Increased investment in new products for the digital TV market has impacted on revenues at interactive specialist Mirada. The company was publishing its results for the six months to September 30, 2010 just two weeks after its delayed year-end results that had led to the company’s temporary suspension from AIM.
Revenue for the period equaled £2.61 million (€3.07m), compared to £3.12 million for the six months ended 30 September 2009. Pre-tax losses were £0.25 million, compared to £0.10 million for the same period in 2009.
Jose Luis Vazquez, CEO, Mirada, said the company had a strong pipeline of new products that included NAVI, which had led to a partnership with Ericsson and Vazquez would result in a marked increase in revenues in the second half of the year. “An increase in the Group’s sales pipeline, particularly for its Digital TV operations, has helped enable the Group to secure the additional bank financing. This financing will be used to help working capital and to invest in the continued development of our products.”
Additional financing of €0.85m has been secured. In addition a development loan of €0.50m is now in place.