(Alliance News) -Â Bidstack Group PLC on Monday said it beat market expectations for revenue in 2020 though its loss is set to widen.
Shares in the in-video game advertising firm were down 30% at 7.50 pence in London on Monday.
Bidstack said it anticipates revenue of GBP1.7 million versus GBP140,000 in 2019. However, the firm's pretax loss is expected to widen to GBP7.2 million from GBP5.4 million.
The firm said its strategy to focus on the world's largest video games developers and publishers is "progressing well".
"The company has exclusivity over an increasing number of titles in which its technology is integrated. Bidstack maintains strong working relationships with its key AAA games publishers including Sega, Codemasters and Ubisoft which has resulted in organic growth across the portfolio. The pipeline across AAA publishers and independent publishers remains robust despite typically long sales cycles," Bidstack said.
However, it believes that the current pandemic may result in a "further lengthening" of sales cycles. To address this, Bidstack's strategy will be to concentrate on the appropriate implementation of its technology, "even if this is at the expense of some short term opportunities."
Bidstack added that it has accepted the resignation of Derek Wise from the board. The company will commence the search for a new non-executive director.
By Lucy Heming;Â lucyheming@alliancenews.com
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