07:00 Mon 04 Mar 2019
Gfinity PLC - Half-year Report
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR")
("
Half Year Results
Financial Highlights:
· Revenue for the period of
o 3% increase versus Full Year to
o Managed Service revenue of
o Owned content revenue of
· Group gross profit of
o Managed Services,
o Owned content,
· Adjusted Operating Expenditure
· Adjusted EBITDA loss
· Operational net cash outflow of
Operational Highlights:
·
· Designed, developed and delivered second season of Formula 1 Esports Series, utilising the Company's robust technical platform to ensure competition governance and results, generating 20m viewers
· Appointed Tournament Operator for ePremier League ('ePL') inaugural season
· Deepened partnership with
· Hosted successful Halo and
· Negotiations started with
· Over 50 million fans viewed
· Domino's signed multi-season agreement to be presenting partner of Elite Series and Challenger Series
· Completed Elite Series Season 4, with more than 13.5m viewers for live events and 7m views of additional shoulder content
· Esports solutions expertise showcased at Leaders in Sport to more than 200 industry professionals
· Partnership with
·
"Since becoming Executive Chairman I have appointed a new leadership team and together we have improved the strategic focus of the Company. Our first half performance is a testament to the changes that have been made. Revenues were up 143% versus the same period in the prior year and already 3% higher than the full financial year to
"Our new key strategic priorities showed significant progress during the first half year. We continue to drive growth through our multi-year relationships with many of the world's most respected publishers and rights holders. Our solutions-based business model is delivering new gameplay and content innovations, underpinning our performance going forward and driving significant growth and profitability in our Managed Services business.
"The global esports economy is predicted to break the
Outlook
The Board is pleased with the Company's trading in the year to date, which is in line with its expectations. The Board remains positive about the outlook for
Enquiries:
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Via Walbrook PR |
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Tel: +44 (0) 20 3328 5656 |
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Shore Capital - Joint Broker |
Tel: +44 (0) 20 7408 4090 |
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Walbrook PR (Media & Investor Relations) |
Tel: +44 (0) 20 7933 8780 |
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About
All
More information about
Operational Review
The half year to
After a period of significant investment in our solutions and content production capability, we are seeing positive improvements across all key indicators. During the period, over 50 million fans viewed content generated and delivered by
At the same time, we continue to invest in those areas that support our strategic priorities and that give us the greatest competitive advantage, namely our proprietary technology platform, our commercial and client service capability and geographic reach.
Esports market
The esports market continues to grow and excite. The recently published Newzoo Global Esports Market Report 2019 states that revenues are expected to surpass
This is a young and fast-growing industry, with new trends emerging at pace. Increasingly, game publishers and esports teams are recognising the need to deliver entertainment based content to tell stories about players and games, giving consumers a 'reason to care'. This is a space where
These trends play into the skill set and expertise of
Strengthening leadership talent
Experienced leaders have been added to the team. In July,
Managed Services
There was significant profitable growth in our Managed Service business. This is a direct result of the strength of relationships developed over time with leading publishers such as EA SPORTS, Formula 1, Microsoft and Activision. These have been built based on consistent delivery of high-quality solutions, events and broadcasts, supported by innovative new ideas and proprietary robust technical platform. Increasingly,
During the period,
Owned Content - Elite Series and Challenger Series
The Elite Series format has demonstrated to games publishers, like
Season 4, Delivered by Domino's for the first time, generated record viewership of 13.5 million people. More than 40% of the audience came from the US. There were more than 7 million views of additional shoulder content created to support the tournament.
Concurrently, we delivered Elite Series Australia Season 2, which achieved live viewership of 4.4 million, attracting commercial partnerships from organisations including
The Elite Series brand has shown itself to be both resilient and flexible. By staying true to the principle of creating exciting and entertaining competitions we have been able to change games, formats and teams without impacting viewership and engagement. This allows us to further evolve the Elite Series in line with consumer expectations and the needs of publishers, commercial partners and teams.
