Gfinity Plc (LON:GFIN) has reported a 45% rise in revenues and a significant narrowing of losses in its first half, as the growing eSports promoter continues to build momentum.
"During the six months to December 2016, we continued to build on our strategic objective to establish Gfinity as a leading player in the fast-growing eSports sector,” said chief executive Neville Upton.
During the six months, Gfinity generated £900,000 of revenue which allowed it to reduce its operating loss by £200,000 to £1.7mln – loss per share red uced by 75% to 1p. It ended the period with £2.7mln of cash and equivalents.
Operationally, the group had a number of notable achievements including a series of successful eSports events – such as the CS:GO invitational sponsored by HP Omen, the Gillette Championship Pro-Evolution soccer tournament, the Call of Duty Summer Masters, the Gears of War UK Open, and The Great British Splat-Off featuring Nintendo’s Splatoon game.
It also has landed several partnerships and new events.
“Gfinity has now built an excellent reputation for the quality of our technology, people and service delivery,” Upton said.
“This is evidenced by the range of companies, that selected Gfinity as their partner during the latter half of 2016, both in the UK and overseas.”
He added: “The eSports sector continues to grow rapidly. Market analysts Newzoo estimate that the global eSports audience will reach 385 million during 2017, a 19% increase on the prior year, with more and more sponsors and broadcasters seeking to enter the market.
“Having established a strong reputation for quality and as the only independent and publicly listed eSports company in Europe, Gfinity is well positioned to take advantage of this opportunity."