StockMarketWire.com - Bidstack Group posted wider annual losses as a surge in revenue was offset by rising costs as the group strengthened its sales and development teams.

For 2018, pre-tax losses widened to £3.31m from £0.49m a year earlier and revenue increased to £316,906 from £10,034 a year earlier.

Operating loss before Acquisition related costs rose to £1.19m from £0.49m a year earlier.

Both sales and the adjusted loss before tax in 2018 were in line with management's projections.

Total overheads increased to £1.6m from £0.404m.

Total staff costs jumped to £698,972 from 33,833 a year earlier as the company increased wages and higher more employees in a bid to strengthen sales and technical development teams.



'We believe this strategy will result in the business being well placed to meet market expectations for 2019 and will facilitate extensive growth in 2020. As a fast-growing business, we expect that revenues in 2019 will be significantly second half weighted with perhaps a more marked split than previously anticipated,' said Donald Stewart, Chairman.





At 9:00am: [LON:BIDS] Bidstack Group Plc Ord 0.5p share price was -1.25p at 13.05p



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