Audio-visual interaction specialist Mirada PLC (LON:MIRA) has told investors its pipeline is currently the strongest it has ever been after reporting a return to revenue growth last year.
The pipeline has been boosted as potential customers look at the successful commercial roll-out of Mirada’s Iris multiscreen solution for izzi Telecom, part of the massive Televisa Group.
READ: Big day for Mirada as izzi rollout begins
That deal was announced last year and, after a few hiccups at the start, Iris has been deployed on more than 670,000 set-top boxes and Mirada thinks it has only “started scratching the surface”.
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 customised in conjunction with izzi.
New or upgrading subscribers will benefit from features such as 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.
Revenues rise 9%
For the 12 months ended 31 March 2017, Mirada posted a 9% rise in revenues to £6.57mln (2016: £6.02mln), while gross profit increased 5% to £6.09mln (2016: £5.80mln).
Mirada swung to an operating loss of £5.10mln though, as it upped its product and marketing investment in order to execute the new contract wins.
More contract wins on the horizon
"Mirada participated in a number of deals during the year and is seen as increasingly relevant within the market,” said chief executive Jose Luis Vasquez.
“As such, we are being invited to bid on a greater proportion of new contracts as they arise, and I am glad to say that we currently have our strongest pipeline ever in terms of the number of opportunities that we are participating in.
READ: Mirada says revenue from new ATNi contract to be ‘material’
This has resulted in the recently announced contract win with ATNi, and our increasing number of successful references is helping us in securing further opportunities.
“With this extensive and maturing pipeline, we are confident of announcing new relevant contract wins in the near future."
At the end of the period, Mirada has £0.22mln in cash at bank, although it does have a little over £3mln available from its various financing facilities.
Shares were 1% lower in early deals to 1.04p.