Business
Interim Results for Six Months Ended 30 June 2023
Interim Results for Six Months Ended 30 June 2023.
About this update from World Chess Plc
[{"type":"text","content":"\n\n14 September 2023\nWorld Chess Plc\n(\"World Chess\" or the \"Company\" or the \"Group\")\nInterim Results for the Six Months Ended 30 June 2023\nWorld Chess plc (LSE: CHSS), a leading chess organisation seeking to promote the mass market appeal of chess globally through the offering of different chess-related activities, is pleased to announce its unaudited interim results for the six months ended 30 June 2023.\nFinancial Overview\nThe first half of 2023 has been transformative for the Company. The structure of the business has changed significantly when compared to the comparable period in 2022. In addition to the listing, the Company has become digital-first, focusing on the development of its official gaming platform as well as launching and promoting the Armageddon Championship Series, and the opening of World Chess Club Berlin.\nThis transition is reflected in the financial results for the period, with €1.0m invested in the Arena, Club and strategic growth but with the positioning of the Company now complete we look forward to further development over the short and medium term.\n· Revenue of €1.2m (H1 2022: €2.0m)\n· Pre-tax loss of €2.3m (H1 2022: €0.9m)\n· Fundraise of €3.5m (H1 2022: €1.0m)\n· Invested €1.0m in development of the World Chess Arena and World Chess Club Berlin\nCorporate, strategic and operational progress\n· Development of World Chess Arena, with multiple new developments to the online platform including an IOS version and multi-language options to further encourage and support the use of the platform\n· Commencement of the World Chess Armageddon Series in March 2023. Armageddon offers a new 'speed' approach to the traditional game and is being broadcasted on 30 TV channels across over 20 countries \n· Official opening of World Chess Club Berlin in April 2023, which has a bar, event space, concept chess shop, coffee shop and cafe\n· Listed on the Main Market of the London Stock Exchange on 6 April 2023\n· 3-year partnership with IT.com Domains announced in June. The partnership will see IT.com become an official sponsor of Armageddon\nPost-period...