StockMarketWire.com - In game advertising group Bidstack forecast wider annual losses despite generating a larger-than-expected increased in revenue.

For the year ended 31 December 2020, the company forecast pre-tax losses to widen to £7.2 million from £5.4 million year-on-year and revenue to rise to £1.70 million from £140,000.

The company confirmed that, subject to non-cash adjustments and audit, 'Bidstack has exceeded market expectations in respect of revenues.'

The headcount as at 31 December 2020 stood at 69, up from 20 last year.

'Over the second half of 2020 Bidstack's sales network has ramped up significantly in core markets,' the company said.

Looking ahead, the company said it believes that the current pandemic may well result in a further lengthening of sales cycles.

'To address this, Bidstack's strategy will be to concentrate on the appropriate implementation of its technology even if this is at the expense of some short term opportunities.' it added.






At 8:24am: [LON:BIDS] Bidstack Group Plc Ord 0.5p share price was 0p at 5.45p



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