Rapport semestriel
Les informations contenues dans cette annonce sont considérées par la Société comme constituant une information privilégiée au sens du Règlement sur les abus de marché (UE) n° 596/2014. Lors de la publication de cette annonce via le Service d'Information Réglementaire, cette information privilégiée est désormais considérée comme étant dans le domaine public.
19 Mars 2024
Gfinity plc
(« Gfinity » ou la « Société »)
Résultats semestriels
Gfinity (AIM: GFIN), a leading Digital Media provider, announces its unaudited results for the six-month period ended 31 December 2023 and which are also available on the Company's website www.gfinityplc.com
Faits saillants opérationnels:
The period ended 31 December 2023 was a transitional period for the Company. During this period we made significant cost cuts through headcount reduction, renegotiated contracts and exiting unprofitable business lines.
After divesting the majority of Athlos Gaming Technologies in June 2023, we completed the full exit in this period. We thus reduced any ongoing exposure to Athlos (Athlos requires significant further investment over the next 12 months, and a refocus on their product offering). The completed exit generated proceeds of £260,000, and a profit on disposal of the same amount, which is included in the Operating Loss, as shown in the Profit and Loss account*.
The Company was also able to divest our Esports Solutions division, while retaining some potential upside stake, without the risk of any further liabilities. The esports sector has been in a multi-year downturn, with the industry's leaders all trying to find a profitable business model, based on broadcasting and one off events, without control of game IP.
In the past 6 months, Gfinity has laid essential groundwork for new, future revenue growth: in terms of traffic/audience, by launching new sites and collaborating with national publishers on gaming content; and, in terms of sales, by taking more control in-house - both commercially and technically - of our advertising and sponsorship sales, we are now well placed to drive improved yields, and volumes.
In addition, we have reduced the digital media and management headcount. Restructuring our website editorial and writing teams to a more centralised structure enabled over 50% reduction; and at a senior level, we have reduced by two Directors, along with other senior roles. We now operate a much flatter and responsive model, more in keeping with today's technology industry.
The actions above show significant progress in cost cutting, with monthly costs reduced by over 70%, and headcount now appropriate for a modern digital company. Gfinity has now moved to a period where we can focus on profitability through a new more disciplined approach to our budget.
Gfinity is now focused as a pure play digital media network, operating 12 sites. The Gfinity Digital Media network performed well during the period, with revenues increasing, and monthly session numbers rebounding to over 10,000,000 in December. The network added one new site in the period, with plans to add at least one further site in H2 2024. We have also incorporated AI into our processes, to streamline workflows and make considerable savings.
As a gaming and entertainment network, we continue to be highly attractive to advertisers, which is reflected in our healthy income per user.
The Company appointed David Halley as CEO in August, to oversee the overhaul of the Company into an effective platform for future growth.
Outlook
The whole digital media sector experienced significant pressure in H2 2023, with several Google algorithm changes creating uncertainty and headwinds. However, the gaming vertical continues to generate interest, and remains an exciting part of the sector into the future.
Now we have concluded our budget reduction process, we are confident we can deliver further improvements in profitability in H2 FY2024, with cashflow increasing as we improve and increase our sites and editorial.
Overall, Gfinity remains well positioned as a business, with a strong reputation, an owned audience and proprietary technology in an industry that continues to grow. The Directors believe that the actions taken over the six months to December 2023 have positioned the business to fully capitalise on that opportunity. In 2024, we believe there will be consolidation in our market, with distressed players for sale; and big opportunities will arise in the monetisation of publishers and the attached technology which Gfinity can own and leverage to create large, scalable opportunities.
Pour de plus amples informations s'il vous plaît contacter:
Enquêtes
Gfinity plc | Neville Upton
|
|
Beaumont Cornish Limitée Conseiller désigné et Broker | Roland Cornouailles Michael Corniche
| + 44 (0) 207 628 3369 www.beaumontcornish.co.uk |
Beaumont Cornish Limited (« Beaumont Cornish ») est le conseiller désigné de la société et est autorisé et réglementé par la FCA. Les responsabilités de Beaumont Cornish en tant que conseiller désigné de la société, y compris la responsabilité de conseiller et de guider la société sur ses responsabilités en vertu des règles AIM pour les sociétés et des règles AIM pour les conseillers désignés, sont dues uniquement à la Bourse de Londres. Beaumont Cornish n'agit pas et ne sera pas responsable envers toute autre personne pour fournir les protections accordées aux clients de Beaumont Cornish ni pour les conseiller concernant les arrangements proposés décrits dans cette annonce ou toute question qui y est mentionnée.
