Mirada gives Covid-19 trading update
April 29, 2020
Mirada, a provider of integrated software solutions for digital TV operators and broadcasters, has provided a trading update for the financial year ended March 31st 2020.
The Board said that it expects total revenues for the year in excess of $13 million (FY19: $12.3 million), with adjusted revenues excluding discontinued activities (Mirada Connect disposal in July 2019) of $12.8 million (FY19: $11.5 million, 11 per cent growth).
A company statement said: “We are making progress toward several significant new commercial rollouts during the next few months, in Mexico, the Caribbean region, Spain and Mongolia, as our relationships with present and new customers develop positively. Negotiations with new potential customers continue, and we will keep our shareholders duly updated.”
“Regarding Covid-19, the whole Company transitioned to remote-working and has been performing without incident for more than six weeks. We continued implementing and deploying new product features as planned, without delays, and we do not foresee any operational constraints for the time being. Although our customers are currently experiencing exceptional increase in demand for their services owing to generalised lockdowns in their territories, it is still too early to predict the long term impact of the present situation on their businesses.”
“The Company has been able to raise €1.25 million of additional long-term (6 year) unsecured loans, at 2 per cent interest, with funding provided by Spanish banks and 80 per cent guaranteed by the Spanish Government. The loans are made available to support Spanish-based companies with their domestic and international operations. Although we do not yet know if the Covid-19 pandemic will have a long lasting impact on our customers’ performance, the Board believes that it is important to secure liquidity in the current environment, and is confident that it will not need to rely on additional equity funding to continue its operations for the foreseeable future.”
Jose Luis Vazquez, CEO of Mirada, added: “The group has made remarkable progress. We continue to gain traction in the market and we are starting to see the return on the investment made over previous years. We are glad to continue providing full support to our customers during these uncertain times, and we remain on track with our deployment plans.”