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Esports company Guild Esports reported wider annual losses as a investment spend ramped up costs offseting revenue.
For the year ended 30 September 2021, pre-tax losses widened to £8.8 million from £2.7 million year-on-year, while the company produced revenue of £1.9 million.
The increase in cost reflected 'a major investment in operational infrastructure, esports teams, the Guild Academy, content creation and the development of Guild merchandising.
Looking ahead, the company said it had 'confidence' in delivering strong growth in sponsorship revenues with total contracted revenues of £8.4 million to date and a current annualised run rate at £3.1m for the year ending 30 September 2022
'Network audience continues to grow rapidly and [are] on track to broadly double again this year,' it added.