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Bidstack shares fall; loss widens as high costs offset doubled revenue

Tue, 20th Jun 2023 09:37

(Alliance News) - Bidstack Group PLC on Tuesday reported an increase in annual administrative costs which offset revenue growth for 2022.

Bidstack shares fell 33% to 1.18 pence each on Tuesday morning in London.

The in-game advertising firm said that in 2022, its pretax loss widened 10% to GBP8.8 million from GBP8.0 million a year prior. Revenue more than doubled to GBP5.3 million from GBP2.6 million.

However, administrative costs increased 45% to GBP12.5 million from GBP8.7 million. Cost of sales decreased 11% to GBP1.5 million from GBP1.7 million.

Meanwhile, Bidstack's cash balance at the end of 2022 rose 23% annually to GBP8.7 million from GBP7.1 million.

Looking ahead, the company expects its reseller network to "begin to contribute materially which is a

cost-efficient approach to monetising our non-core markets," and touted the launch of an open market place in the second quarter of 2023.

Bidstack added it is focused on achieving its commercial and financial objectives.

By Tom Budszus, Alliance News reporter

Comments and questions to newsroom@alliancenews.com