Gfinity publishes half-year financial results

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Esports tournament provider Gfinity has published its latest financial report, for the period ending December 31st 2018.
The company generated revenues of £4.4m during the six months, an increase of 143% versus same period the year prior (£1.8m).
Operating expenditure stood at £4.9m, while Gfinity made earnings before interest, tax, depreciation and amortization (EBITDA) loss of £4.4m, a 39% reduction versus the first half of 2018.
The results were similar to what Gfinity has posted in the past. A rise in revenues and a less severe loss.
During the period, Gfinity appointed Graham Wallace Global Chief Operating Officer and John Clarke Non-Executive Director, developed the second season of the Formula 1 Esports Series, and claimed to have reached some 50m fans, up four times over last year.
It’s also been appointed tournament operator for the ePremier League and has hosted several FIFA Global Series events.
Other highlights include the upcoming Call of Duty World League Championship (CWL) event in London, the Domino’s Elite Series deal and more.

“We look forward to a significant step change in our financial performance over the coming years.”
Garry Cook, Gfinity

Gfinity said Season 4 of its Elite Series reached ‘more than 13.5m viewers for live events and 7m views of additional shoulder content’.
Garry Cook, Gfinity Executive Chairman, said: “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
“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.
“The global esports economy is predicted to break the $1bn barrier during the year. We believe we are at the cusp of the inflection point in capturing the opportunity ahead of us.
“We look forward to a significant step change in our financial performance over the coming years.”
The Gfinity board said it remains positive about the outlook for Gfinity in the current year and beyond.
“We reiterate our targets of breakeven by 2021, gross margin between 30-40% and EBITDA margin between 15-25%,” it said in a statement.

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