Gfinity boosts revenue, narrows loss in full year results

ESports company Gfinity posted its full year results for the 12 months to 30 June on Tuesday, with revenue increasing by 158% to £1.45m.

The AIM-traded firm said its operating loss decreased by 12.0% to £3.2m, and its loss per share reduced 33.3% to 4p.

Cash and cash equivalents were £0.83m at period end, down from £2.73m at the start of the year.

Since the end of the year, £3.7m was raised from a share placing, before expenses.

“The year to 30 June was a highly successful one for the company, during which we continued to deliver on our strategy to become one of the world's leading promoters of eSports competitions and content,” said co-founder and CEO Neville Upton.

“The launch of new products, such as our Tournament Builder application strengthened our unique position of providing a complete end to end eSports solution, while partnerships with publishers including EA, Microsoft and Super Evil Megacorp demonstrate Gfinity's growing reputation within the eSports sector.”

Upton said that, following the year-end, the board was also delighted to complete a further round of funding, which gave it the opportunity to bring in a major new shareholder, Charles Street International.

“This investment leaves Gfinity well positioned to accelerate its growth strategy into 2017.”