Business
Conclusion of Strategic Review
Conclusion of Strategic Review.
About this update from Gfinity Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 7230T\n Gfinity PLC\n 29 March 2021\n \n \n \n \n This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (\"MAR\"), and is disclosed in accordance with the company's obligations under Article 17 of MAR.\n \n \n 29 March 2021\n \n \n \n \n \n \n \n \n Gfinity plc\n \n \n (\"Gfinity\" or \"the Company\")\n \n \n Conclusion of Strategic Review and Formal Sale Process\n \n \n \n \n \n Gfinity plc (AIM: GFIN), a world-leading esports and gaming solutions provider, today announces the conclusion of its strategic review (the \"Strategic Review\") and Formal Sale Process (the \"FSP\") announced on 09 October 2020.\n \n \n \n \n \n The Strategic Review was launched to invite and initiate discussions with a broad range of possible partners, whilst the FSP mechanism was agreed upon as it enabled conversations to benefit from certain regulatory dispensations.\n \n \n \n \n \n Throughout the process the Board has been focused on maximising shareholder value and has concluded that it is in shareholders' best interests to focus on accelerating the growth of the business under its existing strategy.\n \n \n \n \n \n The Board has been encouraged by the discussions held with a range of parties, which resulted in the signing of one of the Company's largest ever multiyear commercial contracts with the sports fan engagement site IQONIQ. Further additional commercial opportunities that fit with the Company's strategy are expected throughout 2021.\n \n \n \n \n \n As set out in the interim financial results announced today, the Board's strategy of focussing on higher value revenue and margin streams is delivering solid results in the first half of the financial year. \n \n \n Revenue is up 212% compared to the six months immediately prior to 30 June 2020 at £3 million and adjusted operating loss is down 71% at £0.9m compared to the same period. Adjusted administrative expenses are down 36% on the six months immediately prior to 30 June 2020 at £2.5m, reflecting the significant cost reduction programme. In addition, the Company is well capitalised to continue to deliver on its objectives, with an increased cash position ...