18th Dec 2019 10:26
(Alliance News) - Shares plunged in Bidstack Group PLC on Wednesday as it said it will not meet revenue targets for 2019 due to commitment delays.
Shares in the London-based in-video game advertising provider fell by 35% to 7.77 pence on Wednesday.
Bidstack reported delays in commitments that were expected to be recognised in 2019, meaning Bidstack will not meet the revenue target for the year.
Despite this setback, the company said it was pleased with recent progress and expect its industry relationships to deliver a material uplift in revenue for 2020.
Bidstack said it is continuing to make progress with agreements and commitments with several global advertising agencies, and expects to gain access to several well-known games in the first and second quarter of 2020.
"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," said Chief Executive James Draper.
In 2018, the company delivered a pretax loss of GBP3.3 million on revenue of GBP316,906.
By Dayo Laniyan; [email protected]
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