Mirriad Advertising raises £14.18m via placing

AI platform business Mirriad Advertising shares slumped in early trading following a £14.18m share placing.

Mirriad raised the new funds, conditional on shareholder approval at the group's general meeting on 31 July 2019, in order to fund general working capital purposes and provide sufficient funds to demonstrate the efficacy of its new go-to-market strategy and revenue traction with partners in its key markets.

Mirriad also reported improved revenues following positive engagement, with the group's board "encouraged" by recent developments in its underlying business and performance.

The AIM-listed group said it also continued to make "good progress" in increasing engagement with senior stakeholders at advertising clients, agency groups and broadcasters/distributors.

Mirriad said it expects 2019 revenue to exceed 2017 and be "substantially greater" than revenues in 2018, with minimum revenues of £1.1m in 2019 and £2.2m in 2020 based on existing customer contracts.

Chief executive Stephan Beringer said: "There is now a real sense of momentum surrounding the new strategy we are implementing at Mirriad.

"We are still relatively early on in our strategic reset, however, we look forward to delivering additional value for our shareholders by sustainably growing the business."

At 0820 BST, Mirriad shares were down 10.53% to 17p.