Gfinity Digital Media continues momentum into 2021
Gfinity (LON:GFIN) confirmed it narrowed its losses in H1 as the esports media company reported the conclusion of its strategic review.
The AIM-listed firm announced an adjusted operating loss of £0.9m for the six months to 31 December 2020, down from £2.4m compared to the year before. Gfinity posted revenues of £3m, down from £3.5m.
The company drew attention to its continued momentum into the current year, specifically the continued growth of Gfinity Digital Media (GDM).
Gfinity chief executive John Clarke outlined in a statement the company’s areas of focus for the coming year.
“Our relentless focus on delivering against our new strategy has continued to bring positive results. We have ended the period with an impressive set of numbers, including a reduction in operating loss, a significantly reduced cost base and an improved cash position.”
“Throughout the first half, we have continued to leverage the significant demand for our expertise and capability in creating unique solutions for our partners, whilst also expanding and investing in our community of gamers through our GDM platform. Despite the uncertainty caused by the COVID-19 pandemic, our business model has proved resilient. Our leading tournament platform, virtual production capabilities and proprietary technology IP means that we are uniquely placed to help brands engage with the rapidly growing gaming community.”
“We have also announced today the conclusion of the strategic review and Formal Sale Process that commenced in October last year. We have been encouraged by the discussions held with a range of parties, one of which resulted in signing a significant multiyear commercial contract with the new sports fan engagement site IQONIQ and further deals are expected throughout 2021. Now it is time to accelerate the growth of the business by being focused on the growth areas identified under each of our strategic pillars.”
Earlier this month Gfinity Digital Media (GDM) unveiled a new partnership with Magic Lamp Technologies, the owner of interactive video game map creator MapGenie.