TIDMMIRA
RNS Number : 9694K
Mirada PLC
28 December 2022
Prior to publication, the information contained within this
announcement was deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulations (EU)
No. 596/2014 ("MAR"). With the publication of this announcement,
this information is now considered to be in the public domain.
28 December 2022
Mirada plc
("Mirada", the "Company" or the "Group")
Interim results for the six months to 30 September 2022
Mirada plc (AIM: MIRA), a leading provider of integrated
software and solutions for Digital TV operators and broadcasters,
announces its unaudited interim results for the six months to 30
September 2022.
Financial Highlights
-- Revenue from activities decreased $0.73m (12.3%) to
$5.26m (H1 2021: $5.99m) due to the investment in product
to be deployed during the second half of the year, which
will have a higher level of professional services and
associated turnover.
-- Reduction in administrative expenses of $0.49m (7.3%)
to $6.22m (H1 2021: $6.70m).
-- EBITDA* profit decreased 22% to $0.88m (H1 2021: $1.12m).
-- Net Debt** decreased to $7.33m at 30 September 2022
(31 March 2022: $8.59m).
-- Extension to the term of the EUR3.00 million revolving
credit facility with the Company's largest investor
to 30 November 2023.
* EBITDA is defined as earnings before interest, tax,
depreciation, amortisation and share-based payments
** Net Debt is defined as Gross Debt minus Cash
Operational Highlights
-- Increased commercial activity due to the end of the
Covid-19 pandemic, especially in Latin America and South
East Asia.
-- Continued strong pace of deployment of Mirada Android
TV-based technology.
-- New contract win in September with SkyTel in Mongolia.
Post-period highlights
-- Advanced negotiations with new customers in Latin America
and EMEA .
Commenting on the outlook for the Group, José Luis Vázquez, CEO
of Mirada, said:
"Mirada has continued to build on the momentum established in
FY22, capitalising on emerging trends and consolidating the widely
recognised quality of our products by further embedding our
technology within existing customers and expanding our customer
base.
Following a difficult period for the sector which has seen the
Company navigate a number of testing macroeconomic headwinds, it is
pleasing to see customers beginning to once again invest in our
products and services. With this trend expected to continue, we are
confident that Mirada is in a strong position, with a solid runway
to execute on our strong pipeline of contracts.
As previously announced, our advanced negotiations with key
strategic customers in Latin America and EMEA serve to validate our
business model and highlight the opportunity for Mirada as new
customers recognise the value of our products and services."
Enquiries:
Contacts
+44 (0)20 8187
Mirada plc 1661
José-Luis Vázquez, Chief investors@mirada.tv
Executive Officer
Gonzalo Babío, Finance Director
Allenby Capital Limited (Nominated +44 (0)20 3328
Adviser & Broker) 5656
Jeremy Porter/Liz Kirchner (Corporate
Finance)
Jos Pinnington (Sales and Corporate
Broking)
+44 (0)20 3405
Alma PR (Financial PR Adviser) 0205
David Ison mirada@almapr.co.uk
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
almost 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, Telefonica, Sky, Virgin Media, BBC, ITV and France
Telecom. 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
Chief Executive Officer's Statement
Overview
I am pleased to present the Group's interim financial results
for the six months ended 30 September 2022.
We had an encouraging start to the financial year, both in
subscriber-based licence revenue, due to the sustained pace of
deployment of our Android-TV based software, and in professional
services. Although the majority of the revenue in this area is
expected in the second half of the year due to the timing of our
product deployments, we are satisfied with the progress in the
first half. The growing commercial momentum, including the success
seen in the Asian market and the potential new contracts in Latin
America, are encouraging signs of the market recovery
post-pandemic, and we believe that we have emerged stronger than
ever from the turbulence of the last two years.
Post-period, we have been able to quickly progress on new
contract negotiations, particularly in the Latin America and EMEA
regions, which if executed will mean strong growth prospects,
especially during the next two fiscal years.
We are, as always, incredibly grateful to our shareholders,
partners, customers and employees. In difficult markets, there are
companies that cannot maintain growth and companies that learn to
survive and profit on the new emerging trends. We are confident
that we have been able to strengthen Mirada and are able to benefit
from these emerging trends as we navigate the challenges and work
towards sustainable growth.
