MIRADA GAMING PROFITS UP

26 December 2008

Solid half year performance for interactive media and games group

 

The London listed online interactive media and games group, Mirada Gaming plc turned in a solid performance over the six months to 30 September 2008, resleasing its results this week.

Highlights included:

* Successful restructuring of enlarged group and renewed strategy
* Move to new UK headquarters complete with state-of-the-art equipment and custom-built studios
* New commercial offices opened in Milan and Montevideo to accommodate growing international client partnerships
* New relationship with ITV - successful launch of Bingo Night Live on ITV1
* Continued progress in primary markets of UK and Spain with new client wins and product development
* New contract win for major cable operator in the Middle East
* Effective cost reduction programme and restructuring:
* Other administrative expenses reduced to GBP 3 604 000 (2007: GBP 4 373 000)


Gross profit increased to GBP 2 801 000 (2007: GBP 2 252 000) and improved trading reduced the loss before interest, tax, depreciation, amortisation, and restructuring to GBP 525 000 (2007: GBP1 632 000)

Net gaming income however fell to GBP278 000, from GBP489 000 a year ago, which the company said was due to the adverse impact of a GBP100 000 winner in one of the interactive games and the group’s new focus on its B2B gaming business.

Jose Luis Vazquez, Chief Executive Officer of Mirada, commented: "We have finally integrated our operational and commercial teams into a global organisation, and the expansion of the Media business unit is very promising. Our gaming division is launching innovative new products and forging new partnerships, placing us at the forefront of the interactive media sector.

"Mirada's positive new developments as well as increasing international reach have been achieved while successfully implementing a company restructuring and cost reduction plan, which has led to significant savings for the Group.

"We have exciting new opportunities to pursue in Asia, Europe, North America and South America, and we expect to report positive news arising from these during the coming months."

The company benefitted especially from the inclusion of results from Fresh Interactive Technologies, the Spanish technology firm Mirada merged with earlier this year.