Trading Update

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	[phone]
José-Luis Vázquez, Chief Executive Officer	[e-mail]
Gonzalo Babío, Finance Director
Allenby Capital Limited (Nominated Adviser & Broker)	[phone]
Jeremy Porter/Liz Kirchner (Corporate Finance)
Joscelin Pinnington (Sales and Corporate Broking)
Alma PR (Financial PR Adviser)	[phone]
David Ison	[e-mail]
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  .       

 

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