Mirada reports steady fiscal year
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Editor
| 16 July 2020
In the first year in which the company’s sole focus was on its main area of business, digital TV , integrated broadcast software and solutions provider Mirada Group has announced a solid financial year.
mirada 13 july 2019
For the twelve-month period ended 31 March 2020, the company posted revenues of $13.16 million, up 7% year-on-year. Excluding activity for the Mirada Connect mobile payments for parking business which was sold in July 2019 for Ł2.12 million ($2.61 million) providing a one-off net gain of $1.7m., revenue increased 13% to $12.96 million.

Adjusted EBITDA increased 207% annually to $2.50 million while gross profit rose 9% compared with the end of the previous financial year to $12.48 million. at the end of the 2020 fiscal year Mirada turned around a 2019 loss of $3.11 million to a net profit $0.59 million.

Looking at what was driving the revenue growth, Mirada noted that its main product, the Iris platform, continued to gain traction across its installed customer base and the company was successful in winning new customers during the year.

Operational highlights included successful development of Mirada’s Android TV custom launcher, said to have resulted from close collaboration with Google and izzi Telecom. This will increase Mirada’s pipeline by adding Android TV projects. In addition, the company successfully integrated the Netflix SVOD service within Mirada’s Iris multiscreen product and deployment in the pay-TV platform of izzi Telecom which also deployed Iris multiscreen licences over new segments of subscribers reaching 2.8 million set-top-boxes installed by March 2020. There was also a contract win with Plataforma Multimedia de Operadores in Spain in September 2019, with potential to become Mirada’s largest European deployment to date.

Commenting on the results and the outlook for the Mirada in general, Group CEO José Luis Vázquez, said: “Despite the uncertain impact of Covid-19, Mirada’s financial position is continuously improving, reinforced by the support of its largest shareholder. Together, these factors have led to an improved commercial performance, with participation in multiple deals which, combined with the growing pipeline, provide confidence in the Company’s ability to secure more contract wins in the coming years.”