1st Jul 2019 11:56
(Alliance News) - Gfinity PLC on Monday said it now expects its annual results to be "slightly" ahead of market expectations as it has made "strong" financial progress.
The esports company said it has refocused the business on a strategic client management model which has delivered strong revenue and earnings before interest, taxes, depreciation, and amortization growth in the year that ended on Friday last week.
In addition, Gfinity said it continued to deliver improved gross margins, particularly through Advisory Services assignments for sports rights holders. The company said it continued to move towards a shared revenue model with increased commercial rights.
Gfinity said this strong progress has contributed to a better than expected revenue and adjusted Ebitda performance, which is now expected to be "slightly" ahead of market forecasts for the financial year.
The company continued to reiterate its target of breakeven by 2021.
Gfinity said it will report its annual results in the second week of October.
The stock was trading 1.0% higher on Monday at 5.10 pence a share in London.
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