Mirada signals 'strong' half-year

Audio-visual content interaction company Mirada posted a trading update for the period to 30 September on Wednesday.

The AIM-traded firm said the rollout of the Iris product across the Televisa network was progressing well, with the commercial delivery in line with Mirada's expectations.

As such, trading in the first six months of the current financial year, to 30 September, had been strong and the directors of the company remained confident in meeting market expectations for the full year to 31 March 2017.

In addition, the company said it has improved cash collection during recent months such that receivables stood at £0.6m on 30 September.

That also resulted in an improvement to Mirada's cash position to £1.1m at 30 September, compared to £0.7m on 31 March 2016, with additional available short-term facilities at £1.3m.

“We are delighted to report that, despite the extensive scope of the project, the Televisa roll-out of our Iris product across Mexico progresses to plan,” said Mirada CEO Jose Luis Vazquez.

“Trading for the first six months of the year has been healthy and we have strengthened our balance sheet during this time.

“We therefore look forward to the remainder of the year with confidence and to providing further updates in due course.”

Mirada’s board said it expects to announce its half year results in the third week of November.