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(Alliance News) - In-video game advertising firm Bidstack Group PLC on Monday reported a widened loss in 2019, a year where it "failed to meet its revenue targets".
In 2019, revenue fell 56% to GBP140,000 from GBP316,000, which Bidstack attributed to its focus on "significant development work".
Its pretax loss stretched to GBP5.4 million from GBP3.3 million, driven by administrative expenses climbing sharply to GBP5.4 million from GBP1.3 million.
"Although the company failed to meet its revenue targets for the year, 2019 has been spent ensuring the foundations of the business are sufficiently robust to achieve meaningful future growth," Bidstack said.
"2019 was a year of considerable progress towards Bidstack's goal of becoming a leading platform to deliver in-game advertising in video games."
In 2020, Bidstack is looking towards the new generation of video game consoles penned to be launched.
Microsoft Corp's Xbox and Sony Corp's Playstation are pencilled in to release their latest consoles, following the Xbox One and Playstation 4 range, respectively.
"The board believes that the addressable market for video game advertising will go through a period of substantial change over the next three to five years, which Bidstack is well placed to take advantage of. We believe that new console launches, the growth of cloud-gaming and e-sports, coupled with legislative restrictions affecting targeting via app and web-based advertising, should all work in Bidstack's favour," the company said.
On Covid-19, Bidstack said the pandemic has caused it disruption, as some trade shows have been cancelled.
"Despite this, the systems and procedures we have in place, along with our technology-based platform, are ensuring that, from an operational standpoint, Bidstack's business is largely able to proceed as normally as possible with our staff working remotely," Bidstack added.
Its shares were 13% lower at 5.88 pence each in London on Monday morning.
By Eric Cunha; ericcunha@alliancenews.com
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