(Alliance News) - Guild Esports PLC on Wednesday said revenue multiplied in the first half, as its loss halved on strong trading.
The London-based e-sports company reported revenue for the first half ended March 31 of GBP3.7 million, more than doubling from GBP1.1 million in financial 2022, the company said this was driven by growth in sponsorship income.
Pretax loss, meanwhile, narrowed to GBP2.3 million, from GBP5.0 million a year ago, as a result of increased sponsorship revenue and a decrease in operating expenses.
Loss per share also narrowed to 0.44 pence, from 0.96p the year prior.
Looking ahead, the firm said second half revenue is expected to grow compared to the year prior, noting that it is currently trading in line with expectations, with trade supported by a strong order book and pipeline of new business.
Chief Executive Jasmine Skee said: "Guild has navigated a challenging macroeconomic environment to deliver triple-digit revenue growth, driven by strong sponsorship income and relationships with our partners. Combined with a significant reduction in operational expenses, we've seen our gross profits rise and our loss cut in half. We're keen to carry this positive momentum into the second half of 2023, with ambitious revenue and audience-growth targets for the full year.
"Guild Studios and Guild College present an opportunity to both complement our sponsorship income, and appeal to new brands looking to enter the esports space for the first time."
Guild Esports shares were unchanged at 0.75 pence each in London on Wednesday afternoon.
By Harvey Dorset, Alliance News reporter
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Guild Esports . (GILD)