Corporate Update
Summary by AI BETAClose X
The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014 4 as it forms part of UK domestic law pursuant to the Market Abuse (Amendment) (EU Exit) regulations (SI 2019/310) ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain
23 April 2026
Mirriad Advertising plc
("Mirriad" or the "Company")
Corporate Update
Mirriad Advertising plc (AIM: MIRI), a leading virtual in-content advertising and virtual product placement company, provides the following update.
2026 has proven to be an exceptionally challenging year for Mirriad. The Company's cautious optimism at the start of the year, which was as a result of Mirriad's partners' guidance of their expectations for advertising spend, has not been realised.
Trading conditions deteriorated significantly following a rapid escalation in geopolitical tensions during a critical period for the business, most notably the conflict in Iran impacting the key Middle Eastern market. This coincided with the Company's projected busiest seasonal period and resulted in a sustained reduction in advertising spend, from which activity levels have not recovered.
Efforts to diversify revenue streams and accelerate opportunities in other regions have progressed, but at a slower pace than required to offset these headwinds and the Company's current funding constraints. Performance from Mirriad's US joint venture partner has also been significantly below expectations, adding further pressure to the Company's financial position.
In May 2025, the Company implemented significant cost‑reduction measures to preserve liquidity while continuing to deliver its core product offering. These actions materially reduced the cost base and enabled Mirriad to maintain essential operations and progress elements of its technology roadmap, albeit within a substantially leaner structure.
On 30 March 2026, the Company announced that it had cash equivalents of circa £675k and that it would be required to secure further funding prior to the publication of its annual report and accounts for the year ended 31 December 2025. The directors of Mirriad ("Directors") have been exploring a range of funding options; however, to date no binding funding has been secured. The Company's current cost base is approximately £220k per month.
In light of the above, and in the absence of an immediate injection of capital, the Directors recognise that they must consider the interests of creditors. Accordingly, the Directors expect that they may have to commence the process of placing the Company or its operating subsidiaries into either a liquidation process or an administration process in the near term in order to effect an orderly wind down. Should this occur, it is anticipated that trading in the Company's shares would be suspended.
Further announcements will be made in due course.
ENDS
For further information please visit www.mirriad.com or contact:
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Mirriad Advertising plc Louis Wakefield, Chief Executive Officer James Black, Chairman
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c/o Allenby |
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Allenby Capital Limited (Nominated Adviser and Broker) James Reeve (Corporate Finance) Matt Butlin / Lauren Wright (Sales and Corporate Broking)
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Tel: +44 (0)20 3328 5656
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About Mirriad
The leader in virtual product placement and in-content advertising, Mirriad's multi-patented and award-winning platform can dynamically insert products and brands into Television, SVOD/AVOD, Music, and Influencer content. Mirriad creates net-new revenue opportunities for content owners with an ad format that virtually integrates brands in entertainment content, drives exceptional performance for advertisers and dramatically improves the viewing experience.
Mirriad currently operates in: EMEA, the US (via a Joint Venture with Rembrand), and India.
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