Reputation of the industry
The positive social impact of gaming has been widely reported. It connects people in new ways, builds self-esteem and enhances problem solving skills. At the same time, it has created a new burgeoning economic ecosystem. From game creators to professional players and from casters to event production, new career opportunities have emerged. This is a major benefit. There has also been a focus on the negative aspects commonly associated with gaming, most notably cases of addiction amongst gamers and the dangerous health effects of a sedentary lifestyle. These are real concerns and we recognise the need to understand them and help play a role in addressing them. As part of this we are continuing to support
Financial Review
The six-month period to
This growth was driven across both Managed Services and Gfinity Owned Content. In the Managed Services Business, revenue of
Reported administrative expenses of
Collectively, this resulted in an operating loss, adjusted for non-cash items, of
The net cash outflow from operating activities of
Group Statement of Profit or Loss
|
|
6 Months to 31 Unaudited |
|
6 Months to 31 Unaudited |
|
Year to Audited |
|
|
£ |
|
£ |
|
£ |
CONTINUING OPERATIONS |
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Revenue |
|
4,440,793 |
|
1,829,298 |
|
4,317,325 |
|
|
|
|
|
|
|
Cost of sales |
|
(3,924,966) |
|
(5,043,089) |
|
(7,732,767) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit/(loss) |
|
515,827 |
|
(3,213,791) |
|
(3,415,442) |
|
|
|
|
|
|
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Administrative expenses |
|
(5,972,717) |
|
(4,361,228) |
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(10,033,326) |
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|
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Operating loss |
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(5,456,890) |
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(7,575,019) |
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(13,448,768) |
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|
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Share of Associate Profit / (Loss) |
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(314,616) |
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(147,296) |
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(347,237) |
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Finance income |
|
2,893 |
|
67 |
|
1,432 |
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|
|
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Finance Costs |
|
- |
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- |
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(1,333) |
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|
|
|
|
|
|
|
|
|
|
|
|
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Loss on ordinary activities before tax |
|
(5,768,613) |
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(7,722,248) |
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(13,795,906) |
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|
|
|
|
|
|
|
|
|
|
|
|
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Taxation |
|
55,895 |
|
- |
|
222,356 |
Loss from continuing operations |
|
(5,712,718) |
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(7,722,248) |
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(13,573,550) |
Profit from discontinued operations |
|
1,911 |
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- |
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- |
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|
|
|
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Retained loss for the period |
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(5,710,807) |
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(7,722,248) |
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(13,573,550) |
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|
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|
|
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Loss per share (basic and diluted) |
|
- |
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- |
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- |
Group statement of comprehensive income
|
6 Months to 31 Unaudited |
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6 Months to 31 Unaudited |
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Year to Audited |
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|
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£ |
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£ |
Loss for the period |
(5,710,807) |
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(7,722,248) |
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(13,573,550) |
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|
|
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Other comprehensive income |
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|
|
|
|
|
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Items that will be reclassified to profit or loss |
|
|
|
|
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|
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|
|
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Changes in the fair value of derivatives recognised at fair value |
58,083
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- |
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108,421 |
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|
|
|
|
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Derivatives settled during the period that have been reclassified to profit or loss |
(166,504) |
|
- |
|
- |
|
|
|
|
|
|
Items that will not be reclassified to profit or loss |
- |
|
- |
|
- |
|
|
|
|
|
|
Foreign exchange loss on retranslation of foreign subsidiaries |
