Year-end trading update
Strong revenue growth with new account wins driving improved EBITDA
Gfinity plc (AIM: GFIN), a world-leading esports business, today announces a trading update for the year ended 30 June 2019.
The Company leadership has refocused the business on a Strategic Client Management model which has delivered strong revenue and EBITDA growth. This encouraging performance has been driven by:
- Growth in strategic partnerships, highlighting Gfinity’s position as one of the world leaders in the esports and competitive gaming sector:
- Activision Blizzard: appointed to host Call of Duty World League: London at the Copper Box Arena
- EA Sports: hosted five events as part of EA SPORTS FIFA 19 Global Series
- Formula 1: completed Season 2 of the Formula 1 Esports Series and re-appointed for Season 3
- New strategic partners, further demonstrating Gfinity’s growing reputation as a provider of unique esports solutions:
- Premier League: appointed Tournament Operator of the inaugural ePremier League
- TRUXTUN Capital: entered into partnership to be the primary consulting and programme management partner for the Esports Wega World Cup 2022
- HP Omen: selected as production partner for The Esports Report, Season 2
The Company has continued to deliver improved gross margins, particularly through Advisory Services assignments for sports rights holders and commercial brands in collaboration with publishers and distribution partners. The Company continues to move towards a shared revenue model with increased commercial rights.
Financial outlook
Overall, this strong progress has contributed to better than expected revenue and Adjusted EBITDA performance, which are now expected to be slightly ahead of market expectations for the year to 30 June 2019. The Company continues to reiterate its target of breakeven by 2021.
Notice of results
The Company is expecting to announce its audited results for the year ending 30 June 2019 in the second week of October 2019.
Enquiries:
| Gfinity plc | |
| John Clarke | john.clarke@gfinity.net |
| Teneo (media) | 020 7260 2700 |
| Camilla Cunningham | gfinity@teneo.com |
| Allenby Capital Limited (Nominated Adviser & Joint Broker) | 020 3328 5656 |
| Jeremy Porter / Nicholas Chambers | |
| Shore Capital (Joint Broker) | 020 7408 4090 |
| Patrick Castle / James Thomas |