Mike Stubbs . Business . Tuesday 28th March 2017 . 11:32
Earlier today Gfinity released their interim financial statements for the period ended 31st December 2016 and it makes for some interesting reading.
Arguably the biggest news for the company is a big increase in revenue over the same period in 2015. In 2016 they made a total of £0.9 million, which was a 45% increase over the £0.6 million they made in 2016.
However this wasn’t enough to see the company make a profit, as they continue to lose money. Gfinity’s operating loss decreased by £0.2m on the same period in the prior year to £1.7m, and while that is better news than previously they are still losing a lot of money. Reasons given for the loss include planned investment in events, strengthening the quality of the Gfinity team and advancements in technology.
The news is mostly positive. While there is still a lot of money being lost, results are improving slowly but surely. With more and more money coming into the scene it only seems like a matter of time before Gfinity finally starts to post a profit.
"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,” said Gfinity CEO Neville Upton. “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.
"The eSports sector continues to grow rapidly. Market analysts Newzoo estimate that the global eSports audience will reach 385 million during 2017, a 19% increase on the prior year, with more and more sponsors and broadcasters seeking to enter the market. Having established a strong reputation for quality and as the only independent and publicly listed eSports company in Europe, Gfinity is well positioned to take advantage of this opportunity."