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(Alliance News) - Gfinity PLC on Monday reported a narrowed annual loss, on revenue that improved solidly as the e-sports firm continued to benefit from high levels of customer demand for gaming.
The London-based business posted a pretax loss for the year ended June 30 of GBP4.1 million, narrowed from GBP8.2 million the year before.
The bottom-line improvement was driven by a 27% climb in revenue to GBP5.7 million from GBP4.5 million. A 35% annual cut in adjusted administrative expenses to GBP5.4 million was also outlined, reflecting the impact of a business restructuring in March last year, Gfinity said.
"Financial performance reflects the progress of our new strategy and we have been encouraged with what we have achieved against the backdrop of the pandemic," commented Chief Executive John Clarke.
"Looking ahead, we are now in a position to grow and monetise at scale. Despite ongoing uncertainty around Covid-19, macro trends around gaming are attractive, and we remain focused on delivering against our strategy," Clarke added.
Commenting on financial year 2022, Gfinity said it expected revenue to continue to grow, driven largely by owned content and technology. It is also said that organic growth will be supplemented by further mergers and acquisitions, as Gfinity "seeks to rapidly grow both the scale and the profitability of its Digital Media network".
Shares in Gfinity were down 11% at 4.15 pence in London on Monday morning.
E-sports have grown in popularity, helped in part by Covid-19 restrictions which boosted demand for gaming.
The London Stock Exchange is also home to David Beckham-backed Guild Esports PLC.
By Will Paige; willpaige@alliancenews.com
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