If you believe any of this then of course it has legs. If not stay away!6 Oct 2021 09:24
2 September 2021
Bidstack Group Plc
("Bidstack" or "Company" or "Group")
Interim Results for the six months ended 30 June 2021
-Good financial and operational progress. Well capitalised to pursue growth strategy --
Bidstack Group Plc (AIM: BIDS.L), the native in-game advertising group, announces its unaudited results for the six months ended 30 June 2021. The Interim Report for the period ended 30 June 2021 will be published on the Company's website - www.bidstackgroup.com today.
Financial Highlights
· Revenue of £820k (H1 2020: £274k);
· Gross margin improvement to 34.5% (H1 2020: 27.9%);
· Period end cash balance of £695k (30 June 2020: £5.9m);
· Loss per share reduced to 0.74 pence (H1 2020: loss of 1.18 pence per share).
Post Period End Highlights
· Successful £10.863m equity fundraising (before expenses) completed on 23 July 2021;
· Bryan Neider, 25 year veteran at Electronic Arts, joined the Board as an independent Non-Executive Director on 23 July 2021.
Operational Highlights
- Significant progress made in onboarding titles across stadium, racing and open world environments as well as Unity, Unreal and custom games engines;
- Now offering advertisers increased and broader inventory from a portfolio with over 30 games;
- Reinforcing relationships with the world's leading agency holding groups which are now growing outside of the UK and US;
- Developing momentum in engaging directly with brands;
- Continuing to integrate with established third party ad-tech vendors which increases accessibility to Bidstack inventory in core markets;
- Significant developments with the IAB, the industry trade body, in defining "in-game" as a new formal advertising category and providing scalable guidelines.
Donald Stewart, Chairman, said:
"Following completion of the fundraise on 23 July 2021, with approximately £10.2 million of net proceeds, Bidstack is now well capitalised to exploit the commercial opportunities it currently has and to pursue its strategy for some time to come.
"The second half of the current financial year has started well and in line with our expectations. Since the period end Bidstack has onboarded a number of new games including Nordeus' flagship football management game, Top Eleven, T-Bull's classic car driving simulation game Racing Classics PRO: Drag Race & Real Speed, Motionlab Interactive's multiplayer PDC Darts Match and Suji Games' animated simulation game Hyper Airways. We expect a number of further games to join Bidstack's roster in the second half.
"With improving visibility of the sales pipeline, we believe the Company has a strong pipeline of revenue for the second half as existing advertisers rebook with growing spend and business development efforts come to fruition.
"The Company continues to expect to deliver revenues for the year in line with market expectations. In addition, the Board has been focussed on improving gross margin and cont
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