SBC News Gfinity narrows losses as eSports operator focuses on tech and league developments

Gfinity narrows losses as eSports operator focuses on tech and league developments

Presenting its H1 financial update (six month period ending 31 December) London AIM-listed eSports live events operator Gfinity has reported a 45% increase in corporate revenues to £900,000.

The firm founded in 2012 with the aim of growing UK live eSports arenas remains earnings ineffective, posting a period operational loss of £1.7 million, narrowing on pretax losses of £1.9 million posted for its corresponding H1 performance.

Gfinity the only publicly listed eSports firm within Europe, stated its H1 had been a ‘strong period’ as the company continues to expand its services within the UK, growing its brand and venue partnerships.

During the period, Gfinity raised a further £3.7 million in enterprises funding, which the company detailed would be used to invest in its competing teams, expanding its gaming leagues and developing eSports-centric technologies.

Gfinity CEO Neville Upton commented on the firm’s performance

“During the six months to December 2016, we continued to build on our strategic objective to establish Gfinity as a leading player in the fast-growing esports sector. I am also very pleased to be able to report another period of strong revenue growth, 45% up on the equivalent period in 2015.

“Gfinity has now built an excellent reputation for the quality of our technology, people, and service delivery. This is evidenced by the range of companies, that selected Gfinity as their partner during the latter half of 2016, both in the UK and overseas.”

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