In-game advertising company Bidstack has grown revenues 160% compared with the same period a year ago.
The London-listed group reported sales of £2.1 million for the half year ended 30th June, compared with £820,000 in H1 2021.
It also revealed that the inventory of games its technology now supports is over 100 titles – up from 58 at the end of 2021 – with more than 100m monthly active users.
Bidstack, which recently featured on our sister publication BusinessCloud’s MediaTech 50 innovation ranking, last month revealed the appointment of David Reeves, former head of Sony Computer Entertainment (Europe), as chair.
It said its cash balance was £3.6m – compared with £695k in 2021 – with further significant non-trading cash receipt expected in Q3 of this year.
The figures were boosted by the rollout of a media sales partnership with Azerion Group in the UK and across the EMEA region from the start of March.
“The first six months of FY22 has seen the company put in place further foundations for longer term growth, as our group revenues begin to accelerate,” said James Draper, CEO.
“A 160% increase in first half revenue year-on-year to £2.1m is testament to our broader product offering and suite of tools, organic growth through cross-selling and the commencement of our relationship with Azerion.
“Our cash management has been carefully balanced between investment for aggressive growth and prudent management. In addition, our gross margin is trending up year-on-year.
“In addition, the progress of our technology division has seen PubGuard, a company acquired by Bidstack in 2019, now beginning to commercialise, with Azerion agreeing to be the exclusive reseller for this product over the next two years.
“Outside of our media business, our H2 22 focus will be on enterprise software sales. Our commercial pipeline remains robust as we make good progress. Our vision has always been to create a platform that generates recurring and automated revenues through our suite of tools, designed to help our gaming publishers customers monetise brand activations.
“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 Q3 2022. This should support a robust second half to the year for the Group and an increased number of game developers seeking to take advantage of our technologies, not just within advertising, but across their studios.
“We are all very aware of the uncertainty caused by the challenging global economic climate. However, we are confident that the video games sector will remain strong and that the demand for advertising-spend monetisation will continue to increase, from game developers and publishers. There is a clear trend toward shifting media spend towards the video games audience.
“I believe we are well-placed to benefit as our market continues to mature and I look forward to providing further updates.”