Interim Results

RNS Number : 6534T
Mirada PLC
18 November 2019
 

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.

 

18 November 2019

Mirada plc

 ("Mirada", the "Company" or the "Group")

 

Interim results for the six months to 30 September 2019

 

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 2019.

 

Financial Highlights

·    Mirada Connect Ltd sold for £2.12m (equivalent to $2.72m) providing a one-off net gain of $1.7m

·    Revenue increased 6% to $5.93m (H1 2018: $5.57m). Underlying revenue increased 11% (excludes $0.19m H1 2019 and $0.43m H1 2018 from Mirada Connect Ltd). 

·    EBITDA* profit of $1.96m (H1 2018: $0.0.08m loss). The improvement is primarily due to a $1.7m gain from disposal of Mirada Connect.

·    Net Debt** decreased to $3.53m at 30 September 2019 (31 March 2019: $4.86m), mainly due to improved collections during the period.

·    €1.3m debt facility provided by Leasa Spain, S.L.U. (the "Lender"), of which €0.5m (equivalent to $0.55m) drawn down at 30 September 2019.

 

* 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

·    Contract win with Plataforma Multimedia de Operadores ("PMO") for the development of its new OTT-based TV platform.

·    Over $3m in purchase orders for services and licences related to new Android TV deployments.

·    Mirada's Iris platform integrated with Netflix and first rolled-out in Mexico, increasing licence installations.

·    As of 30 September 2019, izzi Telecom had deployed 2.5m set-top boxes, bringing Mirada's technology into more than 1.3m households.

·    Commercial rollout with ATN international (ATNi) Bermuda reached 90% of households by 30 September 2019. Second deployment under the ATNi contract expected in the next few months.

·    As of 30 September 2019, Skytel in Mongolia had brought Mirada's technology into more than 75,000 households, at a rapid growth surpassing the Company's initial expectations.

 

Commenting on the outlook for the Group, José Luis Vázquez, CEO of Mirada, said:

 

 

Enquiries:

 

Mirada plc

José Luis Vázquez, Chief Executive Officer

Gonzalo Babío, Finance Director

+44 (0) 207 868 2104

investors@mirada.tv

Newgate Communications

Bob Huxford

Tom Carnegie

+44 (0) 207 653 9850

mirada@newgatecomms.com

 

Allenby Capital Limited (AIM Nominated Adviser & Broker)

Jeremy Porter / Liz Kirchner (Corporate Finance)

 

+44 (0) 203 328 5656

 



 

Chief Executive Officer's Statement

 

Overview

 

I am pleased to present the Group's interim financial results for the six months ended 30 September 2019.

The first half of this financial year has seen the increased adoption of our technology across existing and new customers, with strong growth in the rate of installations of our subscriber-based licences. Further, new customer wins like PMO and our ability to rapidly adapt our product portfolio in line with new market trends - including technical integrations with Netflix and Google for our Android TV based product - resulted in higher revenues and a general improvement in our financial position.

The divestment in July of the Mirada Connect Ltd cashless payment parking division to PayByPhone UK Limited for a consideration of £2.12 million was also beneficial for the Group, reinforcing Mirada's balance sheet and allowing senior management to fully focus on the core media business.

Mirada is now in a period of accelerated growth, showing a return on the investment made in our Iris product which has fulfilled the expectations of a demanding market. Our strategy to transition to a product-based model has been proven through the multiple contract wins we have secured since taking on our largest customer, Mexico based Televisa, in 2016. Since this time, we have managed to secure new contract wins on a regular basis, increasing our presence in the market and our capability to generate recurrent revenues, particularly after introducing a SaaS delivery model. We are now at a defining moment, where our flexibility and anticipation of new market trends will be crucial to continue gaining traction in this business.

We have been working with Google's Android TV technology having anticipated increased activity and adoption of this technology by the market. We have been able to implement a fully functional "Custom Launcher" over the Android TV Operator Tier technology (the most in-demand Android TV technology).

