News Column

Mirada Swings To Annual Profit; Confident In Outlook

August 12, 2014

Rowena Harris-Doughty

LONDON (Alliance News) - Broadcast products and services company Mirada PLC said its pretax loss widened, but it swung to a net profit on the back of a tax income gain in the financial year just ended.

The AIM-listed firm, which creates and manages services for digital TV platforms and broadcasters, reported a pretax loss of GBP386,000 in the financial year to March 31, compared with GBP240,000 a year earlier.

However, the company said it swung to a net profit of GBP41,000 in the period, as it benefited from a GBP427,000 tax income gain.

Revenue in the period fell by 5% to GBP4.6 million, down from GBP4.8 million last year, which the company said was due to strategic investments in securing its first Tier One customer for its lead product, Iris.

Going forward, Mirada said it expects its trading performance to be supported by strong subscriber-based licence revenues deriving from existing installations, the new Tier One contract and future contract wins.

"The group remains in a period of investment and current trading is similar to that stated at financial

year-end. The group continues to direct resources to the Tier One contract," the company said in a statement.

Since year-end, the group won a contract in Latin America, and raised GBP3.5 million in a share placing, funds it said it is using to strengthen its position within the Over The Top market and Latin America.

"The company is in advanced negotiations with other potential customers, and we expect to announce new deals after the summer break. References are key in this market and we are now

winning really important ones," said Chief Executive JosÉ Luis VÁzquez in the statement.

Mirada shares were flat at 12.50 pence before midday Tuesday.

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Source: Alliance News

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