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(Sharecast News) - Esports firm Gfinity said on Monday that it had seen a "significant improvement" in its financial performance during the first half of its current trading year following a refocussing of its business and a marked cost base reduction.
Gfinity posted an adjusted operating loss of £900,000 for the six months ended 31 December, a 71% improvement on £3.1m loss recorded in the second half of last year and a 63% improvement on the same period in the prior year.
Revenues of £3.0m were up 212% on the previous six months but down 14% year-on-year as the first half of the prior year benefitted from "a significant one-off consulting project", a project for Amazon and some live events.
The AIM-listed group stated administrative expenses had reduced 45% year-on-year to £2.5m, reflecting the group's "significant cost reduction programme" in March 2020.
Looking forward, Gfinity stated it was "well capitalised" to continue to deliver on its objectives, highlighting its increased period-end cash of £1.8m, compared to £1.6m at the start of the year.
Chief executive John Clarke said: "Throughout the first half, we have continued to leverage the significant demand for our expertise and capability in creating unique solutions for our partners, whilst also expanding and investing in our community of gamers through our GDM platform.
"Despite the uncertainty caused by the Covid-19 pandemic, our business model has proved resilient. Our leading tournament platform, virtual production capabilities and proprietary technology IP means that we are uniquely placed to help brands engage with the rapidly growing gaming community."
As of 1055 GMT, Gfinity shares were down 1.77% at 3.88p.
21 Apr 2016 08:50