Gfinity narrows losses, raises £6m from placing

22nd Oct 2018 08:00

(Sharecast News) - E-sports tournament organiser Gfinity expects to report a bigger annual turnover and smaller loss as significant investments into its technology over the last few years begin to bear fruit.Gfinity expects to show turnover for the year of approximately £4.3m, representing an increase of 82% year-on-year, after the group's managed services and its owned and operated properties improved throughout the period.The London-based group also added the likes of Formula 1 and Facebook to its client list during the year.The AIM-listed outfit expects to report an improved LBITDA of £12.6m for the year as a result of higher commercial momentum within the Gfinity Elite Series.Looking forward, Gfinity told investors it was targeting break-even EBITDA results within "the next few years" following a significant increase in activity at its managed services wing, generating both service fees and content revenue from e-sports solutions for rights holders and commercial brands, including winning a deal with the English Premier League earlier this month.Gfinity also raised £6m from a subscription and placing of 75m new ordinary shares on Monday at a price of 8p per share, designed to strengthen its financial position and support continued investment in growth.As of 1040 BST, Gfinity shares had slipped 0.61% to 8.1p.