This has led to the receipt of substantial purchase orders valued in excess of $3 million. We are also happy to announce that we expect to deploy our Android TV solution with real subscribers at a large scale very soon.

As a result of this momentum, the Group sales pipeline remains very healthy. We are involved in several deal negotiations and the Board is confident in announcing new contract wins in the near future. We are, as always, very grateful to our shareholders, partners, customers and employees. It is because of their support that this Company continues to flourish, and we are confident of meeting the challenges and benefiting from the opportunities ahead of us.

Customer rollouts

Our largest customer, izzi Telecom (part of the Televisa Group) further increased its adoption of our technology during the period, with a high increase in both the installation rate of set-top boxes and number of households using Mirada products. At 30 September 2019, the number of set-top boxes surpassed the 2.5 million mark, with a net addition of 0.5 million during the six-month period, covering more than 1.3 million households and 4.2 million TV subscribers. We are pleased that izzi recognises the calibre of our technology and will continue replacing its legacy platform with our products.

ATNi's performance in Bermuda has been very satisfactory so far, with more than 90% of the customer's subscribers on the island now using our product. We expect further deployments in additional countries during the coming months, and our team is working hard on the next commercial launch.

Digital TV Cable Edmund S.R.L. ("Digital TV Cable"), based in Bolivia, experienced slight delays in its proposed roll-out due to issues relating to internal resourcing and agreements for the provision of certain services.  We expect Digital TV Cable to resume commercial roll-out of our products during the next few weeks. Political uncertainties in the country did not affect our project, although we are happy these matters appear to be nearing a resolution.

The deployment of phase one at SkyTel in Mongolia, which covers our OTT project, is well ahead of expectations with more than 75,000 subscribers using our product by the end of the reported period. We received very good feedback from the customer, and we are expecting to extend the relationship with SkyTel in the near future.

New customer wins

On 4 September 2019, the Company announced a contract win with PMO for the development of its new OTT-based TV platform. PMO is a new Spanish OTT enabler whose main shareholder is Procono S.A.U., and with secondary shareholders Opencable, ACUTEL and AOTEC, all of which are long standing players in the Digital TV market in Spain.

 

Funding requirements

On 4 June 2019, the Company announced a €1.3m 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 per cent. of Mirada's total voting rights. At 30 September 2019, there was a €0.5 million ($0.55 million) partial drawdown of this facility.

Financial Overview

 

Revenue was $5.93 million for the six months to 30 September 2019 (H1 2018: $5.57 million), a 6% increase on the same period last year. Underlying growth was 11% on exclusion of revenue from Mirada Connect Ltd (H1 2019: $0.19 million, H1 2018: $0.43 million). The main driver for the increase in revenue was additional professional services for izzi Telecom.

 

Over the half-year period, our business in the Americas accounted for 85% of total revenues (H1 2018: 87%). The Board expects that revenue from other regions will represent a higher proportion going forward, as new opportunities outside of the Americas bear fruit, and deployment in those regions come to maturity.

 

EBITDA was $1.96 million (H1 2018: $0.08 million loss). The improvement was mainly due to a $1.70 million gain on the sale of Mirada Connect Ltd. EBITDA in this context is defined as earnings before interest, tax, depreciation and amortisation. Operating profit was $0.09 million (H1 2018: loss of $1.97 million).

 

Loans and borrowings decreased by $0.97 million to $4.00 million (31 March 2019: $4.98 million). Of these facilities, $0.34 million were long-term bank loans, $1.08 million were long-term zero-coupon loans from Spanish Government entities, $0.55 million was the facility from Leasa (as detailed above), $0.34 million were short-term credit lines, $0.73 million were short-term bank loans, $0.23 million were short-term zero-coupon loans from Spanish Government entities, and $0.74 million were short-term invoice factoring facilities. Cash and cash equivalents increased to $0.47 million at the end of the period (31 March 2019: $0.12 million). Net Debt decreased 27% to $3.53 million (31 March 2019: $4.86 million).

