Bidstack Group PLC Trading Update (5516T)
21 Julio 2020 - 1:00AM
UK Regulatory
TIDMBIDS
RNS Number : 5516T
Bidstack Group PLC
21 July 2020
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 now
considered to be in the public domain.
21 July 2020
Bidstack Group Plc
("Bidstack" or "the Company")
Trading Update
Bidstack Group Plc (AIM: BIDS.L), the native in-game advertising
group, is pleased to provide a trading update for the six months
ended 30 June 2020.
Trading performance
Interim results for the six months ended 30 June 2020 are
expected to include unaudited revenues in the region of GBP0.275
million (6 months ended 30 June 2019: GBP0.027m). In addition,
available unaudited cash as at 30 June 2020 was approximately
GBP5.9m (period ended 30 June 2019: GBP6.0m).
Operational performance
Bidstack continues to progress towards its goal of becoming a
leading platform to deliver in-game advertising.
The recent award of the Internet Advertising Bureau's Gold
Standard certificate 1.1 has extended the opportunities available
to the Company for inclusion in media planning by international
advertising agencies. During the period Bidstack has worked with
and run campaigns for 11 major advertising agency groups.
In the first half of the current financial year the Company has
attracted advertising campaigns from the United States, mainland
Europe and the UK. Customers are moving beyond initial test spends
and the size and scope of proposed advertising campaigns has
increased significantly.
In addition Bidstack's own network of approved local partner
agencies in Europe, Africa and South America now extends to nine
companies.
Bidstack's proprietary AdConsole, the Company's platform that
enables games publishers and advertisers to access real time data
on the performance of their games, has been updated with new
functionality allowing games publishers to submit on-boarding
information and, subject to approval by the Company, to have their
games automatically uploaded into AdConsole.
Work continues with some of the world's largest video games
developers and publishers to incorporate our software into their
games and Bidstack is experiencing increased inbound interest from
other leading games developers, publishers and others that are
interested in engaging with the in-game advertising sector.
The Company's significantly oversubscribed placing, the results
of which were announced on 5 June 2020, raised gross proceeds of
GBP5.7m for the Company leaving Bidstack in a healthy cash position
to continue to pursue its business plans.
As a result the Company remains confident that it is making
material progress in its approach to building a strong foundation
on which to grow and create value for shareholders. As announced on
28 May 2020, the Board continues to expect revenues for 2020 to be
very significantly second half weighted and in line with market
expectations for the year ending 31 December 2020.
James Draper, CEO of Bidstack, said:
"I am pleased with our progress in the first half of 2020.
"The disruption to the advertising industry, as a result of
COVID-19, has led to media buyers turning away from traditional
means of advertising and focusing increasingly on emerging digital
options. Bidstack's platform is well-positioned to capitalise on
the increase in demand for our native in-game advertising
inventory, which captures a large number of video game
consumers.
"Over the period the levels of demand side interest we are
experiencing from media agencies and brands has increased
significantly. We are continuing progress with a range of content
developers to construct the depth of supply which will enable us to
fully exploit the demand we are starting to generate."
-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 +44 (0) 20 7710 7600
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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 technology is capable of inserting adverts into natural
advertising space within video games. Bidstack's customers are
games publishers and developers (on the supply side), and
advertising agencies, brands and programmatic advertising platforms
(on the demand side).
Bidstack contracts exclusive access to the native in-game
advertising spaces within video games from their developers or
publishers and sells that advertising space either directly to
specific brands and their agencies or through programmatic
advertising platforms.
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END
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