18 Dec 2019 07:00
Certain information contained within this Announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 ("MAR"). Upon publication of this Announcement, this information is considered to be in the public domain.
18 December 2019
BIDSTACK GROUP PLC
('Bidstack' or 'the Company')
Trading Update
Bidstack Group plc (AIM: BIDS), the native in-game advertising group, announces an update on trading for the year ending 31 December 2019 ('FY 2019').
Further to the announcement of its interim results on 30 September 2019, the Company reports that momentum towards its goals continues to be positive.
The Board is pleased with recent progress and expects that its industry relationships will deliver a material uplift in revenues in 2020. However due to commitments previously anticipated to be recognised in 2019 having been delayed, it is clear that the Company will not now meet its revenue targets for 2019.
While all of the Company's revenues for 2019 are expected to derive from programmatic advertising spend, which is growing month on month, they are not expected to be significant.
The Company continues to progress significant agreements and commitments with a number of global advertising agencies.
Bidstack has also been working closely with some of the world's largest names in computer game development and publishing. Access to a number of well-known games is expected in Q1 and Q2 2020.
In addition the Company is achieving considerable progress in making the Bidstack platform available in cloud gaming services.
James Draper, CEO, commented:
"We are building out a new advertising category and the conversations we are having are extremely detailed and have therefore taken longer than we would ideally have anticipated. Although I am disappointed that we have not met our revenue targets for 2019, I firmly believe the Company is taking the right approach to fulfil its strategy to become the biggest ad network for the video games industry."
- Ends -
Contacts:
Bidstack Group Plc James Draper, CEO |
via Buchanan |
SPARK Advisory Partners Limited (Nomad) Mark Brady/Neil Baldwin/James Keeshan |
+44 (0) 203 368 3550 |
Stifel Nicholas Europe Limited (Broker) Fred Walsh/Neil Shah |
+44 (0) 20 7710 7600 |
Buchanan Communications Limited Chris Lane / Stephanie Watson / Kim van Beeck bidstack@buchanan.uk.com
|
+44 (0) 20 7466 5000 |
Notes to editors:
About Bidstack
Bidstack is an advertising technology company which provides dynamic, targeted and automated native in-game advertising for the global video games industry across multiple platforms. Its proprietary API technology is capable of inserting adverts into natural advertising space within video games across multiple video games platforms (mobile, PC and console).
Bidstack's customers are games publishers and developers and advertising agencies, brands and programmatic advertising platforms. Bidstack contracts exclusive access to the native in-game advertising space within video games from their developers or publishers and sells that advertising space either direct to specific brands and their agencies or through programmatic advertising platforms.