Semper Fortis Esports PLC (AQSE:SEMP) told investors it has in recent week begun to look at significant cost savings, and, as a result has decided to withdraw from some e-sports competitions.
“The board is aware of the current economic uncertainty and difficult capital market conditions and therefore in recent weeks the company has looked to significantly reduce its overheads and conserve cash.
“This has seen us withdraw from some of the new games we entered into during the year, leaving us to focus on our core Rocket League team which will take part in the World Championships in Dallas in August 2022.
"Moving forward the company will continue to look at opportunities in and around the esports and gaming sector.”
The small-cap company today posted its annual results for the twelve months ended January 31, its maiden report since listed on the AQSE.
Semper Fortis reported a £1.2mln loss and ended the twelve month period with £1.32mln of cash.