4th Mar 2019 10:56
LONDON (Alliance News) - Esports services provider Gfinity PLC on Monday said its pretax loss narrowed in the first half of its financial year, as costs fell and revenue more than doubled.
For the six months to the end of December Gfinity reported a pretax loss of GBP5.8 million, narrowed from GBP7.7 million the year before, on revenue that rose to GBP4.4 million from GBP1.8 million.
The cost of sales for the period decreased to GBP3.9 million from GBP5.0 million, allowing a swing to gross profit of GBP515,827 from a loss of GBP3.2 million.
Revenue growth was spread across both of Gfinity's divisions as Managed Services revenue doubled to GBP3.2 million, and Owned Content revenue rose fourfold to GBP1.2 million.
Looking ahead, Gfinity said trading in the year-to-date was in line with expectations and reiterated its target of breakeven by 2021.
"Our new key strategic priorities showed significant progress during the first half year. We continue to drive growth through our multi-year relationships with many of the world's most respected publishers and rights holders. Our solutions-based business model is delivering new gameplay and content innovations, underpinning our performance going forward and driving significant growth and profitability in our Managed Services business," said Executive Chair Garry Cook.
Shares in Gfinity were up 9.3% at 5.79 pence on Monday.
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