Capitalising on a changing landscape
The technology sector is experiencing an era of rapid change and
Mirada is at the very forefront. The increased capabilities of
artificial intelligence, the ubiquitous access to broadband
connectivity and the possibilities of virtual and augmented reality
are just a few examples of how technology is advancing at pace, and
the opportunity is there for Mirada to capitalise.
Mirada has already shown its ability to take advantage of the
ever-changing trends in the market by becoming a leading provider
of Android TV-powered software in the wake of consumer demand in
the pandemic. Within the sector, there are a number of
opportunities as customer demands continually evolve and these
include the incredible growth of streaming video, the transition to
remote working and the shift of news and media, from broadcast to
personalised and on-demand.
During the last few months, we have seen how the 'Over The Top'
(OTT) market, especially Subscription Video On Demand (SVoD)
services like Netflix, have reached a "plateau" as a result of the
maturity of adoption of these entertainment modes. Trends like
'FAST' (Free ad-supported streaming TV) and 'aVoD'
(Advertising-based Video On Demand) continued to grow as customers
became more price sensitive due to the increased cost of living.
Subscription models are transitioning to a hybrid form, offering
advertising tiers to capture those segments while they start to
explore ways to reduce the widely reported account-sharing problem;
all clear signs of the technologies reaching maturity.
We have seen the emergence and consolidation of the
super-aggregation models, and now we have traditional pay-TV
operating alongside Direct-To-Consumer content, allowing both
worlds to profit together from new streaming trends.
Mirada has been an active player in this field, reducing the gap
between both worlds, and integrating streaming platforms into the
pay-TV players as a new way to bring all available content into one
simple search, aggregation, recommendation and viewing interface.
We are proud to have been able to help our customers transition
from the old grid model to the new advanced anytime anywhere user
experiences that customers now demand. Our ability to bring these
technologies to several devices, including the fast-growing
Android-TV based set-top boxes, is one of the key achievements of
Mirada over the last few years.
Customer rollouts
Our largest customer, izzi Telecom (part of the Televisa Group)
in Mexico, continued deploying our product over the available
devices, including Linux boxes (our legacy platform), the new
Android-TV based boxes, and companion devices including phone and
web-based consumer electronics. As at 30 September 2022, more than
3.7 million households in Mexico were using Mirada technology, with
nearly 40% of them being companion devices users, with sustained
rapid growth of the Android-TV base.
With ATN International, we are working on deploying our new
product lines into their two present properties (Viya in Bermuda
and OneComm in US Virgin Islands). SkyTel in Mongolia is on track
for the deployment of our full product suite after the contract
announcement in September. Zapi in Spain is steadily growing its
installed base, with an updated version of our product. Further
deployments will allow these and other customers to easily
integrate new content providers as they reach distribution
agreements. Digital TV Edmund in Bolivia restarted commercial
activities after the pandemic, and the aim is to have the new
product suite completely deployed over the next quarter.
Funding requirements
On 26 September 2022 the Company announced the extension of the
EUR3.0 million debt facility granted by a related party. The
facility is being provided by Leasa Spain, S.L.U. ("Leasa" or the
"Lender"). The Lender is incorporated in Spain and ultimately owned
by Mr Ernesto Luis Tinajero Flores who has a total beneficial
interest of 87.21% of Mirada's total voting rights . The term of
the Facility was extended until 30 November 2023 ("Maturity Date"),
although the Company retains the option to repay any drawn amounts
earlier. Post-period end, the Company announced an increase of the
facility to EUR4.37 million as a result of forecast working capital
needs to continue supporting the growth of the Group.
Financial Overview
Revenue from activities was $5.26 million for the six months to
30 September 2022 (H1 2020: $5.99 million), a $0.73 million
decrease on the same period last year. This decrease is mainly a
result of a reduced revenue recognition of professional services
during the period related to timings on the deployments at
customers, with most of them happening during the second half of
the year.
EBITDA decreased $0.22 million to $0.88 million (H1 2021: $1.12
million). EBITDA in this context is defined as earnings before
interest, tax, depreciation, amortisation and share-based
payments.
