Esports company Gfinity has announced its financial results for the 2020-21 year. The results, which include the period up to 30 June 2021, cover the revenue, profits and losses of the company.
Gfinity claimed the last fiscal year was successful, reporting a 27 percent increase in revenue and a 61 percent reduction in adjusted EBITDA loss. Gfinity also described “strong growth” in its publishing platform, GDM.
RELATED: Gfinity acquires Rainbow Six site SiegeGG
Gfinity is a UK-based esports media company that operates a number of esports and gaming websites, as well as esports tournaments. The company has previously secured partnerships with Activision Blizzard, EA Sports, Coca Cola and other high-profile brands.
In a release, Gfinity listed highlights of the past fiscal year, which included cooperations with brands such as Manchester United, Formula 1 and the Premier League, as well as the launch of new esports competitions. The company also hired a number of senior talents during the year.
Overall company revenue growth was driven by a 768 percent increase in the revenue attached to Gfinity-owned and co-owned properties, according to the release.
Moreover, Gfnity reported a 50 percent cut to adjusted operating losses from £5.5m last fiscal year to £2.7m this year, which the company described as a “significant reduction”.
RELATED: Gfinity welcomes Hugo Drayton to Board of Directors
Gfinity Chairman Neville Upton commented: “The team has diligently implemented the new strategic direction that CEO John Clarke set out on his appointment in March 2020. The progress of this sharpened strategy and operational focus can now be seen in the Company’s financial performance.
“This was achieved against the backdrop of continued COVID-19 restrictions, which impacted client and publisher spend. I would like to take the opportunity to thank our colleagues for their continued hard work and dedication during this period to deliver such a resilient performance.”
Esports Insider says: Gfinity has been a staple of UK esports and gaming for a while, and the company’s recent results show that the brand is still going strong. Reducing losses and increasing revenue while hiring new executives and acquiring new companies shows that Gfinity is heading in the right direction in balancing its books – an elusive mission in esports.
Read The Esports Journal
Source: Read Full Article