Mirriad Advertising PLC on Monday lowered its full-year revenue expectations, as revenue dropped more than 30% in the first half of 2024 following a ‘transitional period’.

Mirriad is a London-based virtual product placement and in-content advertising platform. Revenue for the six months to June 30 was £390,000, down 34% from £592,000 a year before. Pretax loss narrowed to £4.9 million from £7.2 million year-on-year.

The company said the fall in revenue was ‘reflecting the transitional period as sales migrate to partner-driven sales in a highly-competitive market with multiple delays to agreed campaigns’.

Despite the drop in revenue, the loss narrowed as administrative expenses were reduced by 32% to £5.2 million from £7.7 million a year before.

Chief Executive Officer Stephan Beringer said: ‘As previously outlined, Mirriad’s success will be driven by platform, programmatic and partnerships - and this continues to be true at a time when the traditional advertising models are under immense pressure. Our first half has not delivered the revenue we had expected, but we are confident that the second-half - as a traditionally busier period - will yield success, although it is likely that we will see revenue for the year below current market expectations. This should be partly offset by a reduced cost base.

‘The whole team at Mirriad is committed to delivering against the substantial opportunity that is within our grasp. The decisions we have made to focus on building deeper partnerships with the largest media companies, advertisers and agencies, launching the diverse media alliance and targeted cost cutting measures, combined with the recent fundraise, mean we can proceed at pace with our adoption strategy.’

Shares in Mirriad Advertising were down 5.0% at 0.38 pence each in London on Monday morning.

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