Mirriad Advertising PLC (AIM:MIRI, OTCQX:MMDDF) rose by as much as 18% in early trading after the company said it had received a £346,000 research and development tax credit from HM Revenue & Customs.
The payment relates to the financial year ended 31 December 2024 and follows an announcement made by the company earlier this month. Mirriad specialises in virtual product placement, a technology that digitally inserts branded products into film, television and other video content after it has been produced.
The receipt of the tax credit provides a modest but timely boost to the group’s finances. Mirriad said its cash position now stands at about £1.275 million.
R&D tax credits are a government scheme designed to support companies investing in innovation by allowing them to reclaim part of their development spending. For smaller listed companies, such payments can be particularly important as they provide non-dilutive funding, meaning cash is raised without issuing new shares.
After a strong early burst, the stock settled at 0.006p, up 9%.