 

The General Meeting held on 10 September 2019 approved a 100 to 1 share consolidation. The consolidation was proposed to improve the perception of the Company's shares by the investor community and in order to reduce the total number of shares in issue. One consequence of having a very large number of shares in issue, with a very low market share price, is share price volatility, whereby small share trades can result in large percentage movements in the share price. The Board also believes that the bid-offer spread on shares priced at low absolute levels can be disproportionate to the market share price, often to the detriment of shareholders.

 

 

Outlook

 

 

 

Jose Luis Vazquez

Chief Executive Officer

18 November 2019



 

 

Consolidated income statement

 

 



6 months ended
 30 September 2019
(Unaudited)

6 months ended
 30 September 2018
(Unaudited)



$000

$000





Revenue


5,926 

5,574 

Cost of sales


(400) 

(365) 

Gross profit


5,526 

5,209 





Depreciation


(80) 

(47) 

Amortisation


(1,783) 

(1,808) 

Share-based payment charge


-

(35) 

Other administrative expenses


(5,269) 

(5,293) 

Total administrative expenses


(7,132) 

(7,183) 





Operating profit/ (loss)


(1,606) 

(1,974) 





Gain on disposal of Mirada Connect


1,699 

-

Non operating profit/ (loss)


1,699 

-





Finance income


87 

59 

Finance expense


(82) 

(400) 

Profit/(loss) before taxation


98 

(2,315) 





Taxation


82 

(109) 

Profit/(Loss) for period


180 

(2,424) 





 

 

 

The above amounts are attributable to the equity holders of the parent Company.

 



 

Consolidated statement of comprehensive income

                

 


6 months ended
 30 September 2019
(Unaudited)

6 months ended
 30 September 2018
(Unaudited)


$000

$000




(Loss) for the period

180 

(2,424) 




Other comprehensive loss:



Currency translation differences

(117) 

(80) 

Total other comprehensive loss

(117) 

(80) 




Total comprehensive profit/(loss) for the year

63 

(2,504) 

 

 

 

 

 



 

Consolidated statement of financial position

 


6 months ended
 30 September 2019
(Unaudited)

Year ended
 31 March 2019
(Audited)


$000

$000




Goodwill

5,059 

5,924 

Other Intangible assets

6,389 

5,855 

Right of use assets

396 

-

Property, plant and equipment

190 

222 

Other Receivables

551 

398 

Non-current assets

12,585 

12,399 




Trade receivables

5,231 

5,421 

Cash and cash equivalents

471 

117 

Current assets

5,702 

5,538 




Total assets

18,287 

17,937 




Loans and borrowings

(2,045) 

(3,257) 

Trade and other payables

(2,032) 

(1,958) 

Contract liabilities

(1,807) 

(1,019) 

Lease liabilities

(208) 

-

Current liabilities

(6,092) 

(6,234) 




Net current (liabilities)

(390) 

(696) 




Total assets less current liabilities

12,195 

11,703 




Related parties loans

(546) 

-

Interest bearing loans and borrowings

(1,413) 

(1,721) 

Lease liabilities

(191) 

-

Non-current liabilities

(2,150) 

(1,721) 




Total liabilities

(8,242) 

(7,955) 




Net assets

10,045 

9,982 




Issued share capital and reserves attributable to equity holders of the company





Share capital

12,015 

12,015 

Share premium

15,995 

15,995 

Other reserves

15,281 

15,398 

Accumulated loss

(33,246) 

(33,426) 

Equity

10,045 

9,982 

 

 

 

Consolidated statement of changes in equity

 

 

 


Share capital

Share premium

Foreign exchange reserve

Merger reserves

Accumulated losses

Total


$000

$000

$000

$000

$000

$000








Balance at 1 April 2019

12,015 

15,995 

10,535 

4,863 

(33,426) 

