TIDMMIRA
RNS Number : 2344L
Mirada PLC
29 April 2020
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") and with the
publication of this announcement, this information is now
considered to be in the public domain.
29 April 2020
Mirada plc
("Mirada" or the "Company")
Year End Trading Update and
COVID-19 Update
Mirada plc (AIM: MIRA), a leading provider of integrated
software solutions for digital TV operators and broadcasters,
provides the following trading update for the financial year ended
31 March 2020.
The Board is pleased to report that it expects:
-- Total revenues for the year in excess of $13.0 million (FY19:
$12.3 million), with adjusted revenues excluding discontinued
activities (Mirada Connect disposal in July 2019) of $12.8 million
(FY19: $11.5 million, 11% growth).
-- EBITDA of $4.0 million (FY19: $0.8 million), with adjusted
EBITDA (excluding the one-off gain from the sale of Mirada Connect)
of $2.3 million, lower than current market expectations but more
than 180% growth on last year (FY19: $0.8 million). Significantly,
EBITDA in the second half of FY20 is expected to be in excess of
$2.0 million (H2 FY19: $0.9 million).
-- Profit after tax (PAT) of $0.3 million (FY19: loss of $3.0
million), with an adjusted PAT before the one-off Mirada Connect
gain of minus $1.4 million, a year-on-year gain of $1.6
million.
-- Net debt of $5.0 million at 31 March 2020 ($4.9 million at 31
March 2019), with cash and other short-term facilities available at
$1.8 million.
Turnover from our largest customer, the Mexican operator izzi
Telecom, remained stable, despite the one-off increase in FY19
revenues resulting from the 2018 FIFA World Cup. By March 2020,
izzi Telecom had deployed more than 2.8 million set-top boxes
(STBs) with Mirada's product, and more than 1.0 million households
were using its OTT product supplied by Mirada. izzi Telecom
recently selected Mirada to deploy its new generation TV service,
which reinforces our long-term relationship. In March 2020, more
than 3.2 million devices used our Iris product worldwide.
Total revenues excluding discontinued activities grew by $1.3
million to $12.8 million, driven by a $1.5 million increase in
Development Revenues (revenue from customer deployments,
integration and product development), although some additional
forecasted revenues and their associated costs were slightly
delayed and are now expected in fiscal year 2021. Half of this
growth in fiscal year 2020 came from markets other than Mexico.
We are making progress toward several significant new commercial
rollouts during the next few months, in Mexico, the Caribbean
region, Spain and Mongolia, as our relationships with present and
new customers develop positively. Negotiations with new potential
customers continue, and we will keep our shareholders duly
updated.
Regarding COVID-19, the whole Company transitioned to
remote-working and has been performing without incident for more
than six weeks. We continued implementing and deploying new product
features as planned, without delays, and we do not foresee any
operational constraints for the time being. Although our customers
are currently experiencing exceptional increase in demand for their
services owing to generalised lockdowns in their territories, it is
still too early to predict the long term impact of the present
situation on their businesses.
The Company has been able to raise EUR1.25 million of additional
long-term (6 year) unsecured loans, at 2% interest, with funding
provided by Spanish banks and 80% guaranteed by the Spanish
Government. The loans are made available to support Spanish-based
companies with their domestic and international operations.
Although we do not yet know if the COVID-19 pandemic will have a
long lasting impact on our customers' performance, the Board
believes that it is important to secure liquidity in the current
environment, and is confident that it will not need to rely on
additional equity funding to continue its operations for the
foreseeable future.
Jose Luis Vazquez, CEO of Mirada, commented: "The group has made
remarkable progress. We continue to gain traction in the market and
we are starting to see the return on the investment made over
previous years. We are glad to continue providing full support to
our customers during these uncertain times, and we remain on track
with our deployment plans. "
All figures included in this announcement are subject to
audit.
Enquiries:
Mirada plc +44 (0) 207 868 2104
José Luis Vázquez, investors@mirada.tv
Chief Executive Officer
Gonzalo Babío, Chief
Financial Officer
Newgate Communications +44 (0) 207 3757 6880
Bob Huxford mirada@newgatecomms.com
Tom Carnegie +44 (0) 20 3328 5656
Megan Kovach
Allenby Capital Limited
(AIM Nominated Adviser and
Broker)
Jeremy Porter
Liz Kirchner
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
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END
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