(8,724) |
|
- |
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(1,717) |
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|
|
|
|
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Other comprehensive income for the period |
(117,145) |
|
- |
|
106,704 |
|
|
|
|
|
|
|
|
|
|
|
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Total comprehensive income for the period |
(5,827,952) |
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(7,722,248) |
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(13,466,846) |
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Group Statement of Financial Position
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As at Unaudited |
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As at Audited |
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£ |
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£ |
NON-CURRENT ASSETS |
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Property, plant and equipment |
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570,233 |
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758,861 |
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2,544,525 |
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2,544,525 |
Intangible fixed assets |
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1,743,249 |
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2,070,156 |
Investments in Associates |
|
213,446 |
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264,464 |
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5,071,454 |
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5,638,006 |
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CURRENT ASSETS |
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Trade and other receivables |
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1,469,988 |
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2,159,869 |
Cash and cash equivalents |
|
6,425,449 |
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3,679,288 |
Current Tax Assets |
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- |
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153,000 |
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|
|
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7,895,437 |
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5,992,157 |
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TOTAL ASSETS |
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12,966,891 |
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11,630,163 |
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EQUITY AND LIABILITIES |
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Equity |
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Ordinary shares |
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362,897 |
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286,348 |
Share premium account |
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37,455,838 |
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31,565,734 |
Other reserves |
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1,100,245 |
|
585,539 |
Retained earnings |
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(29,448,193) |
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(23,628,965) |
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|
|
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|
|
|
|
|
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Total equity |
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9,470,787 |
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8,808,656 |
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|
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Non-current liabilities |
|
|
|
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Deferred Tax Liabilities |
|
310,889 |
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366,245 |
|
|
|
|
|
Current liabilities |
|
|
|
|
Trade and other payables |
|
3,185,215 |
|
2,238,420 |
Derivative Financial Instruments |
|
- |
|
216,842 |
|
|
|
|
|
|
|
|
|
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Total liabilities |
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3,496,104 |
|
2,821,507 |
|
|
|
|
|
|
|
|
|
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TOTAL EQUITY AND LIABILITIES |
|
12,966,891 |
|
11,630,163 |
|
|
|
|
|
|
|
|
|
|
|
|
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Group Cash Flow Statement
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6 months to 31 |
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6 months to 31 |
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Year to 30 |
|
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Unaudited |
|
Unaudited |
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Audited |
|
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
Cash flow used in operating activities |
|
|
|
|
|
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Net cash used in operating activities |
|
(2,786,309) |
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(6,360,823) |
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(12,505,936) |
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|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flow from/(used in) investing activities |
|
|
|
|
|
|
Interest received |
|
- |
|
67 |
|
1,432 |
Additions to property, plant and equipment |
|
(18,151) |
|
(240,213) |
|
(312,342) |
Investment in Associate |
|
(263,598) |
|
(57,505) |
|
(315,713) |
Acquisition of subsidiaries net of cash acquired |
|
- |
|
(716,438) |
|
(1,049,924) |
Proceeds from Sale of Discontinued Operations |
|
15,047 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in investing activities |
|
(266,702) |
|
(1,014,089) |
|
(1,676,547) |
|
|
|
|
|
|
|
