13th Feb 2023 12:04
Bidstack Group PLC - London-based advertising agency - Expects revenue of GBP5.3 million for 2022, up from GBP2.6 million in 2021. Gross margin is expected at 70%, compared to 36% a year earlier. Cash at December 31 amounts to GBP8.7 million, up 21% from GBP7.1 million on the same date a year ago. Looking ahead, says about GBP1.2 million of revenue is already booked for the first quarter of 2023, driven by the recently hired US in-house sales team. Expects 2023 revenue to increase more than previously anticipated.
Chief Executive Officer James Draper says: "In 2022, Bidstack achieved operational growth as the business aims for a USD100 million revenue opportunity over the next three to five years."
Adds that its commercial partner Azerion Technology BV has provided Bidstack security in respect of the initial part of its claims after a preliminary hearing in the District Court in Amsterdam. Says it is confident to operate independently of the Azerion relationship over time. Last month, Bidstack said it intended to claim damages against Azerion for the termination of their commercial deal.
Current stock price: 1.82 pence each, up 14% on Monday around midday in London
12-month change: down 48%
By Xindi Wei, Alliance News reporter
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