Gfinity boosts revenue, narrows loss in full year results

8th Nov 2016 14:24

(ShareCast News) - ESports company Gfinity posted its full year results for the 12 months to 30 June on Tuesday, with revenue increasing by 158% to £1.45m.The AIM-traded firm said its operating loss decreased by 12.0% to £3.2m, and its loss per share reduced 33.3% to 4p.Cash and cash equivalents were £0.83m at period end, down from £2.73m at the start of the year.Since the end of the year, £3.7m was raised from a share placing, before expenses."The year to 30 June was a highly successful one for the company, during which we continued to deliver on our strategy to become one of the world's leading promoters of eSports competitions and content," said co-founder and CEO Neville Upton."The launch of new products, such as our Tournament Builder application strengthened our unique position of providing a complete end to end eSports solution, while partnerships with publishers including EA, Microsoft and Super Evil Megacorp demonstrate Gfinity's growing reputation within the eSports sector."Upton said that, following the year-end, the board was also delighted to complete a further round of funding, which gave it the opportunity to bring in a major new shareholder, Charles Street International."This investment leaves Gfinity well positioned to accelerate its growth strategy into 2017."