Credit: Gfinity<\/span><\/figcaption><\/figure>\nRELATED:<\/strong>\u00a0Gfinity continues to operate F1 Esports Series in multi-year deal<\/a><\/span><\/p>\n
The announcement was made ahead of Gfinity\u2019s Annual General Meeting (AGM) last Friday. In November 2020, monthly operating costs were \u00a3385,000 \u2014 a reduction of 47 percent since November 2019.<\/span><\/p>\n
At the AGM, Neville Upton, Gfinity Chairman<\/strong> said the following: \u201cI 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.<\/span><\/p>\n
\u201cGiven 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.\u201d<\/span><\/p>\n
The company added that under the leadership of CEO John Clarke<\/strong>, 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.<\/span><\/p>\n
[primis_video widget=”5183″]<\/span><\/p>\n
RELATED:<\/strong>\u00a0Wim Stocks joins Belong as SVP Partnerships & Commercial<\/a><\/span><\/p>\n
Gfinity also announced last week it has sold its holding in Esports Awards Ltd for \u00a3500,000. \u201cThe proceeds from the sale will be used to accelerate further growth across Gfinity\u2019s three strategic pillars,\u201d 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 \u00a3138,000.<\/span><\/p>\n
Moreover, Gfinity also announced the appointment of Len Rinaldi as Non-Executive Director<\/strong> last week. Rinaldi \u2014 who previously worked for Apple for 12 years, most recently as General Manager for Apple Western Europe \u2014 will join the company\u2019s Audit and Remuneration Committees.<\/span><\/p>\n
Rinaldi said on the move: \u201cI 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.\u201d<\/span><\/p>\n
Esports Insider says: Gfinity\u2019s one-year change (stock price) is up 15.15 percent according to the Financial Times, indicating that investors are high on the company. Things are looking good for them, and adding such an experienced head in Len Rinaldi will surely bolster the team.<\/strong><\/span><\/p>\n
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Esports and gaming solutions provider Gfinity last week declared it achieved month-on-month (MoM) operating profitability for October and November \u2014 the first time the company has done so since 2014. Credit: Gfinity RELATED:\u00a0Gfinity continues to operate F1 Esports Series in multi-year deal The announcement was made ahead of Gfinity\u2019s Annual General Meeting (AGM) last Friday. … Continued<\/a><\/p>\n","protected":false},"author":71,"featured_media":57455,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"_lmt_disableupdate":"","_lmt_disable":"","esi_template":"default","excluded":false,"footnotes":""},"categories":[63,239,1667,15024,55,5283,106,237,8713,8520,4269,8703,238],"tags":[1634,37,393],"class_list":["post-57454","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commercial","category-europe","category-fgc","category-financial","category-esports-titles","category-investments","category-latest-news","category-news-by-region","category-partnerships-sponsorships","category-personnel","category-simulation-racing","category-sports-simulation","category-uk","tag-esports-investment","tag-gfinity","tag-uk-esports"],"acf":[],"yoast_head":"\nGfinity announces monthly profits, sells Esports Awards 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