Mirriad warns on FY revenues, shares tumble

Mirriad said annual revenues were now expected to be between £1.52m and £1.75m, pending a number of late deals which may be won and delivered before the year's end.

Underlying losses were projected to come to £15.5m, in line with market expectations.

Mirriad also noted that it had experienced continued growth in the US despite a recently weaker dollar, as revenues continue to rebalance away from China.

Chief executive Stephan Beringer said: "Although revenue is likely to be slightly lower than anticipated, a positive direction of travel is clear, despite macro market headwinds. The ongoing increase in the proportion of our revenue coming from the US is encouraging, reflecting the proactive steps we have taken to address the world's largest advertising market.

"The challenges facing the advertising market are clear, and we are confident in Mirriad's unique ability to address these and deliver an experience that benefits brands, content owners, and audiences alike."

As of 1105 GMT, Mirriad shares had sunk 24.23% to 5.19p.

Reporting by Iain Gilbert at Sharecast.com