Loans and borrowings decreased by $ 1.2 million to $ 7.41
million (31 March 2022: $ 8.61 million). Of these facilities, $1.00
were long-term credit lines, $ 1.29 million were long-term bank
loans, $ 1.00 million were long-term zero-coupon loans from Spanish
Government entities, $3.05 million was the facility from Leasa,
$0.24 million were short-term credit lines, $ 0.30 million were
short-term bank loans, $ 0.18 million were short-term zero-coupon
loans from Spanish Government entities, and $ 0.35 million were
short-term invoice factoring facilities. Cash and cash equivalents
increased to $0.87 million at the end of the period (31 March 2022:
$0.25 million). Net Debt decreased to $7.33 million (31 March 2022:
$8.59 million).
Outlook
Mirada is experiencing an increased level of activity among new
potential customers in the three main areas of the market:
Americas, where it is a well-known and established provider; APAC,
where the increased commercial and marketing activity is resulting
in a strong pipeline of potential new contracts; and EMEA, with new
prospects appearing over the period. We are confident that this
level of activity will result in new announcements over the next
few months and, in combination with the sustained growth of our
licence-based revenues and a stable activity on professional
services, will result in a continued improvement in our financial
performance.
Jose Luis Vazquez
Chief Executive Officer
23 December 2022
Consolidated Income Statement
for the six months ended 30 September 2022
6 months 6 months
ended ended
30 September 30 September
2022 2021
(Unaudited) (Unaudited)
$000 $000
Revenue 5,257 5,992
Cost of sales (145) (369)
--------------------------------- --------------- ---------------
Gross profit 5,112 5,623
Depreciation (106) (168)
Amortisation (1,873) (2,037)
Other administrative expenses (4,237) (4,499)
--------------------------------- --------------- ---------------
Total administrative
expenses (6,216) (6,704)
Operating profit/ (loss) (1,104) (1,081)
--------------------------------- --------------- ---------------
Finance expense (207) (124)
Foreign currency translation
differences 284 (11)
Profit/(loss) before
taxation (1,027) (1,216)
Taxation (120) (48)
Profit/(Loss) for period (1,147) (1,264)
--------------------------------- --------------- ---------------
The above amounts are attributable to the equity holders of the
parent Company.
Consolidated statement of comprehensive income
for the six months ended 30 September 2022
6 months 6 months
ended ended
30 September 30 September
2022 2021
(Unaudited) (Unaudited)
$000 $000
(Loss)/profit for the period (1,147) (1,264)
Other comprehensive loss:
Currency translation differences (329) (31)
----------------------------------- --------------- ---------------
Total other comprehensive
profit/(loss) (329) (31)
Total comprehensive (loss)/profit
for the year (1,476) (1,295)
----------------------------------- --------------- ---------------
Consolidated statement of financial position
as at 30 September 2022
As at As at
30 September 31 March
2022 2022
(Unaudited) (Audited)
$000 $000
Goodwill 4,541 5,151
Other Intangible assets 5,996 7,046
Right of use assets 134 195
Property, plant and equipment 119 161
Other Receivables 132 334
--------------------------------------- --------------- ------------
Non-current assets 10,922 12,887
--------------------------------------- --------------- ------------
Trade receivables 5,447 4,986
Cash and cash equivalents 87 25
---------------------------------------
Current assets 5,534 5,011
Total assets 16,456 17,898
--------------------------------------- --------------- ------------
Loans and borrowings (1,068) (1,856)
Related parties loans and interests (194) (94)
Trade and other payables (3,648) (1,743)
Contract liabilities (2,005) (1,403)
Lease liabilities (84) (96)
Current liabilities (6,999) (5,192)
--------------------------------------- --------------- ------------
Net current assets (1,465) (181)
--------------------------------------- --------------- ------------
Total assets less current liabilities 9,457 12,706
--------------------------------------- --------------- ------------
Related parties loans (2,852) (2,557)
Interest bearing loans and borrowings (3,299) (4,106)
Lease liabilities (55) (105)
Trade and other payables - (1,210)
Non-current liabilities (6,206) (7,978)
--------------------------------------- --------------- ------------
Total liabilities (13,205) (13,170)
--------------------------------------- --------------- ------------
Net assets 3,251 4,728
--------------------------------------- --------------- ------------
Issued share capital and reserves
attributable to equity holders
of the company
Share capital 12,015 12,015
Merger reserve 4,863 4,863
Foreign exchange reserves 13,133 13,462
Accumulated loss (26,760) (25,612)
Equity 3,251 4,728
--------------------------------------- --------------- ------------
Consolidated statement of changes in equity
