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Mirada expects World Cup to boost 2019 revenues after robust 2018 results

Published: 18:11 28 Sep 2018 AEST

Mirada
The World Cup will have a "positive impact" on this year's revenues

Audio-visual interaction specialist Mirada PLC (LON:MIRA) reported an increase in full year gross profit and revenue, buoyed by contract wins and foreign exchange tailwinds.

Gross profit for the year to 31 March 2018 rose to US$7.94mln from US$7.88mln last year and revenue increased to US$8.82mln from US$8.49mln.

The net loss narrowed to US$4.87mln from US$7.10mln a year ago.

Revenues were lifted by contracts wins with ATN International in the Caribbean and Digital TV Cable Edmund S.R.L. in Bolivia as well as the revaluation of the US dollar against the euro, which contributed US$0.63mln.

Mirada said its new business model with lower set-up fees led to recurrent long-term revenues from subscriber-based licence fees on software as a service (SaaS) agreements.

READ: Mirada set for cash-for-shares infusion at substantial premium

Revenues from Mexican telecoms giant izzi Telecom, which uses Mirada’s Iris multi-screen solution, fell as it decreased investments in foreign goods and services due to a stronger dollar against the peso. The peso weakened following the election of US President Donald Trump, who wants to build a wall at the Mexican border.

However, Mirada said the situation “normalised” after a few months with higher confidence in the market during the second half of 2017. 

World Cup to boost revenues this year

Ahead of the FIFA World Cup in June and July, demand for professional services from izzi and other customers rose. Mirada said this will “positively impact” revenues for the current fiscal year.

Chief executive Jose Luis Vazquez said: "Mirada participated in a significant number of advanced stage tenders during the year and is seen as an increasingly relevant supplier as new bids appear in the market.”

He added: “I am glad to say that we currently have a strong pipeline in terms of the number of opportunities we are participating in. This pipeline and an increasing number of successful references is helping us secure new opportunities and we are confident of announcing new relevant contract wins in the near future."

Mirada secured £4.7mln in debt facilities from Kaptungs, Minles and Kronck in 2018 and plans to use the financing to support new opportunities.

Cash at bank increased to US$1.94mln from US$0.28mln last year, mainly due to a £3mln facility received from Kaptungs in March 2018. 

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