(Alliance News) - Gfinity PLC on Tuesday reported that pretax losses narrowed in 2023 following efforts to streamline the company.
The London-based e-sports and gaming services company said its pretax loss in the six months that ended December 31, narrowed to GBP19,205 from GBP937,911 a year earlier.
Revenue fell to GBP805,741 from GBP1.4 million, while no dividend was paid.
Gfinity described the period as "transitional," during which it renegotiated contracts and exited unprofitable business lines following the sale of Althos Game Technologies Ltd and its own esport solutions division.
Further, monthly costs were reduced by 70% through headcount reductions.
Gfinity said: "Now we have concluded our budget reduction process, we are confident we can deliver further improvements in profitability in [the second half], with cashflow increasing as we improve and increase our sites and editorial...Gfinity remains well positioned as a business, with a strong reputation, an owned audience and proprietary technology in an industry that continues to grow."
Shares in Gfinity were up 60% to 0.052 pence in London on Tuesday afternoon.
By Elijah Dale, Alliance News reporter
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Gfinity (GFIN)