Mike Stubbs . Business . Thursday 10th November 2016 . 10:54
Gfinity has released its financial results for the year ending 30th June 2016 and revealed that they have lost £3.2 million despite massively improved revenue.
The operating loss for the company was £3.2 million, a 12% decrease on the previous year’s £3.6 million loss. A number of factors contributed to this, including the building and launch of the Tournament Builder app.
In better news Gfinity’s revenue was up 158% to £1.45 million, last year it was just £0.56 million.
The company's financial report pointed out that partnerships with the likes of Microsoft, Super Evil Megacorp and EA were big moments for Gfinity, and that since the financial period in this report they have secured further partnerships. This has been a trend for Gfinity in 2016, focusing more on running tournaments with partners instead of running their own competitions.
In the months since June, Gfinity has raised an extra £3.7 million, by way of a conditional equity placing.
The general tone of the report is quite positive, which you would expect, despite the significant financial loss. Comments from senior members of Gfinity emphasize the Tournament Builder app and major partnerships as the biggest successes, while hinting at further growth plans for the next 12 months.
"The year to 30 June was a highly successful one for the Company, during which we continued to deliver on our strategy to become one of the world's leading promoters of eSports competitions and content,” said Gfinity Co-founder and Chief Executive Neville Upton. “The launch of new products, such as our Tournament Builder application strengthened our unique position of providing a complete end to end eSports solution, while partnerships with publishers including EA, Microsoft and Super Evil Megacorp demonstrate Gfinity's growing reputation within the eSports sector.
“Following the year-end, we were also delighted to complete a further round of funding, which gave us the opportunity to bring in a major new shareholder, Charles Street International, a well-known and successful technology investor, with considerable experience and contacts in related areas. This investment leaves Gfinity well positioned to accelerate its growth strategy into 2017."
Gfinity are also working with New Bay Media, eSports Pro’s parent company, on The eSports Industry Awards, voting is still open for eSports Photographer of the Year, eSports Journalist of the Year and New eSports Game of the Year. You can cast your vote and grab a free 30 day Now TV pass right here.