Esports and gaming solutions provider Gfinity last week declared it achieved month-on-month (MoM) operating profitability for October and November — the first time the company has done so since 2014.
The announcement was made ahead of Gfinity’s Annual General Meeting (AGM) last Friday. In November 2020, monthly operating costs were £385,000 — a reduction of 47 percent since November 2019.
At the AGM, Neville Upton, Gfinity Chairman said the following: “I am pleased that the positive momentum we saw at the start of the current financial year has continued. The Company was operationally profitable in October and November and is on track for another strong performance in December 2020. [Achieving M-o-M profitability] for the first time since our AIM listing in December 2014 is an impressive milestone and a pleasing testament to the hard work of the team.
“Given the project-based nature of some of our revenue streams and some seasonality in our business, it does not yet imply we will be always profitable on a monthly basis going forward, but it reflects the excellent progress made over the past nine months.”
The company added that under the leadership of CEO John Clarke, the business has been ‘recalibrated’ in three core areas: products and services the company owns (Gfinity Digital Media; GDM), co-owns (partnerships), and building communities for others (tech IP and world-class production). The company has signed a multi-year deal with Formula 1, a five-year partnership with ADMM (Abu Dhabi Motorsport Management), seen strong growth in users in GDM (14 million monthly users in November) and signed its first technology licensing contract.
Gfinity also announced last week it has sold its holding in Esports Awards Ltd for £500,000. “The proceeds from the sale will be used to accelerate further growth across Gfinity’s three strategic pillars,” according to a release (GDM, partnerships, and tech IP and production). The company acquired a 33 percent stake in Esports Awards Ltd in 2017 for £138,000.
Moreover, Gfinity also announced the appointment of Len Rinaldi as Non-Executive Director last week. Rinaldi — who previously worked for Apple for 12 years, most recently as General Manager for Apple Western Europe — will join the company’s Audit and Remuneration Committees.
Rinaldi said on the move: “I am excited to join a rapidly growing and ambitious business that has clear strategic priorities in place. Gfinity has a strong business model that can take it to the next level, and I look forward to working with John [Clarke] and the leadership team to help the business fully realise its ambitions.”
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