Group Statement of Profit or Loss
6 mois au 31 décembre 2023 Non audité |
| 6 mois au 31 décembre 2022 Non audité |
| Year to 30 June 2023 Audited | |
| £ |
| £ |
| £ |
CONTINUING OPERATIONS Note |
| ||||
Revenue 4 | 805,741 | 1,360,345 | 2,190,216 | ||
Coût des ventes | (238,207) | (636,704) | (953,905) | ||
|
| ||||
Bénéfice brut | 567,534 |
| 723,641 |
| 1,236,311 |
| |||||
Dépenses administratives | * (586,739) | (1,661,552) | (3,788,329) | ||
|
|
|
|
| |
| |||||
Perte d'exploitation | (19,205) |
| (937,911) |
| (2,552,018) |
| |||||
Frais de dépréciation | - | - | (5,984,171) | ||
Re-assessment of Deferred Consideration | - | - | 931,311 | ||
Loss arising on loss of control of a subsidiary | - | - | (548,761) | ||
Revenus financiers | 152 | 373 | - | ||
Charges financières | (590) | - | (25,976) | ||
|
|
| |||
Perte sur activités ordinaires avant impôt | (19,643) |
| (937,538) |
| (8,179,615) |
| |||||
Imposition | 194,916 | 123,459 | 974,876 | ||
Retained profit/(loss) for the period | 175,273 |
| (814,079) |
| (7,204,739) |
| |||||
Loss on discontinued operations, net of tax | - | (960,200) | (3,050,097) | ||
|
|
|
|
|
|
Profit/(loss) and total comprehensive profit/(loss) for the period | 175,273 |
| (1,774,279) |
| (10,254,836) |
| |||||
Earnings per Share (Basic) 3 | 0.006 |
| (0.001) |
| (0.42) |
État du résultat global du Groupe
6 mois au 31 décembre 2023 Non audité |
| 6 mois au 31 décembre 2022 Non audité |
| Year to 30 June 2023 Audited | |
| £ |
| £ |
| £ |
| |||||
Profit/(loss) for the Period | 175,273 | (1,774,279) | (10,254,836) | ||
Éléments pouvant être ultérieurement reclassés en résultat |
| ||||
Foreign exchange gain on retranslation of foreign operations | 2,326 | 3,501 | - | ||
Other Comprehensive Income for the period | 2,326 | 3,501 | - | ||
Perte et total du résultat global de la période | 177,599 |
| (1,770,778) |
| (10,254,836) |
|
|
|
|
|
|
État de la situation financière du Groupe
As at 31 December 2023 Unaudited |
| As at 30 June 2023 Audited | |||
| £ |
| £ | ||
ACTIFS NON COURANTS |
| ||||
Immobilisations corporelles | - | 14,757 | |||
Bonne volonté | 495,288 | 495,288 | |||
Immobilisations incorporelles | 415,155 | 415,155 | |||
Autres actifs non courants | 15 | - | |||
910,458 | 925,200 | ||||
|
| ||||
ACTIFS COURANTS |
| ||||
Clients et autres débiteurs | 393,247 | 644,540 | |||
Trésorerie et équivalents de trésorerie | 215,525 | 270,476 | |||
608,772 | 915,016 | ||||
|
|
| |||
|
|
| |||
TOTAL DE L'ACTIF |
| 1,519,230 |
| 1,840,216 | |
| |||||
PASSIFS ET CAPITAUX PROPRES |
| ||||
Équité |
| ||||
Partage le capital | 2,722,330 | 2,649,030 | |||
Partage de prime | 55,710,586 | 55,367,959 | |||
Autres réserves | 423,613 | 423,613 | |||
Gains conservés | (57,811,929) | (57,989,529) | |||
Part des actionnaires sans contrôle | 3 | 3 | |||
Total des capitaux propres |
| 1,044,603 |
| 451,076 | |
| |||||
Passifs non courants |
| ||||
Autres créditeurs | - | 17,669 | |||
Passifs d'impôts différés | - | 72,390 | |||
- | 90,059 | ||||
Passif à court terme |
| ||||
Autres créanciers | 54,013 | - | |||
Fournisseurs et autres créditeurs | 255,584 | 1,060,794 | |||
Des provisions | 92,640 | 238,287 | |||
Passifs d'impôts différés | 72,390 | - | |||
Total du passif |
| 474,627 | 1,389,140 | ||
TOTAL DES CAPITAUX PROPRES ET DES PASSIFS |
| 1,519,230 |
| 1,840,216 | |
|
Tableau des flux de trésorerie du groupe
6 mois au 31 décembre 2023 Non audité |
| 6 mois au 31 décembre 2022 Non audité |
| Year to 30 June 2023 Audited | |
| £ |
| £ |
| £ |
|
|
|
| ||
Flux de trésorerie utilisé dans les activités opérationnelles |
|
|
|
| |
Bénéfice / (perte) de la période | 175,273 | (1,774,279) | (10,254,837) | ||
Ajustements pour | |||||
Dépréciation | 14,757 | 47,093 | 33,254 | ||
