Mirriad Advertising, a London-based advertising-technology company, reported a decline in revenue in the U.S. for the first half of the year due to industry pressures. Nevertheless, the company expects a pickup in the second half.
During the first half ended June 30, group revenue amounted to £592,000 ($773,922), a slight increase compared to £577,000 in the same period last year. This growth was driven by the final exit from China.
In the U.S., revenue dropped to £313,000 from £418,000, while revenue in Europe, Middle East, and Africa increased significantly to £252,000 from £37,000. The boost in EMEA revenue can be attributed to the German business and a new client in the Middle East.
Mirriad anticipates that second-half revenue will double that of the first half. Historically, the company has experienced stronger performance in the latter part of the year.
“We remain on track with our internal revenue expectations despite the challenging macro environment, the absence of meaningful revenue from China in 2023, and our focus on programmatic advertising as we transition from the market building phase,” said Chief Executive Stephan Beringer.