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Gfinity revenues up 158% in “highly successful” year for eSports

Gfinity continues to deliver on a strategy that sees it becoming one of the world's leading promoters of eSports competitions and content, so says chief executive Neville Upton.

pro gamer - picture taken at Gillette sponsored Gfinity tournament for the FIFA 2016 title
Gfinity hosted a Gillette sponsored FIFA 2016 tournament during the summer

eSports specialist Gfinity PLC (LON:GFIN) has reported a 158% rise in revenues, helping narrow losses in what it said was a highly successful year.

Neville Upton, Gfinity chief executive, said: “we continued to deliver on our strategy to become one of the world's leading promoters of eSports competitions and content.  

“The launch of new products, such as our Tournament Builder application, strengthened our unique position of providing a complete end-to-end eSports solution, while partnerships with publishers, including EA, Microsoft and Super Evil Megacorp, demonstrate Gfinity's growing reputation within the eSports sector."

Upton added: “Following the year-end, we were also delighted to complete a further round of funding, which gave us the opportunity to bring in a major new shareholder, Charles Street International, a well-known and successful technology investor, with considerable experience and contacts in related areas. 

“This investment leaves Gfinity well positioned to accelerate its growth strategy into 2017."

Gfinity generated £1.45mln of revenue in the twelve months ended June 30, up 158% from £560,000 last year, and its operating loss reduced by 12% to £3.2mln. The overall loss for the year amounted to £3.03mln, compared to £3.58mln the year before.

The company ended the financial year with £83,000 of cash, though some £3.7mln was raised in July.

During the year Gfinity launched a number of significant digital assets, including its tournament building app for Microsoft’s Xbox One as well as the Gfinity TV online TV player and its tournament software for PC gaming, which includes anti-cheat and easy match-making functionality.

On a commercial level the highlights included key sponsorship deals (notably a deal with Gillette and HP) and deals with game studios such as Electronic Arts – for the FIFA and Battlefield franchises – as well as hosting the UK leg of the Halo World Series on behalf of Microsoft.

The group was selected to host events in London, Paris and Mexico City for the Xbox Gears of War 4 Pro-Circuit.

Looking forward, Neville Upton says: “The eSports sector continues to be a very exciting sector in which to operate. 

“With a large, growing and engaged audience of young millennials that broadcasters and sponsors find difficult to reach via other channels, commercial opportunities for leading players in this sector appear strong.

“The investments that Gfinity has made to date in building its capability and reputation, together with the financial investment received following the year-end, leave it in a strong place to take advantage of these opportunities.”

Quick facts: Gfinity PLC

Price: 4.45 GBX

AIM:GFIN
Market: AIM
Market Cap: £35.44 m
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