Soft commercial launch and trade update

RNS Number : 4383U

Mirada PLC

07 April 2016

 

Mirada plc

("Mirada" or "the Company")

Soft commercial launch of Mirada's platform in Mexico and post year-end trade update

Mirada plc (AIM: MIRA), one of the leading providers of integrated software solutions for Digital TV Operators and Broadcasters, is delighted to announce the soft commercial launch of the Company's Iris Multiscreen solution ("Iris") for the Company's Tier 1 Operator in Mexico (the "Customer"). This launch corresponds to the major contract win announced on 19 May 2014, which was followed by the first rollout announced on 17 February 2015.

During this soft commercial roll out, the Customer's new Pay TV platform, including the Iris full product suite, is being deployed among a limited number of commercial users across the four remaining networks as announced in the Company's interim results on 30 December 2015, in order to confirm the smooth functioning of the Customer's internal and external logistics and user support channels.

This soft commercial launch is the final stage prior to the full commercial rollout of Iris across the Customers subscriber base over the remaining four networks (the "Commercial Launch"). However, despite the Commercial Launch commencing as scheduled, certain revenues due to be recognised in the financial year ended 31 March 2016 have been deferred to the next fiscal year, and although the first network roll out is performing ahead of management expectations, total revenues for the year ended 31 March 2016 will be significantly below market expectations albeit ahead of the previous financial year.

Cash collections have been strong and cash at bank at 31 March 2016 was around £0.6 million.

Jose Luis Vazquez, CEO of Mirada PLC, commented: "We are proud to confirm the commencement of the soft commercial launch of our Iris Multiscreen solution, already enjoyed by the Customer's commercial users. This reaffirms our position within the Latin American market and demonstrates our ability to successfully integrate Mirada's products with Tier-1 customers."

Enquiries:

Mirada plc José Luis Vázquez, Chief Executive Officer	[phone] [e-mail]
Newgate Communications Bob Huxford Robyn McConnachie Ed Treadwell	[phone] [e-mail]
Arden Partners plc (Nomad and Broker) James Felix (Corporate Finance) Ciaran Walsh (Corporate Finance) Catherine Miles (Corporate Broking)	[phone]

About Mirada

Mirada creates and manages products and services for digital TV operators and broadcasters. With over 15 years of experience, the Company focuses on the future of Digital TV - Multiscreen cross-platform navigation - anytime, anywhere. It offers a complete suite of end-to-end modular products for STBs, PC, smartphones and tablets, all with innovative state-of-the-art UI designs.

Mirada's products and solutions have been deployed by some of the biggest names in digital media and broadcasting including Televisa, Telefonica, Sky, Virgin Media, BBC, ITV and France Telecom. Headquartered in London, Mirada has commercial offices across Europe and Latin America and operates development centres in the UK and Spain. For more information, visit www.mirada.tv

 

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