(Alliance News) - Bidstack Group PLC on Monday reported its interim loss slightly widening despite growing revenue as expenses rose.
Pretax loss in the six months to June 30 widened to GBP3.7 million from GBP3.6 million a year ago, the London-based in-game advertising platform said.
Revenue more than doubled to GBP2.0 million from GBP820,136. "Our two-year agreement with Azerion Holding BV began in March and, after an initial integration and on-boarding phase, is now progressing in line with management's expectations. As previously mentioned, Azerion is giving Bidstack's media segment and gaming advertising network a greatly increased representation across markets new to the group," Bidstack explained.
Cost of sales surged to GBP1.2 million from GBP537,309. Administrative expenses widened by 15% to GBP4.5 million from GBP3.9 million.
"We have many exciting new products, adding to our 'always-on revenue' suite of tools for publishers that are expected to be rolled out in the third quarter of 2022," the firm said regarding its outlook.
Bidstack shares were 1.0% lower at 3.37 pence each in London on Monday morning.
By Tom Budszus; tombudszus@alliancenews.com
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