Cash flow from/(used in) financing activities |
|
|
|
|
|
|
Issue of equity share capital |
|
6,000,000 |
|
7,000,000 |
|
13,700,466 |
Share Issue Costs |
|
(192,106) |
|
(209,873) |
|
(357,717) |
Repayment of loans |
|
- |
|
(34,630) |
|
- |
|
|
|
|
|
|
|
Net cash from financing activities |
|
5,807,895 |
|
6,755,497 |
|
13,342,749 |
|
|
|
|
|
|
|
Net increase/(decrease) in cash and cash equivalents |
|
2,754,884 |
|
(619,415) |
|
(839,736) |
Effect of Currency Translation on cash |
|
(8,723) |
|
(4,388) |
|
- |
Opening cash and cash equivalents |
|
3,679,288 |
|
4,519,024 |
|
4,519,024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Closing cash and cash equivalents |
|
6,425,449 |
|
3,895,221 |
|
3,679,288 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Statement of Changes in Equity
|
|
Ordinary shares
|
|
Share premium
|
|
Share Option Reserves
|
|
Retained earnings
|
|
Forex |
|
Total equity
|
|
|
£ |
|
£ |
|
£ |
|
£ |
|
£ |
|
£ |
|
At |
188,664 |
|
15,254,085 |
|
154,217 |
|
(10,163,836) |
|
- |
|
5,433,130
|
|
Loss for the period |
- |
|
- |
|
- |
|
(7,722,248) |
|
- |
|
(7,722,248) |
|
Total Comprehensive Income |
- |
|
- |
|
- |
|
(7,722,248) |
|
- |
|
(7,722,248) |
|
Share Issue Costs |
- |
|
(209,873) |
|
- |
|
- |
|
- |
|
(209,873) |
|
Share Options Expensed |
- |
|
- |
|
108,305 |
|
- |
|
- |
|
108,305 |
|
Proceeds of Shares Issued |
29,540 |
|
7,729,410 |
|
|
|
- |
|
- |
|
7,758,950 |
|
Total transactions with owners, recognised directly in equity |
29,540 |
|
7,519,537 |
|
108,305 |
|
- |
|
- |
|
7,657,382 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At |
218,204 |
|
22,773,622 |
|
262,522 |
|
(17,886,084) |
|
- |
|
5,368,264 |
|
Loss for the period |
- |
|
- |
|
- |
|
(5,851,302) |
|
- |
|
(5,851,302) |
|
Other Comprehensive Income |
|
|
|
|
|
|
108,421 |
|
(1,717) |
|
106,704 |
|
Total comprehensive Income |
-- |
|
-- |
|
-- |
|
(5,742,881) |
|
(1,717) |
|
(5,744,598) |
|
Proceeds of Shares Issued |
52,223 |
|
5,889,293 |
|
- |
|
- |
|
- |
|
5,941,517 |
|
Shares as Consideration |
15,921 |
|
3,050,663 |
|
- |
|
- |
|
- |
|
3,066,584 |
|
Share Issue Costs |
- |
|
(147,844) |
|
- |
|
- |
|
- |
|
(147,844) |
|
Share options expense |
- |
|
- |
|
324,734 |
|
- |
|
- |
|
324,734 |
|
Forex |
- |
|
- |
|
- |
|
- |
|
- |
|
|
|
Total transactions with owners, recognised directly in equity |
68,144 |
|
8,792,112 |
|
324,734 |
|
- |
|
- |
|
9,184,990 |
|
At 30 June 2018
|
286,348 |
|
31,565,734 |
|
587,256 |
|
(23,628,965) |
|
(1,717) |
|
8,808,656
|
|
Loss for the period |
- |
|
- |
|
- |
|
(5,710,807) |
|
- |
|
(5,710,807)
|
|
Other Comprehensive Income |
- |
|
- |
|
- |
|
(108,421) |
|
(8,724) |
|
(117,145) |
|
Total Comprehensive Income |
- |
|
- |
|
- |
|
(5,819,228) |
|
(8,724) |
|
(5,827,952) |
|
New Shares Issued |
76,549 |
|
5,923,451 |
|
- |
|
- |
|
- |
|
6,000,000 |
|
Shares as Consideration |
- |
|
158,760 |
|
- |
|
- |
|
- |
|
158,760 |
|
Share Issue Costs |
- |
|
(192,107) |
|
- |
|
- |
|
- |
|
(192,107) |
|
Share Options Expensed |
- |
|
- |
|
523,430 |
|
- |
|
- |
|
523,430 |
|
Total transactions with owners, recognised directly in equity |
76,549 |
|
5,890,104 |
|
523,430 |
|
- |
|
- |
|
6,490,083 |
|
At 31 December 2018 |
362,897 |
|
37,455,839 |
|
1,110,686 |
|
(29,448,193) |
|
(10,441) |
|
9,470,787 |
Notes to the interim financial statements
1. General Information
Gfinity plc is a company limited by shares, incorporated and domiciled in the United Kingdom under the Companies Act 2006. Its registered office is 35 New Bridge Street, London, EC4V 6BW. Its shares are quoted on the AIM market of London Stock Exchange.
The functional and presentational currency is £ sterling because that is the currency of the primary economic environment in which the group operates. Foreign operations are included in accordance with the policies set out in note 2.
These condensed interim financial statements were approved for issue on 1 March 2019.
The financial statements have been reviewed by the Group's auditors but not audited.
2. Accounting Policies and Basis of Preparation
Basis of Preparation
The interim financial statements for the six months ended 31 December 2018 have been prepared using accounting policies that are consistent with those of the audited financial statements for the period ended 30 June 2018 and in accordance with IAS 34, "Interim Financial Reporting" as adopted by the European Union. The interim financial information should be read in conjunction with the Group's Annual Report and Accounts for the year ended 30 June 2018, which has been prepared in accordance with IFRS as adopted by the European Union.
The interim financial information contained in this report has been reviewed but not audited and does not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006.
The Annual Report and Accounts for the year ended 30 June 2018 has been filed with the Registrar of Companies. The auditors' report on those accounts was unqualified, did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying the report and did not contain statements under s498(2) or s498(3) of the Companies Act 2006.
Significant Accounting Policies
The critical accounting policies and presentation followed in the preparation of this interim report have been consistently applied to all periods in these financial statements and are the same as those applied in the company's annual accounts for the year ended 30 June 2018 with the exception of new accounting standards that came into force during the year. These new areas are considered below.
Revenue recognition is inline with IFRS 15 which came into effect for all financial periods starting on or after 1 January 2018. This has not necessitated any restatement of historical revenue as Gfinity's revenue recognition policy was historically inline with the guidance in IFRS 15.
