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Mirada breaks back into the black as sales swell

Growth of sales and underlying earnings was ahead of board expectations
mirada
Mirada's biggest customer has rolled out its digital TV software to 2mln customers

Mirada PLC (LON:MIRA) said it expects to break even at an underlying level as the over-the-top TV software designer generated higher sales than expected over the past 12 months.

The AIM-listed company totted up revenues of roughly $12.3mln over the year to 31 March, up 40% on the previous year as major customer izzi Telecom in Mexico continued to roll out the Iris multiscreen product to more of its customers.

WATCH: Mirada PLC expects to post positive earnings as sales exceed expectations

As a result, adjusted underlying earnings (EBITDA) are expected to move back into the black at $0.6mln from the $1.1mln loss in the prior year. Net debt was also slashed to $4.9mln by the end of March from $11.7mln a year ago after the £6mln loan capitalisation and equity funding completed in September 2018.

Chief executive Jose Luis Vazquez said: "Mirada has delivered a year of strong growth in both revenue and EBITDA, which I am pleased to say is above board expectations.

Contract wins

“This growth has been underpinned by new contract wins and the excellent work we continue to carry out with our clients. The board is confident in the outlook for the new financial year, as well as the long-term prospects of the company."

Crucial to the growth in revenues, Mexican telecoms giant izzi has extended the deployment of Mirada technology to more than 2mln set-top boxes as it has begun to roll out Iris to its mid- and top-tier customers.

There have also been commercial launches of Iris in Bermuda and Bolivia, with Mongolia’s Skytel planning to go live later in 2019 and Mirda “actively participating in several other negotiations” to launch products with potential new customers in different regions around the world.

A second office in Spain had been opened with the aim of keeping costs down, Mirada said, with the coastal city of Castellón providing “fast and easy access” from its Madrid office and a new pool of staff.

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Mirada PLC Timeline

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