Technology

Posted on March 4, 2019 by staff

Explosive growth at eSports firm

Technology

Gfinity more than doubled its revenues as the eSports scene goes from strength to strength.

The listed eSports solutions provider holds competitive video gaming tournaments across popular franchises including Street Fighter V, FIFA and Rocket League.

Gfinity reported revenue of £4.4 million for the six-month period ending 31st December, up 143 per cent on the same period in the previous year.

“Since becoming executive chairman I have appointed a new leadership team and together we have improved the strategic focus of the company,” said Garry Cook (pictured below).

“Our first half performance is a testament to the changes that have been made. Revenues were up 143 per cent versus the same period in the prior year and already three per cent higher than the full financial year to 30th June 2018.

“Operating expenditure was flat following a period of significant investment in our solutions and content production capability. Adjusted EBITDA loss was £4.4m, a 39 per cent reduction versus the equivalent period in the prior year.”

Garry Cook

The company was selected to run the inaugural ePremier League season in 2019 and last year designed, developed and delivered the second season of the Formula 1 Esports Series, reaching 20m viewers.

It garnered 30m views for 2018 FIFA eWorld Cup final in 2018 while more than 50m fans viewed Gfinity-created content for owned and hosted events, up 4.3 times versus the previous year.

It also appointed a new global chief operating officer in Graham Wallace and raised £6m in funding.

“Our new key strategic priorities showed significant progress during the first half year,” added Cook.

“We continue to drive growth through our multi-year relationships with many of the world’s most respected publishers and rights holders.

“The global eSports economy is predicted to break the $1 billion barrier during the year. We believe we are at the cusp of the inflection point in capturing the opportunity ahead of us.

“The company sees the opportunity for greater commercial responsibility and wider attribution of value creation. This is expected to lead to significant commercial upside, driven by multi-year strategic partnerships and revenue sharing models.

“As such, we look forward to a significant step change in our financial performance over the coming years.”

The company’s board reiterated its target to break even by 2021.