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Mirada Plc: THE INVESTMENT CASE

Mirada backers show faith as Mexico recovers

Main shareholder Ernesto Tinajero has followed up a US$1.7mln convertible loan with a further US$3mln one-year facility
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Audio-visual interaction specialist Mirada PLC (LON:MIRA) is leaning heavily on its main shareholder while it develops its order pipeline and the Mexican economy recovers.

Last year, ATN International agreed to deploy Mirada's Iris product across the Caribbean, and shortly after the AIM-listed group bagged a contract to deploy Iris for Bolivian operator Digital TV Cable Edmund.

READ: Mirada arranges new loan facility with major shareholder

That followed a roll-out of Mirada’s Iris multiscreen solution for izzi Telecom in Mexico, part of the massive Televisa Group and that is expected to spark more orders.

Unfortunately, a Donald Trump-inspired slow-down in the Mexican economy meant Televisa, currently the biggest customer, put less money Mirada's way, resulting in half-year revenues to September dipping to US$3.47mln from US$3.79mln a year earlier.

The Mexican economy has since begun to recover, with a stronger currency, and Mirada's management is confident that deployments by Televisa of Mirada's interactive platform will also recover.

Interim losses widened to US$2.92mln from US$1.70mln, while net debt rose to US$7.57mln.

Recently, main backer Ernesto Tinajero followed up a US$1.7mln convertible loan with a further US$3mln one-year loan facility

READ: Mirada's major shareholders lend £1.7mln to get new contracts on track

Tinajero owns 27% of Mirada and was one of the first users of its software at Cablecom, a company now owned by Televisa, so he knows the product well.

Jose Luis Vazquez, Mirada’s chief executive, is also confident that, in time, a lot more orders would come the group’s way.

"Mirada has built a solid platform, which is highly valued by its customers,” he said with the interim numbers in December.

“This, combined with the successful commercial roll-out of the Iris solution for Televisa last year, has enabled the company to build a solid sales pipeline,” he said.

What is the Iris solution?

Mirada's Iris TV Everywhere solution enables content to be viewed across set-top boxes, smartphones and tablets.

All of them working seamlessly through Mirada's state-of-the-art Inspire user interface.

READ: Mirada says revenue from new ATNi contract to be ‘material’

Subscribers multi-screen viewing, the ability to pause viewing on one device and resume viewing on another, as well as access to more content and on-demand TV.

View full MIRA profile View Profile

Mirada Plc Timeline

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