A copy of the accounts to 30 June 2018 can be obtained from the company's website: www.gfinityplc.com.
Critical Accounting Judgements
The preparation of financial statements in conforming with adopted IFRS requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and assumptions are based on historical experience and other factors considered reasonable at the time, but actual results may differ from those estimates. Revisions to these estimates are made in the period in which they are recognised. The critical accounting judgements made in preparing this interim report are the same as those in preparing the annual accounts for the Company for the year ended 30 June 2018 which can be obtained from the company's website www.gfinityplc.com.
3. Loss per share
Basic earnings per share is calculated by dividing the loss attributable to shareholders by the weighted average number of ordinary shares in issue during the period.
IAS 33 requires presentation of diluted EPS when a company could be called upon to issue shares that would decrease earnings per share or increase the loss per share. For a loss-making company with outstanding share options, net loss per share would be decreased by the exercise of options and therefore the effect of options has been disregarded in the calculation of diluted EPS.
|
|
6 months ended 31 December 2018 |
|
6 months ended 31 December 2017 |
|
Year ended 30 June 2018 |
|
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
Profit/ (Loss) attributable to shareholders |
|
(5,827,952) |
|
(7,722,248) |
|
(13,466,846) |
|
|
|
|
|
|
|
|
|
Number |
|
Number |
|
Number |
|
|
000's |
|
000's |
|
000's |
|
|
|
|
|
|
|
Weighted average number of ordinary shares |
|
308,515 |
|
203,157 |
|
228,815 |
|
|
|
|
|
|
|
|
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
Loss per ordinary share |
|
-£0.02 |
|
-£0.04 |
|
-£0.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4. Notes to the Cash Flow Statement
|
|
6 months to 31 |
|
6 months to 31 |
|
Year to 30 |
|
|
December 2018 |
|
December 2017 |
|
June 2018 |
|
|
£ |
|
£ |
|
£ |
Cash flows from operating activities |
|
|
|
|
|
|
Loss before taxation |
|
(5,642,874) |
|
(7,722,248) |
|
(13,795,906) |
|
|
|
|
|
|
|
Depreciation |
|
206,778 |
|
235,781 |
|
442,221 |
Amortisation of intangible fixed assets |
|
326,906 |
|
24,995 |
|
418,797 |
Interest received |
|
- |
|
(67) |
|
(1,432) |
Share of Associate Losses |
|
314,616 |
|
147,295 |
|
347,237 |
Revenue Settled Via Equity |
|
- |
|
(98,490) |
|
(246,550) |
Bad Debt Charge |
|
|
|
|
|
125,191 |
Share based payments |
|
523,430 |
|
108,305 |
|
433,039 |
Gain on disposal of discontinued Operations |
|
(67,214) |
|
- |
|
- |
Fair value (gains)/losses on financial assets at fair value through profit or loss |
|
(166,504) |
|
- |
|
- |
(Increase) in Inventories |
|
- |
|
(1,308) |
|
- |
(Increase) in trade and other receivables |
|
689,881 |
|
444,033 |
|
(624,724) |
Increase in trade and other payables |
|
931,028 |
|
397,566 |
|
243,191 |
Disposal of fixed assets |
|
- |
|
- |
|
- |
Corporation tax paid/ received |
|
97,644 |
|
103,315 |
|
153,000 |
|
|
|
|
|
|
|
Cash used by operating activities |
|
(2,786,309) |
|
(6,360,823) |
|
(12,505,936) |
|
|
|
|
|
|
|
5. Remuneration of Key Management Personnel
During the period a total of 17,180,892 options over Ordinary shares in the Company were granted. 3,133,334 options lapsed, and no options were exercised during the period.
The total number of options in issue as at 31 December 2018 was 50,945,995 (30 June 2018: 36,898,437).
Of the options granted in the period, a total of 17,180,892 were granted to directors, as summarised in the table below:
Director |
Date of Option Grant |
Exercise Price |
Number of Options granted |
Total options held following the grant |
Garry Cook |
12 July 2018 |
£0.12 |
8,590,446 |
9,590,446 |
Graham Wallace |
12 July 2018 |
£0.12 |
8,590,446 |
8,590,446 |
6. Interests in associates
As at 31 December 2018, Gfinity held investments in two associates: the Esports Industry Awards Limited and Gfinity Esports Australia.
