Mirada PLC Trading Update (8905Q)
December 05 2016 - 2:46AM
UK Regulatory
TIDMMIRA
RNS Number : 8905Q
Mirada PLC
05 December 2016
This announcement contains inside information as stipulated
under the Market Abuse Regulations (EU) no. 596/2014 ("MAR").
5 December 2016
Mirada plc ("Mirada" or the "Company")
Trading Update
Mirada plc (AIM: MIRA), a leading audio-visual content
interaction specialist, provides an update on current trading and
the outlook for the financial year ending 31 March 2017 and
beyond.
The Board now expects that total revenues for the current
financial year will be below current market expectations, with
profit before tax for the current financial year likely to be
substantially lower than current market expectations.
The primary reason for this is that Mirada's major customer,
Televisa, plans to increase its quality assurance process on
deploying new cities to avoid disruptions in their network, which
is expected to lead to a short-term slow down in the rollout of
Mirada's Iris product. This is a result of the customer's strategy
of delivering pay TV service to the highest standards with the best
network quality, therefore assuring optimal viewer experience from
Iris' advanced capabilities. This is expected to slow the
acquisition of new subscribers and hence Mirada's projected licence
fees on new city deployments over the rest of the current financial
year. This, and the result of the uncertain economic situation in
Mexico in the wake of the US election, has led to the Board taking
a more conservative view on the speed of the Televisa rollout over
the longer term.
It is important to note that, although the Televisa rollout is
expected to proceed at a slower pace than before, the scope of the
contract remains unchanged. Mirada's product is working as planned,
and exceeding customer expectations.
In addition, the Board expects that based on current
indications, new business wins should more than compensate for the
slowdown in the Televisa rollout over the medium to longer term.
Due to Mirada's improved sales and marketing efforts and the
Televisa reference, Mirada's pipeline of opportunities is currently
larger than at any time in the Company's history and a number of
these opportunities are progressing well.
Jose Luis Vazquez, CEO of Mirada, commented: "Although it is
disappointing that, for reasons beyound Mirada's control, we are
anticipating a slowdown in the Televisa rollout, the Televisa
contract remains unchanged, and provides the Company with an
exceptional reference. As such, the Company's pipeline of
opportunities, particularly in South East Asia and Latin America,
is growing rapidly, having more than doubled in the past ten weeks
alone. We are in advanced discussions with a number of these
potential clients on which we expect to provide a further update in
due course."
Enquiries:
Mirada plc +44 (0) 207 868 2104
José Luis Vázquez, investors@mirada.tv
Chief Executive Officer
Gonzalo Babío,
Chief Financial Officer
Newgate Communications +44 (0) 207 653 9850
Bob Huxford / Helena mirada@newgatecomms.com
Bogle / Ed Treadwell
Allenby Capital Limited
(Nominated Adviser and
Broker)
Jeremy Porter / Alex
Brearley / Liz Kirchner
(Corporate Finance)
Graham Bell (Equity
Sales) +44 (0) 203 328 5656
About Mirada
Mirada is a leading provider of products and services for
Digital TV Operators and Broadcasters. Founded in 2000 and led by
non-executive Chairman Javier Casanueva and CEO José Luis Vázquez,
the Company prides itself on having spent over 15 years as a
pioneer in the Digital TV market. Mirada's core focus is on the
ever-growing demand for 'TV Everywhere', for which it offers a
complete suite of end-to-end modular products across multiple
devices (STBs, PCs, smartphones and tablets), all with innovative
state-of-the-art UI designs.
Mirada's products and solutions, acclaimed for unparalleled
flexibility and optimal time to market, have been deployed by some
of the biggest names in broadcasting including Telefonica, Sky,
Virgin Media, BBC, ITV and most recently Televisa Group, the
largest media company in the Spanish-speaking world. Headquartered
in London, Mirada has commercial offices located across Europe,
Latin America and Asia. For more information,
visitwww.mirada.tv.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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