The Bidstack Group PLC (LON: BIDS) share price surged 13.4% after issuing a trading and operations update for its 2022 financial year. Some of the report’s highlights included a 103% increase in its unaudited revenues to £5.3 million from £2.6 million in 2021.
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The in-game advertising company also reported significantly improving its gross margins from 36% in 2021 to 70% in 2022. However, it attributed the massive change to using IFRS 15, saying that the gross margins would be closer to 40% without the accounting standard's impact.
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Still, the company had numerous achievements in the 2022 financial year, including conducting a successful placing that raised £10.5 million in October 2022 and expanding its global network of game publishers and premium-rated developers, which made it attract 250 game titles versus the 58 titles it had at the end of 2021.
Bidstack also hired Jude O'Connor as its Chief Revenue Officer (CRO) and Camila Franklin as its Chief Operating Officer (COO) in September 2022. The company hired the two executives from AdColony as it increased its focus on the North American market. As a result, the firm’s commercial team now has ten members.
The company has also onboarded multiple resellers into its network, including AdScholars (India), Omega Media (Vietnam), Totally Awesome (APAC), MMP Worldwide (MENA), and TNK Factory (South Korea). The firm continued its expansion in the Asia-Pacific region by appointing Motoki Kikuta (Regional Lead) in Japan.
Bidstack noted that it had already booked £1.2 million of revenue for Q1 2023, which is usually its weakest quarter and has a strong pipeline of premium publishers, including a recent two-year exclusive in-game advertising agreement signed with Hungry Shark Evolution, a successful mobile franchise from Ubisoft.
The company also highlighted its ongoing dispute with Azerion, which assured investors would have minimal impact on its operations. Its in-house sales team is excellently signing new clients even as the Azerion dispute is being pursued in court.
Investors cheered Bidstack’s excellent performance in 2021 and the positive start to 2023, which promises to be a record-breaking year for the company.
*This is not investment advice,
The Bidstack share price surged 13.38% to trade at 1.78p, from Friday’s closing price of 1.57p.
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