Gfinity PLC (LON:GFIN) reported sharply reduced losses in its first half as the esports media group announced the conclusion of its strategic review.
In its results for the six months to December 31, 2020, the AIM-listed firm reported an adjusted operating loss of £0.9mln, narrowed from £2.4mln in the prior year, while revenues from the period stood at £3mln compared to £3.5mln a year ago.
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Gfinity also highlighted continued momentum into 2021, notably the continued expansion of its Gfinity Digital Media (GDM).
Looking ahead, it said it will focus on sharpening its strategic focus on its three core areas, adding the firm had “good momentum” into its second half.
"Our relentless focus on delivering against our new strategy has continued to bring positive results. We have ended the period with an impressive set of numbers, including a reduction in operating loss, a significantly reduced cost base and an improved cash position”, Gfinity chief executive John Clarke said in a statement.
“Throughout the first half, we have continued to leverage the significant demand for our expertise and capability in creating unique solutions for our partners, whilst also expanding and investing in our community of gamers through our GDM platform. Despite the uncertainty caused by the [coronavirus] pandemic, our business model has proved resilient. Our leading tournament platform, virtual production capabilities and proprietary technology IP means that we are uniquely placed to help brands engage with the rapidly growing gaming community”, he added.
In a separate announcement, Gfinity announced the conclusion of its strategic review and formal sale process, initially launched in October last year, saying that it has concluded it is in shareholders’ best interests for it to focus on “accelerating the growth of the business under its existing strategy”.
“The board is confident in the company's prospects for accelerated growth and believes that a solid platform has been built from which Gfinity can harness the continuing strong momentum within the business, develop new partnerships and deliver on the strong pipeline of opportunities”, the company said.