Gfinity PLC owns a 33% stake in the Esports Industry Awards Limited which was acquired on incorporation of the company in February 2017. The 33% holding represents a significant influence over the investment and, accordingly, this has been accounted for as an associate under the equity method. As at 31 December 2018, the value of the investment recognised in the consolidated statement of financial position for Gfinity PLC was £nil.
Gfinity owns a 30% stake in Gfinity Esports Australia PTY Limited which was acquired on 7 August 2017. The 30% holding represents a significant influence over this investment and, accordingly, this has been accounted for as an associate under the equity method. As at 31 December 2018, the value of the investment recognised in the consolidated statement of financial position for Gfinity PLC was £213,446.
|
6 months ending 31 December 2018 |
|
£ |
At 1 July 2018 |
264,464 |
Additions |
293,768 |
Share of loss for the period |
(344,787) |
|
|
At 31 December 2018 |
213,446 |
7. Segmental Information
The Group manage the business based on two segments: Gfinity and CEVO. The two reportable segments operate as follows:
Gfinity: This segment is the largest part of the business and encompasses the majority of esports related activities and broadcast and production capabilities.
CEVO: The in-house development capabilities which are key to delivering both Gfinity PLC's strategy and online esports solutions for third parties. This segment also includes several US based technology revenue streams
|
|
|
6 months ended 31 December 2018 |
|
30-Jun-18 |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gfinity |
CEVO |
Group |
|
Gfinity |
|
CEVO |
|
Group |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
4,274,396 |
166,397 |
4,440,793 |
|
3,682,087 |
|
635,238 |
|
4,317,325 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss |
|
(5,445,151) |
(265,656) |
(5,710,807) |
|
(13,420,753) |
|
(152,797) |
|
(13,573,550) |
Gfinity principally operate in the UK and CEVO principally in the US. CEVO was purchased during the year ending June 2018 and there is therefore no comparative information.
Segmental information for the statement of financial position has not been presented as management do not view this information on a segmental basis. Intra-group recharges are not considered when monitoring performance with central charges (such as senior management costs) retained in Gfinity PLC rather than being apportioned across segments.
8. Discontinued Operations
On 30 August 2018 the group sold 100% of its wholly owned subsidiary, Excel Interactive Limited, and accordingly the financial results and gain on disposal of the subsidiary are reported in the current period as a discontinued operation. Financial information relating to the discontinued operation for the period to the date of disposal is set out below.
Financial Performance and Cash Flow Information
Financial information relating to the discontinued operation for the period to the date of disposal is set out below.
|
6 Months to 31 December 2018 |
6 Months to 31 December 2017 |
Year to 30 June 2018 |
|
£ |
£ |
£ |
Revenue |
- |
- |
33,845 |
Expenses |
(65,303) |
- |
(86,813) |
Loss on ordinary activities before tax |
(65,303) |
- |
(52,968) |
Taxation |
- |
- |
- |
Loss after income tax of discontinued operation |
(65,303) |
- |
- |
Gain on sale of subsidiary after income tax |
67,214 |
- |
- |
Retained loss for the period |
1,911 |
- |
(52,968) |
|
|
|
|
|
|
|
|
Net cash inflow from ordinary activities |
3,980 |
|
(25,973) |
Net cash inflow from investing activities |
15,047 |
|
- |
Net cash inflow/(outflow) from financing activities |
- |
|
- |
|
19,027 |
- |
(25,973) |
Net cash inflow from investing activities is comprised of £45,000 of cash proceeds from the sale of the subsidiary, less £29,953 of cash balances disposed of as part of the sale.
Details of the sale of the subsidiary
|
6 Months to 31 December 2018 |
6 Months to 31 December 2017 |
Year to 30 June 2018 |
Consideration received or receivable: |
|
|
|
Cash |
45,000 |
- |
- |
Total disposal consideration |
45,000 |
- |
- |
|
|
|
|
Carrying amount of net assets sold |
(37,982) |
|
|
|
|
|
|
Gain on sale before income tax |
82,982 |
- |
- |
|
|
|
|
Tax expense on gain |
(15,767) |
|
|
|
|
|
|
Gain on sale after income tax |
67,215 |
- |
- |
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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