Guild Esports PLC (LSE:GILD, OTCQB:GULDF), the David Beckham-founded franchise, accompanied trebled revenues in the first six months with a forecast of further growth over the remainder of its fiscal year.
Sales jumped 241% to £3.7mln in the half year to March 2023, with losses halved to £2.3mln and gross profits jumping 256% to £2.5mln.
Due to the demand, Guild has upped its estimate of audience growth from 2mln to 5mln, with cash burn over the rest of 2023 also now expected to be substantially reduced as overheads have been cut by almost a quarter.
Jasmine Skee, chief executive, highlighted the opportunities for Guild Studios and Guild College to complement its sponsorship income, adding they will also appeal to new brands looking to enter the esports space for the first time.
“We are making excellent operational progress, positioning the company for another year of solid growth.
“As a result, the board looks to the future with confidence."