(Alliance News) - Bidstack Group PLC on Tuesday looked to the future with confidence after posting improved interim revenue and a "healthy cash position".
Revenue in the six months to June 30 surged to GBP274,079 from GBP26,692. The in-video game advertising firm's pretax loss widened to GBP3.2 million from GBP1.8 million, with administrative expenses up 80% to GBP3.2 million.
"We have continued to make further progress towards our goal of becoming a leading platform to deliver in-game advertising and remain at the forefront of the creation of in-game advertising as a new advertising category," Chief Executive James Draper said.
"Following our oversubscribed placing in June 2020, Bidstack has a healthy cash position and is making material progress in its approach to building a strong foundation on which to grow and create value for shareholders."
During the half, Bidstack said it ran small spend campaigns for blue-chip firms such as Vodafone Group PLC, Unilever PLC and Royal Dutch Shell PLC.
Bidstack shares were 8.9% lower at 6.65 pence each in London on Tuesday afternoon.
By Eric Cunha; ericcunha@alliancenews.com
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