Full year trading update
Mirriad Advertising plc has announced a trading update for the year ended 31 December 2025, with revenue expected to be just over £0.4 million, a decrease from £1.0 million in FY24, attributed to broader industry underperformance in media sales. Despite a disappointing fourth quarter, the company anticipates a significantly stronger sales performance in 2026, driven by ongoing work with key partners and expansion into emerging markets through joint ventures, with discussions underway in India, Indonesia, the Philippines, Thailand, and Malaysia, and positive progress in the Middle East. Mirriad also reported cash of £1.2 million as of 31 December 2025, including a £350,000 R&D tax credit, while maintaining a monthly cost base of approximately £220,000.
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Mirriad, a leading provider of virtual product placement ("VPP"), provides an update on trading for the year ended 31 December 2025 and the outlook for 2026.
Subject to completion of the audit, Mirriad's revenue for 2025 is expected to total just over £0.4m (FY24: £1.0m).
Although Q4 sales were disappointing, the Board remains cautiously optimistic about Mirriad's outlook. The Company continues to work closely with its key partners, including Rembrand, and expectations are for a significantly stronger sales performance in 2026. The quieter than expected Q4 followed a broader industry-wide underperformance in media sales during 2025, which affected partners' full suite of products across the sector.
In parallel, the Company has entered discussions with strategic partners in a number of key emerging markets to establish joint ventures. These discussions are aimed at capitalising on Mirriad's significantly reduced campaign delivery costs, enabled by further automation and enhanced scalability. Negotiations are underway at varying stages with potential partners in a number of regions, including India, Indonesia, the Philippines, Thailand and Malaysia, with some being structured around meaningful minimum guarantees. Expansion into the Middle East has progressed well and contributed significantly to revenues in H2.
The Company is also in discussion with a major UK media company to take to market a test campaign and is progressing discussions towards an agreement. In alignment with the indication received from certain partners, the Board anticipates a potentially significant uplift in sales during the upcoming February-March period.
The Company had cash at 31 December 2025 of £1.2 million. This included the £350k R&D tax credit received in December. Costs continue to be carefully managed and, as announced on 19 December 2025, the current cost base is c. £220k per month.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.