eSports: a turnover of £7.9m (+80%) and an operating loss of £8.6m for Gfinity in 2019

Gfinity posted a turnover of £7.9m (€8.8m) for the financial year 2019 (from 01/07/2018 to 30/06/2019), "a year-on-year increase of over 80% for a second consecutive year," said the British company specialised in the organisation of eSports competitions, on 21/10/2019.

"Revenue growth and an improved product mix delivered a gross profit of £1.0m (2018: loss of £3.4m), driven by the growth in strategic partnership solutions, coupled with a reduced investment in Gfinity owned content. Adjusted operating loss for the full year was £8.6m (2018: £12.2m), representing a year-on-year improvement of 30%. Net cash of £0.6m at year end (30/06/2019), supplemented by completion of £5.25m capital raise in July 2019 to fund future growth and strengthen commercial capabilities," said Gfinity who promoted Graham Wallace its COO to CEO on the same day.

"Gfinity has delivered a significantly improved financial performance this year and we are on track to reach our target of adjusted EBITDA breakeven by 2021. We have refocused the business on a Strategic Client Management model that has enabled us…