Gfinity forecasts flat FY revenues

Esports provider Gfinity said on Thursday that it now expects full-year revenues to be broadly flat year-on-year despite a sharp reduction in the first half.

Gfinity stated first-half trading was broadly in line with expectations, with revenues of £3.5m for the six months ended 31 December. However, the group's interim revenues were still 20% lower than the £4.4m it reported a year earlier.

The AIM-listed group said the declining revenues were a result of its transition to higher-margin revenue streams from its low-margin Elite Series revenue.

Gfinity said full-year gross profits would more than quadruple to £2.1m, reducing its adjusted operating loss to £2.4m from £4.4m. The company added it now anticipates revenues for the year ending 30 June to be broadly in line with the prior year, while margins were forecast to come in ahead of current market expectations.

As of 1100 GMT, Gfinity shares had slumped 15.75% to 2.38p.