logo-loader
viewGfinity PLC

Gfinity surges as it launches formal sales process

The esports group said market trends and recent business developments meant it has the opportunity to “significantly expand its growth projections”

Gfinity PLC - Gfinity surges as it launches sales process

Gfinity PLC (LON:GFIN) shares surged on Friday as the esports media group said it has launched a formal sales process to explore a number of options as part of a strategic review to “continue on its current pathway towards profitability” targeted for the first quarter of the 2021 calendar year.

In a progress update, the esports company said it “remains highly confident” in its prospects and that market trends meant it has the opportunity to “significantly expand its growth projections”.

READ: Esports will not replace real-world sport, but its growth could still be a boon for both markets

Gfinity added that following “considerable corporate and strategic development” over the year to June 30, 2020, as well as a successful fundraising the group is on a firm financial footing and “well positioned to drive significant future revenue growth” across its core business areas of digital media, partnerships and esports solutions for brands.

"The board of Gfinity remains highly confident in the prospects and position of the company, especially as market dynamics are rapidly, and permanently, changing in favour of the group's offering … Given this, while the board believes that the company can continue on its current pathway towards profitability it believes, at this point in time, that it is important to all its stakeholders to ensure that it has explored all strategic options to capitalise on the potential market opportunity and to deliver shareholder value, including options for making acquisitions, forming partnerships, separating the activities of the Group or a potential sale of the company”, the group said in a statement.

While it has commenced a formal sales process, Gfinity said it is not currently in discussions and has not received approaches from any potential offerors.

The news sent Gfinity shares up 21.2% to 4.1p in early trading.

Quick facts: Gfinity PLC

Price: 4.02 GBX

AIM:GFIN
Market: AIM
Market Cap: £31.01 m
Follow

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Gfinity PLC named herein, including the promotion by the Company of Gfinity PLC in any Content on the Site, the Company receives from said...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Gfinity's V10 R-League goes global with three big broadcast deals

Gfinity PLC's (LON:GFIN) John Clarke talks to Proactive London's Katie Pilbeam on its new V10 R-League, part of a joint venture with Abu Dhabi Motorsport Management which is going global with three major broadcast deals. Under the agreements, it will be available on BT Sport, ESPN and STARZPLAY...

on 4/9/20

2 min read