Bidstack Group PLC (LON:BIDS) chief executive James Draper has highlighted the video game advertising group’s continuing progress alongside its latest interim results.
The firm, which is driving in-game advertising as a new advertising category, advanced commercial aspects of its business during the first six months of 2020, for example, initiating relationships with major brands - including Audi, Shell, Subway, Unilever, Vodafone, and VW - with small spend pilot campaigns.
It also inked a programmatic media buying agreement with eSport’s group Gfinity PLC (LON:GFIN) and Venatus Media to sell advertising space across Gfinity's web platforms.
READ: Demand for in-game advertising is increasing significantly
And, significantly, the group signed an exclusive deal with Codemasters which will see it deliver native in-game advertising into its high profile DIRT 5 game title which will launch on next-generation consoles, Playstation 5 and Xbox Series X, in October.
During the half year, Bidstack became the first multi-device in-game advertising platform to be awarded the Internet Advertising Bureau's gold standard certification.
In terms of financial performance, the emerging technology business generated some £300,000 of revenue for the six months ended June 30, 2020, with £5.9mln of cash, following an oversubscribed £5.7mln equity raise on June 10.
Draper described the group's cash position as “healthy” as he noted that the company is making material progress in building a financial foundation for growth and value creation 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 full year,” he said in the results statement.
Draper added: “We have continued to make further progress towards our goal of becoming a leading platform to deliver in-game advertising and remain at the forefront of the creation of in-game advertising as a new advertising category.
"This includes progress on the demand side, where we are now experiencing advertising customers moving beyond initial test spends, as well as the supply side where we continue to work with and engage a number of the world's largest video games developers and publishers.”