Mirriad Advertising PLC on Friday remained optimistic about meeting revenue expectations for the year, despite a disappointing first half and limited visibility over revenue sources for the second.

Mirriad is a London-based virtual product placement and in-content advertising platform. Shares in the firm were down 30% at 0.69 pence each in London on Friday morning.

For the first half of the year, Mirriad expects revenue of £400,000, down from £592,000 a year prior.

While acknowledging the disappointment of this result, Mirriad was more optimistic about the second half of the year, and anticipates ‘significant’ contributions from partners’ sales, as well as contributions from US Network Upfronts, which tend to be heavily weighted to the third and fourth quarter.

In television advertising, the Upfront is the practice of buying and selling advertising time months in advance, typically in the spring of each year, for advertising space scheduled to air in the coming television broadcast year.

Mirriad remained confident in meeting overall revenue expectations for the year, but acknowledged that this now depends increasingly on partner-led initiatives, over which it has limited visibility.

Copyright 2024 Alliance News Ltd. All Rights Reserved.