Mirada makes positive turnaround in financial year
Details
Joseph O'Halloran
| 29 April 2019

Integrated TV software solutions provider Mirada has revealed a successful 2019 financial year where it has grown revenues significantly and transformed a loss into profits.

For the financial year ended 31 March 2019, the company grew revenues 40% year-on-year to approximately $12.3 million and expects to see EBITDA climb to $0.6 million from a $1.1 million loss the year earlier. The company’s net debt also fell from $11.7 million at 31 March 2018 to $4.9 million at 31 March 2019.

Mirada attributed its growth during the year partly to its continued relationship with izzi Telecom and its successful deployment of Iris multiscreen solution. Following the World Cup in mid-2018, izzi decided to extend the deployment of the solution over a wider share of its customer base and into new segments. Mirada's product is now being installed over the middle and premium tiers of izzi Telecom’s customers and by the end of March 2019, izzi Telecom reached the milestone of two million set-top boxes deployed in Mexico with Mirada technology.

Commenting on the results, Mirada CEO Jose Luis Vazquez said: “Mirada has delivered a year of strong growth in both revenue and EBITDA, which I am pleased to say is above board expectations. This growth has been underpinned by new contract wins and the excellent work we continue to carry out with our clients. The board is confident in the outlook for the new financial year, as well as the long-term prospects of the company.”