Business
Business update and financing
Business update and financing.
About this update from Gfinity Plc
[{"type":"text","content":"\n \n \n THIS ANNOUNCEMENT AND THE INFORMATION HEREIN IS RESTRICTED AND IS NOT FOR PUBLICATION, RELEASE, TRANSMISSION, DISTRIBUTION OR FORWARDING DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA, JAPAN OR ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION, TRANSMISSION, RELEASE, DISTRIBUTION OR FORWARDING WOULD BE UNLAWFUL.\n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.\n \n \n \n 09 February 2023\n \n \n Gfinity PLC\n \n \n \n \n \n (\"Gfinity\", the \"Company\" or the \"Group\") \n \n \n \n \n \n Business update and financing\n \n \n \n \n \n The Board of Gfinity plc (AIM:GFIN), the leading esports solutions provider, today provides a business update and details on discussions in relation to equity financing\n .\n \n \n Business update\n \n \n On 23 December 2022, the Company announced its final year results for the year ended 30 June 2022. These results reported a reduction in Adjusted Operating Loss of 28% to £2.0m, and a closing year-end cash position of £2.1m. This represented a third straight improvement in the Adjusted Operating Loss, driven by growth in revenue attached to Gfinity's owned tech IP, audience and esports properties. \n \n \n \n \n \n The Com\n pany intends to publish its unaudited financial results for the six months ended 30 December 2022 during March 2023. Based on management accounts the Company expects to report the following:\n \n \n \n \n \n Financial Highlights:\n \n \n \n \n \n 1. Revenue of £4.1m; an increase of 26% on H1 FY22 and a 106% improvement on the previous 6 months.\n \n \n 2. Adjusted operating loss of £0.8m, an increase of 102% on H1 FY22; however, this is an improvement of 47% on the previous 6 months. \n \n \n \n \n \n Operational Highlights:\n \n \n \n \n \n Athlos:\n \n \n Over the past 12 months Gfinity has made a significant investment to productise its competitive esports technology platform under the Athlos brand, allowing this technology to be deployed at scale, directly into publishers' games. This technology allows publishers to easily deploy competitive functionality into their games. Gamers who participate in competitive play are proven to spend significantly more time and money in-game than ...