for the six months ended 30 September 2022
Share Share Foreign Merger Accumulated Total
capital premium exchange reserves losses
reserve
$000 $000 $000 $000 $000 $000
Balance at 1 April
2022 12,015 - 13,462 4,863 (25,612) 4,728
------------------------- --------- --------- ---------- ---------- ------------ --------
Profit for the period - - - - (1,147) (1,147)
Other comprehensive
income
Movement in foreign
exchange - - (329) - - (329)
Total comprehensive
loss for the period 12,015 - 13,133 4,863 (26,760) 3,251
------------------------- --------- --------- ---------- ---------- ------------ --------
Transactions with
owners
Share based payment - - - - - -
Balance at 30 September
2022 12,015 - 13,133 4,863 (26,760) 3,251
------------------------- --------- --------- ---------- ---------- ------------ --------
Share Share Foreign Merger Accumulated Total
capital premium exchange reserves losses
reserve
$000 $000 $000 $000 $000 $000
Balance at 1 April
2021 12,015 - 13,761 4,863 (22,741) 7,898
------------------------- --------- --------- ---------- ---------- ------------ --------
Profit for the period - - - - (1,264) (1,264)
Other comprehensive
income
Movement in foreign
exchange - - (31) - - (31)
Total comprehensive
loss for the period 12,015 - 13,730 4,863 (24,005) 6,603
------------------------- --------- --------- ---------- ---------- ------------ --------
Transactions with
owners
Share based payment - - - - - -
Balance at 30 September
2021 12,015 - 13,730 4,863 (24,005) 6,603
------------------------- --------- --------- ---------- ---------- ------------ --------
Consolidated statement of cash flows
for the six months ended 30 September 2022
6 months 6 months
ended ended
30 September 30 September
2022 2021
(Unaudited) (Unaudited)
$000 $000
Cash flows from operating activities
Loss after tax (1,147) (1,264)
Adjustments for:
Depreciation of property, plant
and equipment 106 168
Amortisation of intangible assets 1,873 2,037
Finance expense 207 124
Foreign currency translation differences (284) 11
Taxation 120 48
------------------------------------------- --------------- ---------------
Operating cash flows before movements
in working capital 875 1,124
Decrease in trade and other receivables 878 260
Increase in trade and other payables 598 20
Interest paid (5) (4)
Taxation paid (258) (227)
-------------------------------------------
Net cash generated from operating
activities 2,088 1,173
Cash flows from investing activities
Interest and similar income received - -
Purchases of property, plant and
equipment (2) (1)
Purchases of other intangible assets (1,550) (1,872)
------------------------------------------- --------------- ---------------
Net cash used in investing activities (1,552) (1,873)
Cash flows from financing activities
Interest and similar expenses paid (202) (119)
Payment of principal on lease liabilities (82) (135)
Loans received - 400
Related parties loans received 685 1,302
Repayment of loans (888) (517)
Net cash from financing activities (487) 931
Net increase in cash and cash equivalents 49 231
Cash and cash equivalents at the
beginning of the period 25 107
Exchange losses on cash and cash
equivalents 13 200
Cash and cash equivalents at the
end of the year 87 538
------------------------------------------- --------------- ---------------
Cash and cash equivalents comprise cash at bank less bank
overdrafts.
1. Basis of Preparation
These interim financial statements have been prepared in
accordance with the recognition and measurement requirements of
International Financial Reporting Standards (IFRS and IFRIC
Interpretations) issued by the International Accounting Standards
Board ("IASB") as adopted for use in the EU. They do not include
all disclosures that would otherwise be required in a complete set
of financial statements and should be read in conjunction with the
31 March 2022 Annual Report. The financial information for the 6
months ended 30 September 2022 and 30 September 2021 does not
constitute statutory accounts within the meaning of Section 434 (3)
of the Companies Act 2006 and both periods are unaudited. However,
selected explanatory notes are included to explain events and
transactions that are significant to an understanding of the
changes in the Group's financial position and performance since the
last annual financial statements.
The annual financial statements of Mirada plc are prepared in
accordance with IFRS as adopted by the European Union. The
comparative financial information for the year ended 31 March 2022
included within this report does not constitute the full statutory
Annual Report and Financial Statements for that period. The
statutory Annual Report and Financial Statements for the year to 31
March 2022 have been filed with the Registrar of Companies. The
independent Auditors' Report on that Annual Report and Financial
Statements was unqualified, did not draw attention to any matters
by way of emphasis, and did not contain a statement under 498 (2)
or 498 (3) of the Companies Act 2006.