Amortissement | - | 860,758 | 1,846,164 | ||
Dépréciation d'actifs | - | - | 5,984,171 | ||
Gain on disposal of fixed assets | - | (112,808) | |||
Intérêts payés | 591 | - | - | ||
Intérêt reçu | (152) | (373) | (885) | ||
Paiements basés sur des actions | - | 150,458 | 77,691 | ||
Increase in credit loss provision | - | - | 29,945 | ||
Re-evaluation of contingent consideration | - | - | 51,494 | ||
Loss on loss of control of subsidiary | - | - | (931,311) | ||
Bénéfice sur cession d'une entreprise associée | (260,000) | - | - | ||
(Decrease)/Increase in provisions | (145,647) | - | 238,287 | ||
Current and deferred tax credit | - | (164,591) | (974,876) | ||
Total | (215,178) | (880,934) | (3,464,950) | ||
(increase)/decrease in receivables | 251,293 | 377,272 | 1,324,353 | ||
(decrease)/Increase in payables excluding contingent consideration | (852,498) | 527,622 | (907,062) | ||
Tax credit recovered | 202,276 | - | 109,732 | ||
| |||||
Net operating (outflow)/inflow | (614,107) | 23,960 | (2,937,927) | ||
|
|
| |||
Cash flow from/(used in) investing activities |
|
|
|
| |
Intérêt reçu | 152 | 373 | 885 | ||
Ajout d'immobilisations corporelles | - | (3,558) | (3,498) | ||
Ajout d'actifs incorporels | - | (477,140) | - | ||
Payment of deferred/contingent consideration | (118,642) | - | (1,031,307) | ||
Net proceeds on disposal of fixed assets | - | - | 213,668 | ||
Proceeds on disposal of associate | 260,000 | - | - | ||
Investissement en associé | (15) | - | - | ||
|
|
|
|
| |
| |||||
Trésorerie nette provenant/(utilisée dans) des activités d'investissement | 141,495 | (480,325) | (820,252) | ||
Group Cash Flow Statement (continued)
|
| ||||
Cash flow from/(used in) financing activities |
| ||||
Issue of equity share capital (net of costs) | 415,927 | (2,000) | 1,887,294 | ||
Intérêts payés | (591) | ||||
|
|
|
|
| |
| |||||
Flux net de trésorerie provenant/(utilisés dans) des activités de financement | 415,336 | (2,000) | 1,887,294 | ||
(diminution)/augmentation nette de la trésorerie et des équivalents de trésorerie | (57,276) | (458,365) | (1,870,885) | ||
Effect of currency translation on cash | 2,325 | 3,501 | - | ||
|
|
|
|
|
|
Baisse nette de la trésorerie | (54,951) |
| (454,864) |
| (1,870,885) |
Trésorerie et équivalents de trésorerie d'ouverture | 270,476 | 2,141,361 | 2,141,361 | ||
Trésorerie et équivalents de trésorerie de clôture | 215,525 | 1,686,497 | 270,476 | ||
Baisse nette de la trésorerie | (54,951) |
| (454,864) |
| (1,870,885) |
|
État de l'évolution des capitaux propres
Partage le capital |
| Partage de prime |
| Réserve d'option d'achat d'actions |
| Gains conservés |
| NCI |
| Réserve de conversion des devises |
| Total des capitaux propres | |
| £ |
| £ |
| £ |
| £ |
| £ |
| £ |
| £ |
At 30 June 2022 (re-stated) | 1,315,697 | 54,858,008 | 3,728,622 | (51,113,657) | 3 | (21,958) | 8,766,715 | ||||||
Perte pour la période | - | - | - | (1,774,279) | - | - | (1,774,279) | ||||||
L'autre résultat étendu | - | - | - | - | - | 3,501 | 3,501 | ||||||
Total du résultat global | - |
| - |
| - |
| (1,774,279) |
| - |
| 3,501 |
| (1,770,778) |
Actions émises | - | - | - | - | - | - | - | ||||||
Share Issue Costs | - | (2,000) | - | - | - | - | (2,000) | ||||||
Options sur actions émises | -, | - | 150,458 | - | - | - | 150,458 | ||||||
Total des transactions avec les propriétaires, comptabilisés directement en capitaux propres | - | (2,000) | 150,458 | - | - | - | 148,458 | ||||||
Au 31 déc. 2022 | 1,315,697 | 54,856,008 | 3,879,080 | (52,887,936) | 3 | (18,457) | 7,144,395 | ||||||
Perte pour la période | - | - | - | (8,480,557) | - | (8,480,557) | |||||||
L'autre résultat étendu | - | - | - | - | - | (3,501) | (3,501) | ||||||
