Gfinity losses widen as it invests in product

The AIM-traded firm said that was line with management expectations, reflecting investment in expanding the executive team, refurbishing the Gfinity Esports Arena, investing in technology capabilities and preparing for the launch of the Gfinity Elite Series in July.

Its loss per share reduced 25% to 3p.

Cash and cash equivalents at year end of totalled £4.5m, up from £0.83m, with £9.95m of new funds raised during the year through two oversubscribed placings of new shares - £3.7m in July 2016 and £6.25m in May 2017.

“This has been a pivotal year for Gfinity,” quipped CEO Neville Upton.

“As the esports sector goes from strength to strength so does Gfinity's enviable reputation within it.

“I am pleased to be able to announce year-on-year revenue growth of 64%, driven principally by growth in our partner events business, which is working on an increasingly global basis with some of the world's best known games publishers and, since the year end, sports rights holders as well.”

Upton said the loss for the year was in line with expectations, and reflected the firm’s investment in building a “world class executive team”, further investments in the Gfinity Esports Arena and technology and in preparations for the “highly successful launch” of the Gfinity Elite Series, the first professional season of which commenced in July 2017, with the second season now underway.

“Following the year end, I was also delighted to announce further steps in our global expansion including the acquisition of CEVO in the US and Gfinity's first overseas deal to license the Elite Series brand, ruleset and underlying technology in Australia, in conjunction with HT&E.

“With the esports sector continuing to grow and attract ever more non-industry commercial partners, it leaves Gfinity in a strong position to move forward into 2018 with confidence.”