- Mirriad Advertising
- 01 May 2025 13:44:13
Source: Sharecast
The AIM-traded firm’s announcement followed the collapse of advanced takeover discussions that had been ongoing for four months and were terminated on 30 April.
Mirriad, which specialises in in-content advertising and virtual product placement, reported revenue of just over £80,000 for the first quarter of 2025, down from over £1m for the full 2024 year.
The figure was slightly below board expectations, and reflected both seasonal trends and the impact of a strategic shift toward higher-value, scalable sales opportunities.
Mirriad attributed additional revenue weakness to ongoing macroeconomic volatility in the US, which led to campaign delays and budget cuts in key verticals.
As of 31 March, the company held £2.7m in cash, down from £4.8m at the end of 2024.
With a monthly gross cash burn of between £0.65m and £0.68m, Mirriad’s current funding was insufficient to sustain operations beyond the near term.
The board said it was urgently exploring options to raise capital through an equity placing or other means, but cautioned that there was no certainty that such efforts would succeed.
In the absence of new funding, the directors said they could be required to begin administration proceedings to protect creditor interests, which would likely result in a suspension of the company’s shares.
It said it would provide further updates as the situation developed.
At 1320 BST, shares in Mirriad Advertising were down 84.71% at 0.05p.
Reporting by Josh White for Sharecast.com.