mirada takes H1 hit but promises profits
| 29 November 2014
Though it seems like it has just endured a tough quarter, with revenues slipping and actually dipping into the red, content interaction specialist mirada is promising a strong end to its financial year.
Announcing its unaudited interim results for the six months to 30 September 2014, the company posted revenue of £2.19 million, down £110,000 compared with the same period in 2013. Adjusted EBITDA was a loss of £0.09 million, compared with a H1 2013 profit of £520,000 million, reflecting costs incurred from delivery of Tier 1 customer project during the first half.
Yet undeterred by the results, mirada says that it is on track for full year performance to be in line with market expectations. Furthermore it claims that the as yet unnamed Tier 1 win will drive second half revenue higher from commercial launch in December 2014 in terms of expected customer licence and professional services fees based around its iris/inspire product. What it could reveal was that the contract represents a minimum of $15 million in subscriber-based licence fees over a 3–5 year period.
It also noted that the second half of the year would see its first major over the top contract win, announced on 18 September 2014, come to fruition with OTT product development ahead of schedule with commercial launch expected early in the new financial year.
Commenting on the future outlook of the group, CEO José Luis Vazquez said: “This was a transformational period… as we proved our ability to win and service Tier 1 customers. Importantly we also launched our presence in the rapidly growing OTT market and continued to strengthen our product base – ensuring that we are at the forefront of market developments. Additionally there is a growing global demand for our full suite of products and services and we are already having a number of conversations with potential customers outside of Latin America.”