Danish esports organisation Astralis Group has released its financial report for the 2021 fiscal year.
In the report, the company announced a 45 percent increase in net revenue — DKK 51.5m (~£5.75m) in 2020 to DKK 75m (~£8.37m) in 2021.
According to a release, the annual financial results are ‘in line with expectations’ after the publicly listed company showed signs of growth.
Astralis also confirmed in the report that its EBITDA (earnings before interest, taxes, depreciation and amortization) has improved from DKK -14.5m (~-£1.62m) in 2019 to DKK -7.9m (~-£881,600) in 2021.
Nevertheless, the financial results show a before-tax loss of DKK 35.2m (~-£3.93m), while the depreciation of its purchase price related to the team acquisitions in 2019 represents DKK -23.4m (~-£2.61m).
Some of the key business operations of Astralis in 2021 include expanding into two new game titles and leagues in key markets and opening its Astralis Nexus gaming centre in Copenhagen. Moreover, the organisation also revamped its team rosters, made changes within the organisation and expanded its commercial, content and digital departments.
Alongside its business operations, the company has secured commercial partnerships and extensions with the likes of consulting company Capgemini, cryptocurrency platform Bybit and electronics retail chain POWER.
Regarding the organisation’s outlook for 2022, the report stated that its financial target is a net revenue in the range of between DKK 85m (~£9.5m) and DKK 90m (~£10m), which would be a 13-20 percent increase, and an EBITDA in the range between DKK 0m (~£0m) and DKK 5m (~£558,000).
Anders Hørsholt, CEO of Astralis, commented: “The result is satisfactory, and we remain on track with an expectation of continued growth in 2022.
“It is a pleasure to see our organisation grow, adding a lot of young, skilled talent with an amazing drive and ambition, and I look forward to delivering on our ambitious targets in 2022 and beyond.”
Hørsholt also mentioned that Australis’s franchise rights in CS:GO, League of Legends and Rainbow Six Siege leagues contribute to the organisation’s increasing direct income generated from league TV rights, commercial partnerships, and related business, as well as exposure to audiences in key markets.
Esports Insider says: Despite another year marked by ongoing effects of the global pandemic, Astralis managed to meet the targets it had set for itself one year ago, which should assure the investors about the capabilities of the company. Compared to 2020’s report, the organisation showed a significantly higher net revenue growth in 2021, demonstrating its intentions to build a leading global brand. That said, the company’s financial result for the year remains negative, so it will be interesting to see if Astralis achieves its goal for 2022 and manages to get into the green numbers.