John Clarke, CEO of Gfinity discusses their interims which saw revenue increase by 212%

John Clarke, CEO of Gfinity discusses their interim results which saw revenue increase by 212% plus  they signed an esports agreement with Manchester United.

Financial Highlights:

·       Significant improvement in financial performance following refocused business and significant cost base reduction.

·     Adjusted operating loss of £0.9m, 71% improvement on six months to 30 June 2020 (FY20 H2 £3.1m loss) and 63% improvement on the same period in the prior year (FY20 H1: £2.4m loss).

·      Revenue of £3.0m, an increase of 212% on the previous 6 months (FY20 H2: £1.0m), 14% reduction on same period in the prior year (FY20 H1: £3.5m). The previous period benefitted from a significant one-off consulting project, a one off project for Amazon and some live events.

·     Adjusted administrative expenses[2] of £2.5m, reduction of 36% on the preceding 6 months (FY20 H2: £3.9m) and 45% decrease on the equivalent period in the prior year (FY20 H1: £4.5m), reflecting significant cost reduction programme undertaken in March 2020.

·       Business well capitalised to continue to deliver on its objectives.

o  Increased period end cash of £1.8m compared to £1.6m at start of the period.