IN BRIEF: Gfinity interim pretax loss widens; highlights AI in outlook
Gfinity PLC - London-based e-sports and gaming services company - Pretax loss in the six months to December 31 widens to £271,284 from £19,643 a year ago. Revenue falls 52% to £390,099 from £805,741. Cost of sales increases 9.2% to £260,164 from £238,207, while administrative costs decrease 32% to £401,220 from £586,739. Looking ahead, Gfinity says there is still high demand for gaming information and sites, as the gaming industry continues to perform well. However it adds the outlook is uncertain for the digital media sector, ‘as large language models from X, Open AI and Anthropic offer different solutions for search and interaction with the web, including the retrieval of data for gamers seeking advice on game play.’
Further, the company highlights it has moved into the thriving artificial intelligence market sector through its agreement with 0M Technology Solutions Ltd to commercialise Connected IQ. Gfinity adds that the marketing of AI intelligence solutions in the connected TV sector is ‘the fastest growing’ in the advertising industry.
Current stock price: 0.075 pence each, down 2.0% on Thursday afternoon in London
12-month change: up 88% from 0.04p on March 20, 2024
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