REG - Mirada PLC - Trading Update

MiradaAnnouncement

12/05/2022 07:00

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RNS Number : 1848L  Mirada PLC  12 May 2022

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.

 

12 May 2022

 

Mirada plc

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

 

Year End Trading Update

 

Mirada (AIM: MIRA), a leading provider of integrated software solutions for
digital TV services, provides the following trading update for the financial
year ended 31 March 2022.

 

The Board of Mirada is pleased to report that it expects trading for the year
ended 31 March 2022 to be in line with market expectations. Revenue is
expected to be $11.0m (FY21: $11.1m) and Adjusted EBITDA $1.6m (FY21: $1.7m),
with exceptional growth in licences from existing customers (54% growth over
FY21) offsetting, what the Directors to believe to be, a temporary reduction
in professional services and delays to new contracts caused by the COVID-19
pandemic.

 

The Directors believe that to deliver this performance despite virtually no
new business activity taking place across the industry for the first half of
the year, is testament to the resilience of Mirada's model and the strength of
the relationships the Company has with its customers, with many deepening
their commercial agreements in the period.

 

Mirada has made marked progress in consolidating its position as a leading
provider of Android TV-powered software in the industry, with deployments
increasing from 450 thousand devices at 31 March 2021 to approximately 1.5
million at period end. With more than 30 content provider integrations and
growing demand for Mirada's Android TV product across its end markets, the
Company remains well positioned to continue to benefit from the market shift
towards Google's operating system.

 

With market activity returning to pre-Covid levels and supported by the
operational optimisation that took place at the Company during FY22, Mirada's
record pipeline continues to grow, driven by its powerful, industry-leading
technology and position at the forefront of growing trends, such as the rapid
adoption of Android TV technology and the rise of super-aggregation (where pay
TV operators aggregate content from different streaming subscription services
onto their platform).

 

 

Mirada's CEO, José Luis Vázquez, commented:

 

"This is a robust performance given the significant headwinds faced throughout
the year. Our business has proven incredibly resilient, reflecting the
strength of our customer relationships, the quality of our proposition and the
continued hard work of our teams.

 

With market conditions normalising and with trends such as super-aggregation
and the adoption of Android TV showing no sign of abating, we continue to make
excellent progress in building and working towards converting our pipeline of
new opportunities.

 

While remaining vigilant of external risks and uncertainties, the outlook is
positive, giving the Board confidence that FY23 will be a year of significant
commercial progress and that the Group can deliver significant, sustainable
growth over the coming years."

 

 

 Enquiries:

 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)
 Joscelin 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/)   .

 

 

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