies applied by the Group in this financial information are
the same as those applied by the Group in its financial statements for the
year ended 31 March 2021 and are those which will form the basis of the
2022 financial statements.

 

After making enquiries, the directors have concluded that the Group has
adequate resources to continue operational existence for the foreseeable
future. Accordingly, they continue to adopt the going concern basis in
preparing the half-yearly consolidated financial statements.

 

New and amended accounting standards and interpretations

 

On 12 February 2021 the IASB issued an amendment to IAS 1 concerning
accounting policy disclosures, and an amendment to IAS 8 concerning the
definition of accounting estimates. On 7 May 2021 the IASB issued an amendment
to IAS 12 concerning deferred tax related to assets and liabilities arising
from a single transaction. The Company does not expect any material impact
from the application of these two amendments, which are effective for annual
reporting periods beginning on or after 1 January 2023. The Company will not
early adopt these amendments.

 

On 23 January 2020 the IASB issued 'Classification of Liabilities as Current
or Non-current', an amendment to IAS 1. On 14 May 2020 the IASB issued
'Reference to the Conceptual Framework', an amendment to IFRS 3; 'Proceeds
before Intended Use', an amendment to IAS 16; 'Onerous Con-tracts - Cost of
Fulfilling a Contract', an amendment to IAS 37; and 'Annual Improvements to
IFRS standards 2018-2020'. The Company does not expect a material impact from
those amendments, which are effective for annual reporting periods beginning
on or after 1 January 2022. The Company will not early adopt these amendments.

 

 

The Board of Directors approved this interim report on 2 December 2021.

 

 

 

2. Use of judgements and estimates

 

In preparing these financial statements, management has made judgements and
estimates that affect the application of accounting policies and the reported
amounts of assets and liabilities, income and expense. Actual results may
differ from these estimates.

 

The significant judgements made by management in applying the Group's
accounting policies and the key sources of estimation uncertainty were the
same as those described in the last annual financial statements.

 

3. Earnings before interest, taxation, depreciation, amortisation, and
share-based charge

 

Reconciliation of operating loss to profit before interest, taxation,
depreciation, amortisation, and share-based payment charge:

 

 

                                                                            6 months ended        6 months ended

 30 September 2021
 30 September 2020

(Unaudited)
(Unaudited)
                                                                            $000                  $000

 Operating loss                                                             (1,081)               (1,512)
 Depreciation                                                               168                   180
 Amortisation                                                               2,037                 1,897

 Operating profit before interest, taxation, depreciation and amortisation  1,124                 565
 (EBITDA)

 

4. Earnings per share

                                      6 months ended 30 September 2021  6 months ended 30 September 2020
                                      (Unaudited)                       (Unaudited)

 Loss for period                      $(1,264,059)                      $(1,525,623)
 Weighted average number of shares    8,908,435                         8,908,435

 Basic earnings per share             $(0.142)                          $(0.171)

 

Diluted earnings per Ordinary Share equals basic earnings per Ordinary Share
as, due to the losses incurred in the six months to 30 September 2021 and six
months to 30 September 2020, there is no dilutive effect from the subsisting
share options.

 

 

 

 

Adjusted earnings per share

 

Adjusted earnings per share is calculated by reference to the loss from
continuing activities before interest, taxation, amortisation and depreciation
and share-based payment charge (see note 2).

 

                                      6 months ended 30 September 2021  6 months ended 30 September 2020
                                      (Unaudited)                       (Unaudited)

 Adjusted EBITDA                      $1,124,292                        $564,793
 Weighted average number of shares    8,908,435                         8,908,435

 Basic adjusted EBITDA per share      $0.126                            $0.063

 

Diluted adjusted earnings per Ordinary Share equals basic adjusted earnings
per Ordinary Share as, due to the losses incurred in the six months to 30
September 2021 and six months to 30 September 2020, there is no dilutive
effect from the subsisting share options.

The total number of outstanding share options over new ordinary shares
on 30 September 2021 was 41,483 (41,483 at 30 September 2020).

 

 

5. Revenue from contracts with customers

 

 Disaggregation of revenue

    6 months ended                      Development      Licenses      Managed services      Total

   30 September 2021
                                        $000             $000          $000                  $000
 Mexico                                 1,922            2,127         697                   4,746
 Europe                                 231              73            160                   464
 Other Americas                         121              576                                 697
 Asia                                   52                             33                    85
                                        2,326            2,776         890                   5,992

 Revenue recognised over a period       1,779            2,703         812                   5,294
 Revenue recognised at a point in time  547              73            78                    698
                                        2,326            2,776         890                   5,992

    6 months ended                      Development      Licenses      Managed services      Total

   30 September 2020
                                        $000             $000          $000                  $000
 Mexico                                 1,946            1,031         695                   3,672
 Europe                                 574              442           44                    1,060
 Other Americas                         261              410           -                     671
 Asia                                   43               -             25                    68
                                        2,824            1,883         764                   5,471

 Revenue recognised over a period       2,581            1,373         748                   4,702
 Revenue recognised at a point in time  243              510           16                    769
                                        2,824            1,883         764                   5,471

 

Our largest customer represented 79% of total revenues (H1 2020: 67%). The
higher weight is due to a combination of increased licences from our largest
customer. The Board expects that the proportion of revenue from this customer
will remain at high levels, however it should reduce as contributions from new
customers grow.

 

 

6. Related party transactions

 

On 27 September 2021, the Company agreed an increase
from €1.3 million to €3.0 million of the credit facility granted
by Leasa Spain, S.L.U. The term of the Facility has also been extended by
12 months and now expires on 30 November 2022, although the Company retains
the option to repay any drawn amounts earlier. The Board of Mirada considered
it prudent to extend the maturity date in order to provide cashflow
flexibility.

 

7. Cautionary statement

 

The Company has made forward-looking statements in this announcement,
including statements about the market for and benefits of its products and
services, financial results, the potential benefits of business relationships
with third parties and business strategies. These statements about future
events are subject to risks and uncertainties that could cause the Company's
actual results to differ materially from those that might be inferred from the
forward-looking statements. The Company and its Directors can make no
assurance that any forward-looking statements will prove correct.

 

8. Other

 

Copies of the unaudited interim results have not been sent to shareholders.
However, copies will shortly be available from the Company's
website: https://www.mirada.tv/investors/financial-results/
(https://www.mirada.tv/investors/financial-results/) .

 

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