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(Alliance News) - Blue Star Capital PLC on Tuesday said it swung to profit in its most recent financial year thanks to an uplift in the valuation of its Guild Esports PLC and Dynasty eSports Pte Ltd investments and announced the upcoming departure of its chief executive.
The investment company has a focus on e-sports and technology applications within media and gaming. It reported a pretax loss of GBP1.7 million for the year ended September 30, swinging from a GBP687,410 loss the year before.
In 2020, the value of Blue Star's investment portfolio jumped 78% to GBP9.1 million from GBP5.1 million following an approximately GBP1.6 million investment in seven e-sports businesses, as well as a GBP2.2 million increase in value over the year. Net assets increased to GBP9.3 million at September end of GBP5.2 million the prior year.
As at September 30, Blue Star had cash of GBP132,167, up from GBP120,828 a year before. Since then, Blue Star has raised another GBP95,000 through the exercise of warrants.
Chief Executive Tony Fabrizi said: "The company has enjoyed an excellent year with diversification into the fast growing esports sector and strong progress at our tech payments businesses. We consider the portfolio to be well positioned to maintain this growth in the coming year and we look forward to the updating the market as the year progresses."
Fabrizi is to step down after seven years as CEO once a new executive director is appointed. Chair Derek Lew will assume the role of CEO when Fabrizi leaves.
Shares in Blue Star were down 0.5% at 0.24 pence in London in morning trading.
By Anna Farley; annafarley@alliancenews.com
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