9,982 

Profit for the period

-

-

-

-

180 

180 

Other comprehensive income







Movement in foreign exchange

-

-

(117) 

-

-

(117) 

Total comprehensive loss for the period

12,015 

15,995 

10,418 

4,863 

(33,246) 

10,045 

Transactions with owners







Share based payment

-

-

-

-

-

-

Balance at 30 September 2019

12,015 

15,995 

10,418 

4,863 

(33,246) 

10,045 























Share capital

Share premium

Foreign exchange reserve

Merger reserves

Accumulated losses

Total


$000

$000

$000

$000

$000

$000








Balance at 1 April 2018

2,261 

15,760 

11,122 

4,863 

(30,786) 

3,220 

Prior Year Adjustment - IFRS 15 (Note 4)

-

-

-

-

380 

380 

Loss for the period

-

-

-

-

(2,424) 

(2,424) 

Other comprehensive income







Movement in foreign exchange

-

-

(80) 

-

22 

(58) 

Total comprehensive loss for the period

2,261 

15,760 

11,042 

4,863 

(32,808) 

1,118 

Transactions with owners







Share based payment

-

-

-

-

35 

35 

Issue of shares

1,962 

236 

-

-

-

2,198 

Balance at 30 September 2018

4,223 

15,996 

11,042 

4,863 

(32,773) 

3,351 



 

 

Consolidated statement of cash flows


6 months ended
 30 September 2019
(Unaudited)

6 months ended
 30 September 2018
(Unaudited)


$000

$000

Cash flows from operating activities



Loss after tax

180 

(2,424) 

Adjustments for:



Depreciation of property, plant and equipment

80 

47 

Amortisation of intangible assets

1,667 

1,808 

Share-based payment charge

-

35 

Finance income

(35) 

(59) 

Finance expense                      

82 

400 

Taxation

(82) 

109 

Gain on disposal of Mirada Connect

(1,699) 

-

Operating cash flows before movements in working capital

194 

(84) 




Decrease in trade and other receivables                      

37 

196 

Increase in trade and other payables

862 

213 

Net cash generated from operating activities

1,093 

325 




Cash flows from investing activities



Interest and similar income received

35 

-

Net of cash proceeds from divestment

2,605 

-

Purchases of property, plant and equipment

(59) 

(16) 

Purchases of other intangible assets

(2,285) 

(1,598) 

Net cash used in investing activities

296 

(1,614) 




Cash flows from financing activities



Interest and similar expenses paid

(78) 

(371) 

Issue of share capital

-

2,198 

Loans received

219 

924 

Related parties loans received

546 

-

Repayment of loans

(1,386) 

(3,855) 

Receipt of cash in advance of the issue of equity

-

3,910 

Net cash from financing activities

(699) 

2,806 




Net increase in cash and cash equivalents

690 

1,517 




Cash and cash equivalents at the beginning of the period

117 

1,937 

Exchange losses on cash and cash equivalents

(336) 

999 

Cash and cash equivalents at the end of the year

471 

4,453 




 

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 2019 Annual Report. The financial information for the 6 months ended 30 September 2019 and 30 September 2018 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 2019 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 2019 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 2019 and are those which will form the basis of the 2020 financial statements, other than IFRS 16 - leases, which came into force on 1 April 2019.

IFRS 16 replaces existing leases guidance, including IAS 17 - Leases. The Group has adopted the standard in full using the modified retrospective approach, whereby the right-of-use asset is recognised at the date of initial application (1 April 2019) and the lease liability is measured based on remaining payments. There is no effect on prior year figures and no need to re-state comparatives (refer to note 5 for further details)

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 18 November 2019.

 

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, except for the new significant judgements related to the adoption of IFRS 16, which are described in Note 5.