The accounting policies applied by the Group in this financial
information are the same as those applied by the Group in its
financial statements for the year ended 31 March 2022 and are those
which will form the basis of the 2023 financial statements.
After making enquiries, the directors have concluded that the
Group has adequate resources to continue operational existence for
the foreseeable future. Accordingly, they continue to adopt the
going concern basis in preparing the half-yearly consolidated
financial statements.
The Board of Directors approved this interim report on 23
December 2022.
2. Use of judgements and estimates
In preparing these financial statements, management has made
judgements and estimates that affect the application of accounting
policies and the reported amounts of assets and liabilities, income
and expense. Actual results may differ from these estimates.
The significant judgements made by management in applying the
Group's accounting policies and the key sources of estimation
uncertainty were the same as those described in the last annual
financial statements.
3. Earnings before interest, taxation, depreciation,
amortisation, and share-based charge
Reconciliation of operating loss to profit before interest,
taxation, depreciation, amortisation, and share-based payment
charge:
6 months ended 6 months ended
30 September 30 September
2022 2021
(Unaudited) (Unaudited)
$000 $000
Operating loss (1,104) (1,081)
Depreciation 106 168
Amortisation 1,873 2,037
Operating profit before interest,
taxation, depreciation and amortisation
(EBITDA) 875 1,124
================ ================
4. Loss per share
6 months ended 6 months ended
30 September 30 September
2022 2021
(Unaudited) (Unaudited)
Loss for period $(1,147,109) $(1,264,059)
Weighted average number
of shares 8,908,435 8,908,435
Basic loss per share $(0.129) $(0.142)
Adjusted loss per share
Adjusted loss per share is calculated by reference to the loss
from continuing activities before interest, taxation, amortisation
and depreciation and share-based payment charge (see note 2).
6 months ended 6 months ended
30 September 30 September
2022 2021
(Unaudited) (Unaudited)
Adjusted EBITDA $875,075 $1,124,292
Weighted average number
of shares 8,908,435 8,908,435
Basic adjusted EBITDA
per share $0.098 $0.126
The total outstanding share options on 30 September 2022 was
40,594 (41,483 at 30 September 2021).
5. Revenue from contracts with customers
Disaggregation of revenue
6 months ended Development Licenses Managed Total
30 September 2022 services
$000 $000 $000 $000
Mexico 1,144 2,334 938 4,415
Europe 233 10 176 419
Other Americas 226 171 - 398
Asia 25 - - 25
------------ --------- ---------- ------
1,628 2,515 1,114 5,257
Revenue recognised over
a period 1,343 2,515 961 4,819
Revenue recognised at
a point in time 285 - 153 438
------------ --------- ---------- ------
1,628 2,515 1,114 5,257
6 months ended Development Licenses Managed Total
30 September 2021 services
$000 $000 $000 $000
Mexico 1,922 2,127 697 4,746
Europe 231 73 160 464
Other Americas 121 576 - 697
Asia 52 - 33 85
------------ --------- ---------- ------
2,326 2,776 890 5,992
Revenue recognised over
a period 1,779 2,703 812 5,294
Revenue recognised at
a point in time 547 73 78 698
------------ --------- ---------- ------
2,326 2,776 890 5,992
6. Related party transactions
On 23 September 2022, Mirada Plc, has agreed an extension to the
term of its EUR3.00 million credit facility granted by Leasa Spain,
S.L.U. The term of the Facility has been extended by 12 months and
now expires on 30 November 2023. The Board of Mirada considered it
prudent to extend the Maturity Date in order to provide liquidity
to the group in a period of forecasted growth due to the increased
level of commercial activity.
7. Cautionary statement
The Company has made forward-looking statements in this
announcement, including statements about the market for and
benefits of its products and services, financial results, the
potential benefits of business relationships with third parties and
business strategies. These statements about future events are
subject to risks and uncertainties that could cause the Company's
actual results to differ materially from those that might be
inferred from the forward-looking statements. The Company and its
Directors can make no assurance that any forward-looking statements
will prove correct.
8. Other
Copies of the unaudited interim results have not been sent to
shareholders. However, copies will shortly be available from the
Company's website:
https://www.mirada.tv/investors/financial-results/ .
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