Mirriad Advertising plc - Results for the year ended 31 December 2020

Mirriad, the leading in-content advertising company, announces its audited results for the year ended 31 December 2020.

Financial overview

• 2020 revenue up 91% to £2.18m (2019: £1.14m)
• Operating loss reduced by 25% to £9.09m (2019: £12.17m)
• Cash consumption down 27% to £8.06m (2019: £11.01m)
• Net assets at 31 December 2020 up 84% £35.3m (2019: £19.2m)
• Cash and cash equivalents at 31 December 2020 up 85% to £35.4m (2019: £19.1 million)

Operational highlights

• Broadcast and digital distributor supply partners under contract up 33% to 20 (2019: 15)
• Framework agreement signed with Tier One US entertainment giant in October 2020
• Launched Music Alliance with globally renowned record labels and independent music companies
• Achieved an OTCQB cross listing in September 2020, under ticker symbol 'MMDDF'
• Executed an oversubscribed Placing and Open Offer, raising £26.2 million (gross) in December 2020, positioning the business for future growth

Post period highlights

• Framework agreement reached with one of the world's leading food and beverage companies to incentivise spend on in-video campaigns in the US market.
• Commercial negotiations complete to replace the expired contract with Tencent Video and detailed contractual terms are now being discussed
• Appointment of new CTO in February 2021 and new CRO in May 2021
• Appointment of Kelsey Lynn Skinner as non-executive director in February 2021
• Boosted US sales capabilities with the appointment of an additional senior sales manager and an outsourced sales enablement company in February 2021
• Upgraded to OTCQX listing in the US in April 2021

Stephan Beringer, CEO of Mirriad, said: 'In 2020 we provided operational stability during a challenging period, with adverse effects of the Covid-19 pandemic affecting the wider advertising and content industries. We have been able to reduce our own costs through prudent management and also drive additional revenue, underlining our commitment to building long-term shareholder value.

'Mirriad is now well placed to benefit from the expected advertising sector recovery in the second half of this year. Thanks to our technology's ability to create new revenue opportunities whilst addressing established consumer aversion to interruptive advertising, we can offer more in-content opportunities to a rising number of advertisers and agencies, showing a clear pathway to scale in 2021 and beyond.

'The industry increasingly recognises the fantastic results our format delivers as we further develop the protected Mirriad technology that will ultimately define the in-content advertising space. With these factors considered, we are confident about the future growth of our proposition and business.'

For further information please visit www.mirriad.com or contact:

Mirriad Advertising plc	Tel: +44 (0)207 884 2530
Stephan Beringer, Chief Executive Officer David Dorans, Chief Financial Officer
Nominated Adviser & Broker: Canaccord Genuity Limited	Tel: +44 (0)20 7523 8000
Simon Bridges Richard Andrews Thomas Diehl
Financial Communications: Charlotte Street Partners
Tom Gillingham Andrew Wilson	Tel: +44 (0) 7741 659021 Tel: +44 (0) 7810 636995

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR'). Upon the publication of this announcement, this inside information is now considered to be in the public domain.

Notes to Editors

About Mirriad

Mirriad's award-winning solution unleashes new revenue for content producers and distributors by creating new advertising inventory in content. Our patented, AI and computer vision technology dynamically inserts products and innovative signage formats after content is produced. Mirriad's market-first solution seamlessly integrates with existing subscription and advertising models, and dramatically improves the viewer experience by limiting commercial interruptions.

Mirriad currently operates in the US, Europe and China.

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