 

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
 30 September 2019
(Unaudited)

6 months ended
 30 September 2018
(Unaudited)


$000

$000




Operating profit/ (loss)

93 

(1,974) 

Depreciation

(80) 

(47) 

Amortisation

(1,783) 

(1,808) 




Operating profit/(loss) before interest, taxation, depreciation and amortisation (EBITDA)

1,956 

(119) 

Share-based payment charge

-

(35) 







Operating profit/(loss) before interest, taxation, depreciation, amortisation and share-based payment charge (Adjusted EBITDA)

1,956 

(84) 

 

As a result of the application of IFRS 16, the Group recognises depreciation and interest costs from the operating leases, instead of operating lease expenses. During the six months ended 30 September 2019, in relation to those leases, the Group recognised $0.11 million of depreciation charges and non-significant financial expense of additional interest costs from leases.

 

The Group used the modified retrospective approach when initially applying IFRS 16. Under this approach, comparative information is not restated.

 

 

4. Profit/(loss) per share

 

 

 



6 months ended 30 September 2019

6 months ended 30 September 2018



(Unaudited)

(Unaudited)





Profit for period


$180,448 

$(2,423,755) 

Weighted average number of shares


842,518,204 

152,364,936 





Basic loss per share


0.0002

$(0.016) 





Diluted loss per share


$0.0002 

$(0.016) 









 

 

 

 

 

 

 

 

 

 

 

Adjusted loss per share

 

Adjusted earnings 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 30 September 2019

6 months ended 30 September 2018



(Unaudited)

(Unaudited)





Adjusted EBITDA


$1,955,613 

$(83,784) 

Weighted average number of shares


842,518,204

152,364,936





Basic adjusted EBITDA per share


$0.002 

$(0.001) 





Diluted adjusted EBITDA per share


$0.002 

$(0.001) 









 

 

 

The General Meeting held on 10 September 2019 approved a 100 to 1 share consolidation. The total outstanding share options on 9 September 2019 was 4,148,316 (4,697,166 at 30 September 2018). Therefore, as of 30 September 2019, the Company may issue up to 41,483 additional ordinary shares arising in connection with existing share options granted to staff, management and directors.

 

 

5. Effect of IFRS 16

 

 

IFRS 16 introduces a single, on-balance sheet lease accounting model for lessees. A lessee recognizes a right-of-use asset representing its right to use the underlying asset and a lease liability representing its obligation to make lease payments.

 

Previously, the Group recognised operating lease expense on a straight-line basis over the term of the lease, and recognised assets and liabilities only to the extent that there was a timing difference between actual lease payments and the expense recognised.

 

For relevant transactions this has resulted in the group recognising right-of-use assets and lease liabilities in the statement of financial position, and finance costs and depreciation in the statement of comprehensive income.

 

The Group is applying the modified retrospective transition method under which comparative information has not been restated and has elected to use the following practical expedients permitted by the standard:

-           on initial application, IFRS 16 will be only been applied to contracts that were previously classified as leases;

-           lease contracts with a duration of less than 12 months, and/or leases for which the underlining asset is of low value, will continue to be expensed to the income statement on a straight-line basis over the lease term;

-           the lease term has been determined with the use of hindsight where the contract contains options to extend the lease.

 

 

 

 

 

On adoption of IFRS 16, the Group recognised right-of-use assets and lease liabilities in relation to leases of office space.  The right-of-use assets were recognised by reference to the measurement of the lease liability on that date. Lease liabilities were measured at the present value of the remaining lease payments, including estimates for items such as dilapidation cost obligations under the lease, discounted using the Group's incremental borrowing rate (being the rate at which a similar borrowing could be obtained from an independent creditor under comparable terms and conditions).The effects of adopting IFRS 16 for the periods ending 30 June 2019 are as follows:

 

(Unaudited)


As reported

IFRS 16 adjustments

Amounts without adoption of IFRS 16



$000

$000

$000






Revenue


5,926 

-

5,926 

Cost of sales


(400) 

-

(400) 

Gross profit


5,526 

-

5,526 






Depreciation


(80) 

-

(80) 

Amortisation


(1,783) 

