Mirriad Advertising plc
Mirriad Advertising plc provides in-video (in-content) advertising technology (Virtual Product Placement, "VPP") that digitally inserts products, signage or video into existing broadcast and online content for broadcasters, advertisers, brand owners and their agencies. Revenue is earned as a share (typically 20%-35%) of the amount charged by its customers to advertisers/agencies. In 2024 the Group operated in the UK, USA and India (production), and restructured after the year end into an EMEA direct-sales model plus a US joint venture.
FY2024 in sixty seconds
year to 31 Dec 2024 · approved 25 Jun 2025 · 77 pages · Companies House
Mirriad Advertising plc sells technology that digitally places products and signs into existing TV and online video. In the year to 31 December 2024 its revenue fell to £1.0m from £1.8m, and its loss after tax narrowed to £8.4m from £10.9m.
Sales fell mainly because US revenue disappointed. Partners were slow to clear programmes for use, and advertising agencies showed little interest in the few that were cleared. Sales in Europe and Africa, excluding the Middle East, grew by about 40%. The loss shrank because the company cut its overhead costs, employing fewer staff and giving up its London office.
The company has no borrowings. It raised £6.3m from shareholders during the year and ended it with £4.8m in cash. It paid no dividend. After the year end it raised more money from shareholders, set up a US joint venture and cut staff further. Management hopes for revenue of at least £1.2m over the following year but gives no guarantee. The auditor did not qualify its opinion, but the report warns of a material uncertainty: if sales fall well short, the company would need further funding that is not yet secured.
Demand from media agencies and brands for VPP campaigns, intermediated through broadcasters/content owners
Revenue generation is dependent on demand from media agencies and brands
page 23Cost of sales increase (Mumbai office inflation)
Cost of sales increased to £349k (FY23 £313k) largely due to inflationary increases in the Mumbai office
page 18CEO stated the JV with a US adtech partner removes US costs and the implementation of cost-cutting plans will bring the overall monthly cost base down to a run rate of around £250k a month; based on pipeline, management remains confident a revenue target of not less than £1.2m in the 12 months from the announcement (slightly lower under stringent cost control) is achievable, though no guarantees given limited visibility
page 3No dividend proposed for FY2024 (FY23: £nil); no dividends have ever been paid by the Company
page 1910 years on one page · FY2015–FY2024
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GBP millions, negatives in brackets. Per-share lines in pence. Share counts in millions. Margins and returns as percentages, calculated from the filed figures. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated.
5 figures restated in a later report
Every figure is read again from the following year’s report: 263 confirmed, 33 differ, 5 restated.
| Line | Year | As first filed | In the later report |
|---|---|---|---|
| FY2022 | −£15.1mFY2022 report | −£15.3mFY2023 report | |
| FY2022 | −£15.6mFY2022 report | −£15.9mFY2023 report | |
| FY2022 | −£15.6mFY2022 report | −£15.8mFY2023 report | |
| FY2022 | £1.2mFY2022 report | £1.5mFY2023 report | |
| FY2022 | −£299kFY2022 report | −£100kFY2023 report |