Mirada PLC Replacement Trading Update (9335N)
14 Agosto 2017 - 8:53AM
UK Regulatory
TIDMMIRA
RNS Number : 9335N
Mirada PLC
14 August 2017
14 August 2017
Amendments have been made to the Trading update announcement
that was originally released on 14 August 2017 at 0700hrs under RNS
No 8470N.
The fourth paragraph of the announcement has been amended to
clarify that the recent cash receipt of US$1.3m was received from
the Company's invoice discounting facility provider and not from
the underlying customer directly. This paragraph also now states
when the Company expects to receive payment from the underlying
customer.
A correction has been made in the final paragraph of the
announcement, in the context of the Company's net debt and cash
position, to confirm that the recent cash receipt of US$1.3m was
received from the Company's invoice discounting facility provider.
In addition, the final paragraph of the announcement has been
amended to indicate the future impact of the receipt of the payment
from the underlying customer on the Company's net debt position,
all other things being equal.
The net debt and cash position figures, as well as all other
details set out in the original announcement, remain unchanged.
The full amended text is shown below.
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.
14 August 2017
Mirada plc
("Mirada" or the "Company")
Trading update
Mirada plc (AIM: MIRA), a leading audio-visual content
interaction specialist, provides an update on trading in the
financial year ended 31 March 2017 and its current trading and
outlook.
It was announced on 5 December 2016 that Televisa (the owner of
izzi Telecom) would roll-out Mirada's Iris product and services
slower than originally anticipated to ensure quality control,
although the quantum of the contract remains the same. The
uncertain economic situation in Mexico in the wake of the 2016 US
election also played a considerable part in Televisa's more
conservative approach.
However, as a result of strengthening currency and returning
economic confidence in Mexico, Mirada has experienced an increase
in licence volumes from Televisa over the last two months due to a
greater number of new subscribers than previous months. Televisa
has also progressed satisfactorily on its quality assurance
process, which has led to a stabilised commercial rollout. As of 30
June 2017, the number of set-top boxes with Mirada software running
at the cable networks of Televisa was in excess of 750,000.
Approximately a quarter of the new households with Mirada
technology also installed OTT (over the top) services from
Mirada.
Mirada is pleased to have recently received in excess of US$1.3m
from its invoice discounting facility provider, in connection with
purchase orders that have been recently agreed with Televisa for
set-top-box acquisitions that were principally rendered during the
year to 31 March 2017. The Company expects to receive the
corresponding payment from Televisa in relation to these purchase
orders by the end of September 2017. The Company is currently in
discussions with its auditor regarding the appropriate revenue
recognition policy for these revenues. Following the conclusion of
these discussions, the Company will be in a position to provide
further guidance regarding the financial outcome for the year ended
31 March 2017. A further announcement will be made in due
course.
During the year to 31 March 2017 and since, Mirada increased its
investment in sales and marketing to take advantage of the expected
increase in opportunities following its high profile commercial
deployment with Televisa. The Company has also prioritised new
product developments and enhancements to satisfy existing customers
and the requirements of potential new customers.
These investments have brought about a very large increase in
marketing activity, resulting in a materially larger sales pipeline
than in the years prior to the Televisa deployment. The Company is
focused on advancing a number of negotiations to convert this
pipeline.
The increased engagement with new customers and their feedback
has indicated that Mirada may be able to adopt alternative service
deployment models for new business engagements. The Board believes
that this has the potential to provide for more diversified revenue
streams, a greater proportion of recurring monthly revenues and
increased competitiveness in the market.
During the year ended 31 March 2017, better terms were
negotiated with certain customers, resulting in GBP1.10m of cash
being collected for services being rendered in the year ending 31
March 2018. The Company's net debt at 31 March 2017 was GBP4.26m,
with additional available facilities of GBP3.17m. Following the
recent US$1.3m cash receipt from its invoice discounting facility
provider in connection with the purchase orders that were recently
agreed with Televisa as referenced above, net debt at 31 July 2017
was GBP5.91m, with available facilities of GBP1.21m (mostly
comprised by invoice discounting facilities) and cash in hand was
GBP0.46m. The receipt of the payment from Televisa in due course is
expected to have a beneficial impact on the Company's net debt
position, all other things being equal.
Enquiries:
Mirada plc +44 (0) 20 3751
José Luis Vázquez, 0320
Chief Executive Officer investors@mirada.tv
Newgate Communications +44 (0) 20 7653
Bob Huxford 9850
James Browne mirada@newgatecomms.com
Adam Lloyd
Allenby Capital Limited
(Nomad and Broker)
Jeremy Porter / Alex Brearley
/ Liz Kirchner (Corporate Finance) +44 (0) 20 3328
Graham Bell (Equity Sales) 5656
About Mirada
Mirada creates and manages products and services for digital TV
operators and broadcasters. With almost 20 years of experience, the
Company focuses on the future of Digital TV - Multiscreen
cross-platform navigation - anytime, anywhere. It offers a complete
suite of end-to-end modular products for set-top boxes, PC,
smartphones and tablets, all with innovative state-of-the-art user
interface designs.
Mirada's products and solutions 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
representations across Europe, Latin America and Southeast Asia and
operates technology centres in the UK and Spain. For more
information, visit www.mirada.tv.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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