Mirriad Advertising PLC increases revenue by 57% in the United States after the crisis in China

Mirriad Advertising PLC (AIM:MIRI, OTCQX:MMDDF) reported a 57% increase in U.S. revenue in the first half and said it expects revenue-generating activity be reinforced towards the end of the year.

Due to the seasonal nature of major advertising markets and the sales pipeline, higher revenues are expected in the second half, the group added.

“Our positive momentum in the United States demonstrates our burgeoning opportunities in the world’s largest advertising market, with campaigns for new and repeat advertiser clients, and an ever-growing list of partners,” said Stephan Beringer, Director general. “Work is underway to further improve the conversion and deal size of our pipeline. »

The digital advertiser had £17.7m in cash at the end of June, up from £29.8m a year ago, as it invested in key business roles and technology at United States.

Nearly three-quarters of its revenue came from the US market in the first half, after a collapse in the Chinese market due to strict containment measures and a difficult macro-economic environment.

Total revenue fell to £577,000 from £1.1m in the same period last year due to the crisis in China.

But the group stressed that “higher revenues are expected in the second half” as it expands its sales pipeline.

Mirriad said it ran campaigns with 23 advertisers in the first half, up 35% from the first six months of 2021. Active supply partnerships increased 38% and now manages 18 partnerships, signing a contract with Magnite in May to scale and automate in- content advertising.

The advertising company has embarked on a cost control program to generate £2.5million in annual savings and said it would end operations in China by March 2023.

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