Esports business, Gfinity, has announced its full year results and it’s promising improvement for the company, which moves into profit.
For the year ended 30 June 2019, revenue has seen an improvement of 82.3% compared to 2018 with figures of £7.9m compared to 2018’s £4.3m. Gross profit has also vastly improved with losses of £3.4m in 2018 changing to £1m profit in 2019.
These numbers might seem objectively small but this is the second consecutive year that the firm has seen revenue growth above 80%. Gfinity cites its continued growth in strategic partnerships such as with F1 and game publishers such as Activision Blizzard and EA Sports, as part of its growing success story. The company has also developed a more commanding presence as a provider of unique esports solutions for commercial endeavours such as Premier League, TRUXTUN Capital, HP Omen and IndyCar.
2019/2020 sees Gfinity aiming to extend such plans with a successful completion of £5.25m capital in July 2019, which will be used to fund future growth and strengthen its existing commercial capabilities.
There’s also the recent promotion of Graham Wallace from Global Chief Operating Officer to Chief Executive Officer, with Wallace now responsible for leading the business on a day-to-day basis and delivering the firm’s three year strategic plan. Garry Cook will continue as Executive Chairman with overall responsibility for the strategic direction of the business.
Cook explained, “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.”
Formed in 2013, Gfinity has organised and hosted many gaming events within UK esports. The firm now delivers tournaments, community engagement projects, as well as long term and short term esports solutions for numerous different firms and brands.
Story by Jennifer Allen.