Gfinity has announced its financial results for the 2020-2021 year, which shows the company reported a 27% increase in revenue and a 61% reduction in adjusted EBITDA loss. Gfinity also described “strong growth” in its publishing platform GDM. The fiscal year proved to be successful for Gfinity, which operates numerous esports and gaming websites and tournaments.
“The team has diligently implemented the new strategic direction that CEO John Clarke set out on his appointment in March 2020,” said Neville Upton, Chairman of Gfinity. “The progress of this sharpened strategy and operational focus can now be seen in the Company’s financial performance. This was achieved against the backdrop of continued COVID-19 restrictions, which impacted client and publisher spend. I would like to take the opportunity to thank our colleagues for their continued hard work and dedication during this period to deliver such a resilient performance.”
In a release, Gfinity listed highlights of the past fiscal year, which included cooperations with brands such as Manchester United, Formula 1, and the Premier League, as well as the launch of new esports competitions. The company has previously secured partnerships with Activision-Blizzard, EA Sports, Coca-Cola, and other high-profile brands.
Overall company revenue growth was driven by a 768% increase in the revenue attached to Gfinity-owned and co-owned properties, according to a press release. Moreover, Gfnity reported a 50% cut to adjusted operating losses from $7.3 million last fiscal year to $3.6 million this year, which the company described as a “significant reduction.”
(All information was provided by Esports Insider)
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