REG - Mirriad Advertising - Corporate update

Mirriad AdvertisingAnnouncement

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RNS Number : 9295G  Mirriad Advertising PLC  01 May 2025

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1 May 2025

 

Mirriad Advertising plc

("Mirriad" or the "Company")

 

Corporate update

 

The Board of Mirriad Advertising plc (AIM: MIRI), a leading in-content
advertising and virtual product placement ("VPP") company, provides the
following update in relation to its current trading, working capital position
and the outlook for the Company's future.

 

On 7 January 2025, Mirriad announced a trading update for the year ended 31
December 2024, with revenue for the year of slightly over £1 million.
Mirriad's revenue for the first quarter of 2025 was just over £80,000. Whilst
slightly below the Mirriad Directors' ("Directors") expectations, this result
is consistent with historical seasonality in Mirriad's core markets and
reflects the strategic sales pivot initiated in Q4 2024, which prioritises
higher-value, scalable opportunities across key verticals including FMCG,
Automotive, Retail, Food & Beverage, and Telco. This shift was expected to
impact short-term revenue.

 

In contrast, persistent U.S. economic volatility proved unexpectedly
disruptive, including campaign delays and budget contractions, which
contributed to lower activity levels during the period.

 

The Company also announced that its cash balance as at 31 December 2024 was
£4.8 million and the anticipated cost base for 2025 was approximately £8
million. As at 31 March 2025, the Company's cash balance stood at £2.7
million and the monthly gross cash burn is between £650,000-£675,000.
Accordingly, the Directors have been exploring a number of options to secure
the financial viability of the business, one of which options was that the
Company had, for the past four months, been in advanced discussions in
relation to a possible offer for the entire issued and to be issued ordinary
share capital of the Company (the "Possible Offer"). These discussions ceased
on 30 April 2025.

 

As the Possible Offer discussions have ended, the Directors are urgently
looking into alternative options to assess whether it is possible to raise
funds, by way of an equity placing or otherwise, to enable the Company to
continue as a going concern. There can be no guarantee that such funds will be
available or on what terms.  The Board recognises that in the absence of an
immediate injection of capital and in view of the current financial
uncertainty, the directors must consider the interests of creditors and in
order to minimise any loss to creditors, the directors may have no option but
to commence the process of placing the Company into administration within the
next week. In such circumstances, it is anticipated that trading in the
Company's shares would be suspended. Further announcements will be made in due
course.

 

 

Enquiries:

 

 Mirriad Advertising plc                                   c/o Allenby

 Stephan Beringer, Chief Executive Officer

 Nic Hellyer, Chief Financial Officer

 Nominated Adviser and Broker                              Tel: +44 (0)20 3328 5656

 Allenby Capital Limited

 James Reeve/Lauren Wright (Corporate Finance)

 Guy McDougall/Matt Butlin (Sales and Corporate Broking)

 

 

Notes to Editors:

 

About Mirriad

 

The leader in virtual product placement and in-content advertising, Mirriad's
multi-patented and award-winning platform dynamically inserts products and
brands into Television, SVOD/AVOD, Music, and Influencer content. Mirriad
creates net-new revenue opportunities for content owners with an ad format
that virtually integrates brands in entertainment content, drives exceptional
performance for advertisers and dramatically improves the viewing experience.

 

Mirriad currently operates in the US, Europe and India.

 

 

 

 

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