UK-based eSports tournament provider Gfinity has announced the financial results for its financial year ending June 30th 2016.
Revenue increased 158% year-on-year to £1.45m (up from £0.56m made a year prior), but Gfinity made an overall operating loss of £3.2m for the year.
However, this loss is 12% lower than last year’s loss of £3.6m.
Chairman Tony Collyer said it was ‘a period of excellent operational progress and also strong revenue growth for the company’.
In its statement, Gfinity mentioned its console Tournament Builder App, Gfinity TV and PC Tournament Client as operational highlights, as well as its Xbox Play Like a Legend FIFA tournament, Battlefield 1 Gfinity Arena launch, VainGlory European Winter Championships and UK leg of the Halo World Series.
Gfinity also highlighted partnerships with the likes of Gillette, EA, Futhead.com, HP and Microsoft for the Gears of War 4 Pro Circuit.
Gfinity raised an additional £3.7 million earlier this year via conditional equity placing.
Neville Upton, co-founder and chief executive of Gfinity, said the company is on track to become ‘one of the world’s leading promoters of eSports competitions and content’.
He said: “The eSports sector continues to be a very exciting sector in which to operate. With a large, growing and engaged audience of young millennials that broadcasters and sponsors find difficult to reach via other channels, commercial opportunities for leading players in this sector appear strong.
“Following the year-end, we were also delighted to complete a further round of funding, which gave us the opportunity to bring in a major new shareholder, Charles Street International, a well-known and successful technology investor, with considerable experience and contacts in related areas.
“This investment leaves Gfinity well positioned to accelerate its growth strategy into 2017.”
Dom is an award-winning writer and finalist of the Esports Journalist of the Year 2023 award. He graduated from Bournemouth University with a 2:1 degree in Multi-Media Journalism in 2007.
As a long-time gamer having first picked up the NES controller in the late ’80s, he has written for a range of publications including GamesTM, Nintendo Official Magazine, industry publication MCV and others. He worked as head of content for the British Esports Federation up until February 2021, when he stepped back to work full-time on Esports News UK and offer esports consultancy and freelance services. Note: Dom still produces the British Esports newsletter on a freelance basis, so our coverage of British Esports is always kept simple – usually just covering the occasional press release – because of this conflict of interest.
