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Bidstack Group PLC on Monday reported its interim loss slightly widening despite growing revenue as expenses rose.
Pretax loss in the six months to June 30 widened to £3.7 million from £3.6 million a year ago, the London-based in-game advertising platform said.
Revenue more than doubled to £2.0 million from £820,136. ‘Our two-year agreement with Azerion Holding BV began in March and, after an initial integration and on-boarding phase, is now progressing in line with management's expectations. As previously mentioned, Azerion is giving Bidstack's media segment and gaming advertising network a greatly increased representation across markets new to the group,’ Bidstack explained.
Cost of sales surged to £1.2 million from £537,309. Administrative expenses widened by 15% to £4.5 million from £3.9 million.
‘We have many exciting new products, adding to our 'always-on revenue' suite of tools for publishers that are expected to be rolled out in the third quarter of 2022,’ the firm said regarding its outlook.
Bidstack shares were 1.0% lower at 3.37 pence each in London on Monday morning.
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