Gfinity records operational profitability in back-to-back months

Esports and gaming solutions provider Gfinity was "operationally profitable" in October and November and on track for "another strong performance" in December.

Gfinity highlighted on Friday that these were the first times it had achieved month-on-month operating profitability since its AIM listing in 2014 but noted that given the project-based nature of some of its revenue streams and seasonality in its business, the results did not yet imply that it will always be profitable on a monthly basis going forward.

The group also pointed out that its "positive performance" had been achieved against "a challenging economic backdrop" and the need to adapt to new ways of working, positioning it "strongly" and making the full extent of the market opportunity for Gfinity "apparent".

Chief executive John Clarke said: "It was a major achievement for the business to deliver successive months of operational profit for the first time in its history in both October and November. It is a sign that the changes we have made are delivering and this gives us confidence for the future.

"We are alive to the risks and challenges facing our customers and markets, but we will stay focused on what we can control and will continue to deliver outstanding business results for our partners and clients. We will also maintain the resilience which has guided us through 2020 and I am confident that Gfinity is now well-positioned for growth in 2021 and beyond."

As of 0850 GMT, Gfinity shares were up 7.25% at 3.70p.