Esports specialist Gfinity PLC (AIM:GFIN) re-confirmed its aim to be profitable month-on-month next year.
The update was provided in the company’s interim results statement in which it posted an 8% improvement in revenue to £3.3mln for the six months ended December 31 2021. Its losses narrowed by more than 50% to £400,000.
It exited the period with £1.5mln of cash. Earlier this month, it raised a further £2.7mln, which allows Gfinity to grow and develop the business.
Looking ahead, the group said it would continue to focus on “what we own”.
It has seen “good momentum” from its digital business heading into the second half, while investment in the Gfinity Engage platform is expected to “create a further owned, recurring and high margin revenue stream”.
It also noted there had been a “slower-than-anticipated return to live esports events”.
This, it said, will impact short-term revenue and profits, but does not change the long-term prospects or its pathway to profitability.
“Although the sector is still recovering from the impacts of COVID-19, macro trends remain in our favour and following a successful fundraise post-period, we now have the operating liquidity we need to deliver on our target of reaching profitability by 2023," said chief executive John Clarke.