Business
Update on first half performance
Update on first half performance.
About this update from Gfinity Plc
RNS Number : 1550E Gfinity PLC 09 March 2022 The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain. 9 March 2022 Gfinity plc ("Gfinity", the "Company" or the "Group") Update on first half performance and full year outlook Gfinity plc (AIM: GFIN), a world-leading video game media and technology business, announces an update on half year performance and outlook for the full year, ahead of the publication of unaudited interim results for the six-month period ended 31 December 2021, expected to be announced in March 2022. H1 performance Through the first half of the financial year, the Company has continued to implement its strategic focus on 'what it owns', in particular its fast growing owned audience in the Gfinity Digital Media (GDM) segment of the business. Gfinity expects to report an adjusted operating loss of £0.4m (H1 FY21: £0.9m loss). This represents a 52 per cent. year on year improvement, building on a 71 per cent. improvement in the prior year, as the business continues on its path towards profitability. Revenue for the period is expected to be £3.3m (H1 FY21: £3.0m), representing an improvement of 8% year on year. This figure has been impacted by the decision to consolidate the V10 R League, Gfinity's jointly owned digital motorsport property in conjunction with Abu Dhabi Motorsports Management, into a single season taking place in the latter part of the financial year. If revenues relating to this were eliminated from the comparative period, the year on year revenue increase would be 24%. Gfinity Digital Media: GDM revenues in H1 were £1.6m (H1 FY21: £1.0m), a 62 per cent. improvement year on year. This is a result of: · Increased annualised revenue per user of 23.3p, which represents 31 per cent. YoY improvement and a 270 per cent. improvement on the rate at the launch of the GDM in May 2020; and · A rise in Average Monthly Active Users to 13.9m, which represents a 23 per cent. YoY increase. These figures benefit from the successful integration of the Stock Informer business into the broader GDM network. Stock Informer...