Mirada shares surge as group swings to a modest FY profit

Digital TV software provider Mirada said on Wednesday that it was on track to record a modest annual profit for its recently wrapped u trading year, but cautioned that it was still too early to tell how much of an impact Covid-19 would have on its clients.

Mirada said profits were expected to hit $300,000 for the year ended 31 March, a turnaround from the loss of $300,000 recorded for the same period a year earlier.

Revenues were projected to top $13m, also up from the $12.3m brought in the year before, while adjusted underlying earnings of $2.3m fell short of market expectations.

Mirada said: "Although our customers are currently experiencing [an] 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 AIM-listed group also revealed it had raised €1.25m via additional long-term unsecured loans at 2% interest, with funding provided by Spanish banks and 80% guaranteed by the Spanish government.

Mirada added that it did not yet know if the Covid-19 pandemic would have "a long-lasting impact" on customers' performance, but believes that it was important to secure liquidity in the current environment and was confident that it would not need to rely on additional equity funding to continue its operations for the foreseeable future.

As of 1250 BST, Mirada shares had surged 29.16% to 100.10p.