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Gfinity continues to build on 'positive' performance
2nd Feb 2021 09:55
(Sharecast News) - Esports and gaming firm Gfinity said on Tuesday that it had continued to build on the "positive" performance announced at the time of its annual general meeting back in December.
Gfinity said it delivered "a strong performance" in December, building on the month-on-month profitability seen in both October and November.
As a result, on an adjusted underlying earnings basis, Gfinity said it was profitable in the final quarter of the 2020 calendar year but noted that due to the project-based nature of its revenue streams and some seasonality, in the short term it did not imply it would always be profitable on a monthly basis going forward.
Chief executive John Clarke said: "Since March 2020 the focus has been on transforming the financial performance of the business. The positive results in the last quarter of the 2020 calendar year demonstrates that the strategy we have implemented is starting to deliver.
"The overall market environment, caused by Covid-19 and recurring lockdowns, is naturally having an impact across all sectors. Whilst we are confident as to the prospects for the Company, we will continue to ensure Gfinity can navigate any potential challenges created by the current situation."
As of 0955 GMT, Gfinity shares were down 4.80% at 4.76p.
Gfinity said it delivered "a strong performance" in December, building on the month-on-month profitability seen in both October and November.
As a result, on an adjusted underlying earnings basis, Gfinity said it was profitable in the final quarter of the 2020 calendar year but noted that due to the project-based nature of its revenue streams and some seasonality, in the short term it did not imply it would always be profitable on a monthly basis going forward.
Chief executive John Clarke said: "Since March 2020 the focus has been on transforming the financial performance of the business. The positive results in the last quarter of the 2020 calendar year demonstrates that the strategy we have implemented is starting to deliver.
"The overall market environment, caused by Covid-19 and recurring lockdowns, is naturally having an impact across all sectors. Whilst we are confident as to the prospects for the Company, we will continue to ensure Gfinity can navigate any potential challenges created by the current situation."
As of 0955 GMT, Gfinity shares were down 4.80% at 4.76p.