The first half of the financial year of Mirada PLC (LON:MIRA) saw the company start to reap the benefit of its heavy investment in marketing.
In the six months to the end of September, the audio-visual content interaction specialist secured a long-term recurring revenue contract with ATN International for the deployment of Mirada's Iris product across the Caribbean, and shortly after bagged a contract to deploy Iris for Bolivian operator Digital TV Cable Edmund.
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Unfortunately, a slow-down in the Mexican economy meant its biggest client, Televisa, put less money Mirada's way, resulting in half-year revenues dipping to US$3.47mln from US$3.79mln in the same period of last year.
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 platform will also recover.
The underlying loss, or LBITDA, widened to US$1.20mln from US$0.08mln the year before, largely as a result of increased spending on sales, marketing and operational activities.
Loss before tax widened to US$2.92mln from US$1.70mln in the corresponding period of 2016.
Net debt at the end of the reporting period stood at US$7.57mln versus net debt of US$5.25mln at the start of the six-month period.
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"Mirada has built a solid platform, which is highly valued by its customers. 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, which has started bearing fruit with the signing of two significant new contracts,” said José Luis Vázquez, the chief executive officer of Mirada.
“We are confident that we are just at the beginning of a new stage in which Mirada is successfully securing new business and ensuring long-term revenue visibility for its stakeholders," he added.