Mirriad Advertising PLC (AIM:MIRI, OTCQX:MMDDF), the in-content advertising specialist, reported a revenue of approximately £1.8 million for the fiscal year 2023, marking a 20% increase from the previous year.
Put in context, this was a 31% increase when compared to FY 2022 on a like-for-like basis, excluding revenues from discontinued operations in China.
In a pre-close trading update, Mirriad said it made substantial progress in the US market, with agreements now in place with partners representing about 25% of the total US TV advertising market, a significant rise from 8% in Q3 2023.
Additionally, Mirriad is in advanced negotiations with two more US majors, potentially adding another 30% to its market share.
Mirriad's programmatic testing with five partners is on track and expected to start contributing to revenue in the first half of 2024.
"Closing these service agreements with top-tier US entertainment companies in 2023 shows that Mirriad is entering the long-planned adoption phase with key industry players," said CEO Stephan Beringer.
"We've completed the 'hardest yards' in building our proposition and our leading market position. The resulting route to scale is now in sight."
As of 31 December, its cash and cash balances stood at £6.1 million.
In late morning trading, the shares were up 0.06p at 2.06p.