London-based esports organisation Gfinity has reported revenue of UK£7.9 million (US$10.2 million) for the year ending June 2019, representing an 80 per cent growth for the second consecutive year.
The company, which runs the Formula One Esports Pro Series and operates the ePremier League programme for English soccer’s top flight, also cut its adjusted operating losses from UK£12.2 million to UK£8.6 million (US$11.1 million), helping it achieve an annual gross profit of UK£1 million (US$1.3 million).
However, adjusted administrative expenses swelled from UK£8.7 million to UK£9.6 million (US$12.4 million), and the company made an overall loss after tax for the year of UK£12 million (US$15.5 million).
Despite that, Gfinity reiterated that it is on course to reach its target of achieving breakeven adjusted earnings before interest, tax, depreciation and amortisation (Ebitda) by 2021.
Garry Cook, Gfinity’s executive chairman, was quoted by Vox Markets as saying: "We have refocused the business on a strategic client management model that has enabled us to strengthen our existing strategic partnerships and build a robust pipeline of new commercial opportunities. The esports market is growing rapidly and Gfinity is at the epicentre of the ecosystem.
“We are committed to working closely with our partners to provide them with unique esports solutions and to help them to connect with young gamers around the world.”
Gfinity’s latest financial results coincided with the news that the company has promoted its chief operating officer Graham Wallace to the role of chief executive with immediate effect.
As well as Formula One and the Premier League, Gfinity’s partnership portfolio includes video game publishers Activision Blizzard and EA Sports, while it also provided strategic consultancy to IndyCar to help the motorsport series develop an esports strategy.
Gfinity says it is currently reaching 25 million gamers per month via its own media distribution channels, but added that it has a three-year plan grow that figure to 100 million, while it also wants to increase its number of publisher and brand partners to 25.