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Bidstack Group PLC - AGM Statement

RNS Number : 1445O
Bidstack Group PLC
28 May 2020
 

Certain information contained within this Announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 ("MAR"). Upon publication of this Announcement, this information is now considered to be in the public domain.

28 May 2020

Bidstack Group Plc

("Bidstack" or "the Company")

AGM Statement

Bidstack Group Plc (AIM: BIDS.L), the native in-game advertising group, provides the following update ahead of its 2020 Annual General Meeting ("AGM") which is being held at 11.00 am today.  As stated in the Company's Notice of AGM, shareholders were asked to complete and return a form of proxy as, due to the COVID-19 pandemic, they will be precluded from travelling to and attending the AGM in person.

At the meeting, James Draper, CEO of Bidstack, will make the following statement:

"The Board is pleased with the progress of the Company towards its goal of becoming a leading platform to deliver in-game advertising.

The disruption to the advertising industry arising from the global cancellation of live sports as a result of COVID-19 has resulted in media buyers following audience demand and seeking to get in front of the increasing numbers of consumers turning to video gaming as an alternative.  Bidstack has successfully secured increasing demand side interest from multiple ad agencies.

The Company has received its first advertising bookings from the US as well as its first bookings from its network of approved local agencies in Europe, Africa and South America.

Bidstack is now working with most of the major international advertising groups.  Although initial spends have been small, the Company has run campaigns for many international brands including Activision Blizzard, Audi, BBC, Football Index, JBL, MG Motors, Penguin Random House, Shell, Subway, Unilever, Vodafone, VW and Warner Music.

As well as having run its first campaign in a new game from a global leader in digital interactive entertainment, the Company is also actively selling advertising into a title from a leading creator, publisher and distributor of interactive entertainment and services.

Bidstack is working with a number of the world's largest video games developers and publishers including a globally recognised casual games brand, a content developer for mobile and console games and the developers of a well-established battle royale genre game. Discussions are ongoing with many more leading games developers and publishers.

As announced on 11 May 2020, Bidstack is making progress to be ready for the next generation of consoles expected to be launched this year.  In addition it is working hard on the streaming platforms which the Directors believe are likely to be major players in the future of high fidelity gaming and to capture the extensive secondary viewing market.

On the technical side the Company has created and improved its AdConsole so that games publishers (as well as advertisers) can now access real time data on the performance of their games.

The Board believes that the Company's software development kit ("SDK") currently supports the majority of platforms in the market.  Bidstack's SDK is lightweight and the impressions and viewability functionality are automated.  The Company continues to innovate and develop new technologies for its intellectual property portfolio.

The Company remains confident that it is making material progress in its approach to building a strong foundation on which to grow and create value for shareholders.  The Board continues to expect revenues for 2020 to be very significantly second half weighted and in line with market expectations for the year.

In the meantime the Board remains focussed on careful management of the Company's existing cash resources and expected trading and non-trading cash receipts as it continues to grow the business."

-ENDS-

Contacts

Bidstack Group PLC

James Draper, CEO

 

via Buchanan

SPARK Advisory Partners Limited (Nomad)

Mark Brady / Neil Baldwin / James Keeshan

 

+44 (0) 203 368 3550

Stifel Nicholas Europe Limited (Broker)

Fred Walsh

 

+44 (0) 20 7710 7600

Buchanan Communications Limited

Chris Lane / Stephanie Watson / Kim van Beeck

[email protected]

 

+44 (0) 20 7466 5000

 

Notes to editors

Bidstack

Bidstack is an advertising technology company which provides dynamic, targeted and automated native in-game advertising for the global video games industry across multiple platforms. Its proprietary technology is capable of inserting adverts into natural advertising space within video games.  Bidstack's customers are games publishers and developers (on the supply side), and advertising agencies, brands and programmatic advertising platforms (on the demand side).

Bidstack contracts exclusive access to the native in-game advertising spaces within video games from their developers or publishers and sells that advertising space either directly to specific brands and their agencies or through programmatic advertising platforms.


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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Quick facts: BidStack Group PLC

Price: 4.6

Market: LSE
Market Cap: £17.82 m
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