116 

(1,667) 

Share-based payment charge


-

-

-

Other administrative expenses


(5,269) 

(119) 

(5,389) 

Total administrative expenses


(7,132) 

(4) 

(7,136) 






Operating profit/ (loss)


(1,606) 

(4) 

(1,609) 






Gain on disposal of subsidiary


1,699 

-

1,699 

Non operating profit/ (loss)


1,699 

-

1,699 






Finance income


87 

-

87 

Finance expense


(82) 

(76) 

Profit/(loss) before taxation


98 

101 






Taxation


82 

-

82 

Profit/(Loss) for period


180 

184 






 

 

 

 

 

 

 

 

 

 

In addition, initially it was considered a liability of $ 0.40 million, with the following breakdown at the end of the period:

 


Lease liability


$000



Current

(208) 

Non current

(191) 



At 30 Sep 2019

(399) 



 

 

6. Revenue from contracts with customers

 

Disaggregation of revenue






























   6 months ended
   30 September 2019

Development


Transactions


Licenses


Managed services


Total

 


$000


$000


$000


$000


$000

 

Mexico

2,583 


-


1,280 


533 


4,396 

 

Europe

112 


194 


-


184 


490 

 

Other Americas

495 


-


133 


-


628 

 

Asia

165 


-


247 


-


412 

 


3,355 


194 


1,660 


717 


5,926 

 











 

Revenue recognised over a period

3,355 


194 


1,660 


577 


5,786 

 

Revenue recognised at a point in time

-


-


-


140 


140 

 


3,355 


194 


1,660 


717 


5,926 

 











 

   6 months ended
   30 September 2018










 


$000


$000


$000


$000


$000

 

Mexico

2,403 


-


1,443 


468 


4,314 

 

Europe

211 


483 


-


42 


736 

 

Other Americas

524 


-


-


-


524 

 

Asia

-


-


-


-


-

 


3,138 


483 


1,443 


510 


5,574 

 











 

Revenue recognised over a period

3,138 


483 


1,443 


450 


5,514 

 

Revenue recognised at a point in time

-


-


-


60 


60 

 


3,138 


483 


1,443 


510 


5,574 

 

 

 

 

 

 

 

 

7. Related party transactions

 

On 4 June 2019, the Company announced a €1.3m facility granted by related parties. The Facility is being provided by Leasa Spain, S.L.U. (the "Lender").  The Lender is incorporated in Spain and ultimately owned by Mr Ernesto Luis Tinajero Flores. At 30 September 2019, there is a $0.55 million partial drawdown of this facility.

 

 

8. Divestment of subsidiary

 

On 5 July 2019, the Company announced the sale of Mirada Connect Ltd. to PayByPhone UK Limited (part of Volkswagen Financial Services) for a consideration of £2.12 million. Connect was a wholly owned subsidiary of Mirada and provides cashless payment solutions to car park operators in the UK. As a result, the Company booked a one-off gain of $1.70 million as shown in the Consolidated Income Statement. As a consequence of the disposal, the results of Mirada Connect Ltd are included in the consolidation from 1 April 2019 to the date of disposal on 5 July 2019.  The results of Mirada Connect for the period to the point of disposal are set out below:

 

 

 

 



6 months ended
 30 September 2019
(Unaudited)



$000




Revenue


194 

Cost of sales


(66) 

Gross profit


128 




Depreciation


(2) 

Amortisation


-

Share-based payment charge

-

Other administrative expenses

(111) 

Total administrative expenses

(113) 




Operating loss


14 




Finance income


-

Finance expense

-




Loss before taxation

14 




Taxation






Loss for period


14 

 

 

 

 

 

 

 

 

 

9. 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.

 

 

10. Other

 

Copies of 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/ and will also be available on request from the Company Secretary at the Company's registered office, 68 Lombard Street, London, EC3V 9LJ.

 

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
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Companies

Mirada (MIRA)
UK 100

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