Bidstack Group (AIM: BIDS.L)  said it continues to make progress as a leading platform delivering in-game advertising in half-year results for the six months ended 30 June 2020. 

The in-game advertising firm has attracted several new advertising campaigns across the US, mainland Europe and the UK including with major brands such as Audi, BBC, JBL, MG Motors, Penguin Random House, Shell, Subway, Unilever, Vodafone, and Warner Music. 

The company signed a programmatic media buying agreement with e-sports firm Gfinity (AIM: GFIN) and Venatus Media to sell advertising space on Gfinity's web platforms. 

Bidstack also unveiled an exclusive agreement with Codemasters where the company will deliver native in-game advertising for the group’s DIRT 5™ game title which is scheduled for first launch in October 2020 on the next generation Xbox Series X and PlayStation®5. 

During the period, Bidstack became the first in its field as a multi-device in-game advertising platform to be awarded the Internet Advertising Bureau's ("IAB") Gold Standard Certification. 

Shares in Bidstack have ticked up over the past two weeks and were trading 5.48% lower at 6.9p on Tuesday morning. 

James Draper, CEO of Bidstack said the company has made material progress on the demand-side in the first half as it now sees advertisers moving beyond initial test spends.   

Financially, the group posted revenues for the period of £0.3m up from £0.03m for the period ended 30 June 2019 with £5.9m of cash after an oversubscribed £5.7m equity raise in June.

Bidstack said the proceeds leave it in ‘a healthy cash position’ to pursue its business plans. 

"Following our oversubscribed placing in June 2020, Bidstack has a healthy cash position and is making material progress in its approach to building a strong foundation on which to grow and create value for shareholders,” said Draper. 

He added, “As announced on 28 May, the Board continues to expect revenues for 2020 to be very significantly second half weighted and in line with market expectations for the full year." 

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