(Alliance News) - World Chess PLC on Friday said it saw its annual loss widen on higher costs, and also reported a drop in revenue.
The London-based chess promotor said pretax loss widened to EUR4.7 million in 2023 from EUR2.8 million a year ago. This was due to administrative expenses being 30% higher at EUR4.3 million from EUR3.3 million the year before.
Revenue was also lower at EUR2.3 million, down 18% from EUR2.8 million a year ago.
Looking ahead, World Chess said that the impact of inflation and higher interest rates, and resulting costs pressures, "have made it a difficult environment for the company to navigate." These economic challenges remain for the business in 2024, it said, but noted that it is "cautiously optimistic" of achieving revenue growth over the course of the year.
Chief Executive Officer Ilya Merenzon said: "World Chess has delivered on several major projects during 2023, which have significantly enhanced our brand proposition. Our first chess club successfully opened in Berlin and hosted the finals of the Armageddon series. This new chess format has captured the attention of chess enthusiasts on a global scale, with match content shown across 33 different broadcast networks.
"As we advance through 2024, we remain committed to expanding the World Chess ecosystem. We will be launching new initiatives associated with the FIDE Online Arena to help drive growth, whilst attracting new commercial partners. We look forward to bringing news of our progress throughout the rest of 2024."
Shares in World Chess were down 2.8% at 3.16 pence each in London on Friday afternoon.
By Sabrina Penty, Alliance News reporter
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World Chess (CHSS)