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Bidstack Group PLC on Tuesday reported an increase in annual administrative costs which offset revenue growth for 2022. Bidstack shares fell 33% to 1.18 pence each on Tuesday morning in London. The in-game advertising firm said that in 2022, its pretax loss widened 10% to £8.8 million from £8.0 million a year prior. Revenue more than doubled to £5.3 million from £2.6 million. However, administrative costs increased 45% to £12.5 million from £8.7 million. Cost of sales decreased 11% to £1.5 million from £1.7 million. Meanwhile, Bidstack’s cash balance at the end of 2022 rose 23% annually to £8.7 million from £7.1 million. Looking ahead, the company expects its reseller network to ‘begin to contribute materially which is a cost-efficient approach to monetising our non-core markets,’ and touted the launch of an open market place in the second quarter of 2023. Bidstack added it is focused on achieving its commercial and financial objectives. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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