Gfinity narrows losses as revenue jumps 82%

08:07 21/10/2019 - Gfinity reported narrower losses as revenue jumped after the company focused on delivering higher-margin esports solutions for its key partners.

For the year ended 30 June 2019, pre-tax losses fell to £12.1m from £13.8m a year earlier as revenue rose 82.3% to £7.9m.

The narrower losses came as the company launched a revamped growth strategy during the year, focusing on higher-margin business that contributed to a 30% improvement in the adjusted operating loss.

'Gfinity has delivered a significantly improved financial performance this year and we are on track to reach our target of adjusted EBITDA (earnings) breakeven by 2021,' the company said.

'We are on the pathway to breakeven on an adjusted EBITDA basis within the next two years and continue to target a long-term group gross margin of 30 to 40% and an adjusted EBITDA margin in the range of 15 to 25% on a normalised basis,' it added. At 8:07am: (LON:GFIN) Gfinity Plc share price was +0.05p at 3.68p

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