Esports tournament and services provider Gfinity has published its full year financial results for the year ending June 30th 2020.
Operating losses fell 36% to £5.5m, down from a loss of £8.6m in 2019, while operating costs dropped 50% following the company’s restructure announced back in March.
Gross profit rose from £1m in 2019 to £2.8m, despite a year-on-year reduction in revenue from £7.9m to £4.5m.
Gfinity launched media group Gfinity Digital Media during the period, which is set to generate revenues of more than £2m in the company’s 2021 financial year.
Gfinity has struck partnerships with the likes of Abu Dhabi Motorsport Management (ADMM), F1, Cadbury, as well as agreements with BT Sport and Viacom CBS, Amazon and the Premier League.
Gfinity put itself up for sale earlier this month – and ex football manager Harry Redknapp has emerged as a a surprise potential investor.
CEO John Clarke said: “The last six months have been a period of major transition for Gfinity. We are delighted that our sharpened focus on three core areas is now driving improved financial performance and we have significantly strengthened our market positioning to create an exciting platform for future growth.
“I would like to thank all our colleagues for their continued hard work and dedication throughout the year, particularly in light to the challenges posed by COVID-19. We work in one of the most exciting and fastgrowing industry sectors in the world, and I am excited about the opportunities for Gfinity as it continues to deliver against its strategy and enters its next phase of growth.
“We announced a review of our corporate strategic options on October 9th 2020. This is progressing as planned. It is at a very early stage but we look forward to exploring these options and to updating shareholders in due course.”
Dom is an award-winning writer who graduated from Bournemouth University with a 2:1 degree in Multi-Media Journalism in 2007.
A keen League of Legends and World of Warcraft player, he has written for a range of publications including GamesTM, Nintendo Official Magazine, industry publication MCV as well as Riot Games and others. He works as full-time content director for the British Esports Association and runs ENUK in his spare time.