Esports business Gfinity (GFIN) , delivered strong revenue growth and appointed a new CEO on Monday.
Revenue for the full year ending 30 June 2019, was £7.9 million, a 82.3% increase from last year.
Gross profit was £1 million, up from a £3.4 million loss in the previous year, and net cash was £0.6 million at year end.
Gfinity said the growth in revenues and profits were driven by strategic partnerships, new account wins and a strategic focus on its higher margin esports solutions business.
The AIM listed company has strategic partnerships with some of the largest games publishers such as Activision Blizzard and EA sports.
Gary Cook, Executive Chairman commented on the results: “We have refocused the business on a Strategic Client Management model that has enabled us to strengthen our existing strategic partnerships and build a robust pipeline of new commercial opportunities.”
He said that the company is on track to reach its target of adjusted EBITDA breakeven by 2021 and added: “The esports market is growing rapidly and Gfinity is at the epicentre of the ecosystem. We are committed to working closely with our partners to provide them with unique esports solutions and to help them to connect with young gamers around the world.”
The company also announced that Graham Wallace, Global Chief Operating Officer, has been promoted to Chief Executive Officer to lead the business on a day-to-day basis.
Mr. Cook said: “Our new CEO, Graham has extensive experience in a number of related industries and over the last 12 months as Global COO has demonstrated the qualities required to lead and accelerate the performance of the Company.”
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