Mirriad Advertising PLC (AIM:MIRI, OTCQX:MMDDF) reported a 57% jump in US revenue in the first half and said it expects stronger revenue-generating activity to be backloaded toward the end of the year.
Due to the seasonal nature of key advertising markets and the sales pipeline, higher revenues are expected in the second half, the group added.
"Our positive US momentum demonstrates our burgeoning opportunities in the world's largest advertising market, with campaigns for new and recurring advertiser clients, and a steadily growing partner roster,” Stephan Beringer, chief executive, said. “Work is ongoing to further improve conversion and deal sizes of our pipeline.”
The digital advertiser had £17.7mln of cash at the end of June, compared to £29.8mln a year ago, as it invested in key US commercial roles and technology.
Nearly three-quarters of its revenue came from the US market in the first half, after a slump in the Chinese market due to stringent lockdowns and a challenging macro-environment.
Total revenue fell to £577,000 from £1.1mln in the same period of last year due to the slump in China.
But the group stressed “higher revenues are expected in H2” as it grows its sales pipeline.
Mirriad said it ran campaigns with 23 advertisers in the first half, up 35% on the first six months of 2021. Active supply partnerships grew 38% and it now manages 18 partnerships, signing a contract with Magnite in May to scale and automate in-content advertising.
The advertising company has embarked on a cost control programme to deliver £2.5mln in annual savings and said it will wind down its China operations by March 2023.