(Alliance News) - Shares in Bidstack Group PLC were up Thursday as it said that it is on track to meet full-year market expectations.
Shares in the London-based in-game advertising platform were up 11% at 2.78 pence each in London on Thursday afternoon.
Revenue in the six months to June 30 more than doubled to GBP2.1 million from GBP820,000 last year. Period end cash balance also climbed to GBP3.6 million from GBP695,000 at June 30, 2021.
Bidstack said that, at the start of March, it had begun its roll out of its Azerion Group NV media sales partnership. Current performance is in in line with the two-year USD30 million minimum revenue contractual agreements, the company added.
Looking forward, Bidstack expects revenue from its Azerion partnership to "accelerate" into the second half of the year.
The company also said that it plans to launch new products in the next six months, adding to its games inventory of over 100 titles.
Bidstacks expects revenue for financial year 2022 to be in line with market expectations, it added.
Chief Executive James Draper said: "We are all very aware of the uncertainty caused by the challenging global economic climate. However, we are confident that the video games sector will remain strong and that the demand for advertising-spend monetisation will continue to increase, from game developers and publishers. There is a clear trend toward shifting media spend towards the video games audience."
By Sophie Rose; sophierose@alliancenews.com
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