Results round-up

Mirada reported a slight fall in full year earnings on Monday as the group invested in products.

The company - which supplies products and services in digital TV and broadcast - reported adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of £1.50m in the year ended 31 March 2016, compared to £1.55m the previous year. The group’s net loss widened to £0.40m from £0.18m the prior year.

The company blamed higher amortisation charges of £1.63m, up from £1.19m in 2015, due to increased product investment particularly in flagship multi-screen video platform Iris.

Delays to the commercial roll out of its digital TV project with South American media group Televisa also affected results.

Mirada chief executive Jose-Luis Vazquez said "delays resulting from the integration of the Televisa five cable networks under the Izzi brand shifted the balance of the company revenue mix for the full year towards professional services associated with additional change requests from the customer".

"Now we are at a new stage in our relationship with Televisa and the board believes that we will increasingly benefit from subscriber-based license fees as our product is rolled out across their networks."

Yet revenues still rose to £6.02m from £5.66m, driven by the provision of professional services relating to the conclusion of the Televisa project.

Net debt rose to £3.48m from £2.61m as a result of increased product investment, delays in the full Televisa commercial roll out and currency exchange factors.

Bargain Booze operator Conviviality Retail doubled annual earnings and cash flow and says it is a "stronger and more resilient business able to thrive in uncertain economic times".

Revenues in the year to 1 May of £864.5m were 137% higher than the prior year thanks in part to the acquisitions of wholesaler Matthew Clark in October and events bar operator Peppermint in December.

Gross margins were lifted 1.3% to 11.5% and adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) by 135% to £30.2m, with adjusted pre-tax profits up 124% to £21.7m.

Diluted earnings per share rose 27% to 14.2p and free cashflow 100% to £11.4m, which promoted the full year dividend to be hiked 14% to 9.5p.

Within the business, Conviviality's original branded, franchise off-licences generated roughly flat revenues and EBITDA, while Matthew Clark increased sales 5% and EBITDA by 18%.