Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
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 jumped 82.3% to £7.9m.
The narrower losses come 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, the company said.
'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