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Gfinity narrows H1 losses on cost cuts
StockMarketWire.com
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E-sports company Gfinity narrowed first-half losses as significant cost cuts offset a fall in revenue.
For the six-month period ended 31 December 2020, pre-tax losses narrowed to £841,124 from £3.7 million year-on-year, while fell revenue fell 14% to £3 million.
Adjusted administrative expenses fell 45%, reflecting significant cost reduction programme undertaken in March 2020.
The company also said it had concluded its formal sale process that had resulted in the signing of one of the company's largest ever multiyear commercial contracts with the sports fan engagement site IQONIQ.
'Now it is time to accelerate the growth of the business by being focused on the growth areas identified under each of our strategic pillars,' the company said.
Story provided by StockMarketWire.com
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