Total du résultat global | - |
| - |
| - |
| (8,480,557) |
| - |
| (3,501) |
| (8,484,058) |
Actions émises | 1,333,333 | 666,667 | - | - | - | - | 2,000,000 | ||||||
Share Issue Costs | - | (154,716) | 44,010 | - | - | - | (110,706) | ||||||
Options sur actions émises | - | - | (98,555) | - | - | - | (98,555) | ||||||
Release to retained earnings | (3,400,922) | 3,400,922 | - | ||||||||||
Total des transactions avec les propriétaires, comptabilisés directement en capitaux propres | 1,333,333 | 511,951 | (3,455,467) | 3,400,922 | - | - | 1,790,739 | ||||||
Au 30 juin 2023 | 2,649,030 | 55,367,959 | 423,613 | (57,967,571) | 3 | (21,958) | 451,076 | ||||||
, |
Statement of Changes in Equity (continued)
Partage le capital | Partage de prime | Réserve d'option d'achat d'actions | Gains conservés | NCI | Réserve de conversion des devises | Total des capitaux propres | |||||||
£ | £ | £ | £ | £ | £ | £ | |||||||
Au 30 juin 2023 | 2,649,030 | 55,367,959 | 423,613 | (57,967,571) | 3 | (21,958) | 451,076 | ||||||
, | |||||||||||||
Bénéfice de la période | - | - | - | 175,273 | - | - | 175,273 | ||||||
L'autre résultat étendu | - | - | - | - | - | 2,327 | 2,327 | ||||||
Total du résultat global | - |
| - |
| - |
| 175,273 |
| - |
| 2,327 |
| 177,600 |
Actions émises | 73,300 | 366,500 | - | - | - | - | 439,800 | ||||||
Share Issue Costs | - | (23,873) | - | - | - | - | (23,873) | ||||||
Options sur actions émises | - | - | - | - | - | - | - | ||||||
Total des transactions avec les propriétaires, comptabilisés directement en capitaux propres | 73,300 | 342,627 | - | - | - | - | 415,927 | ||||||
Au 31 décembre 2023 | 2,722,330 | 55,710,586 | 423,613 | (57,792,298) | 3 | (19,631) | 1,044,603 | ||||||
Notes aux états financiers intermédiaires
1. General Information
Gfinity plc is a Company limited by shares, incorporated and domiciled in England and Wales under the Companies Act 2006. Its registered office is 128 City Road, London, England, EC1V 2NX. Its shares are quoted on the AIM market of the London Stock Exchange.
The functional and presentational currency is £ sterling because that is the currency of the primary economic environment in which the group operates. Foreign operations are included in accordance with the policies set out in note 2.
La publication de ces états financiers intermédiaires résumés a été approuvée le 19 mars 2024.
2. Accounting Policies and Basis of Preparation
Base de préparation
The interim financial statements for the six months ended 31 December 2023 have been prepared using accounting policies that are consistent with those of the audited financial statements for the year ended 30 June 2023 and in accordance with IAS 34, "Interim Financial Reporting" as adopted by the United Kingdom. The interim financial information should be read in conjunction with the Group's Annual Report and Accounts for the year ended 30 June 2023, which has been prepared in accordance with IFRS as adopted by the United Kingdom.
The interim financial information contained in this report does not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006.
The Annual Report and Accounts for the year ended 30 June 2023 has been filed with the Registrar of Companies. The auditors' report on those accounts was unqualified, however, they did note a material uncertainty with regards to going concern, relating to the fact that the going concern basis of preparation was dependent on certain growth targets being met within 12 months from the date of signature of the Annual Report.
Principales conventions comptables
The critical accounting policies and presentation followed in the preparation of this interim report have been consistently applied to all periods in these financial statements and are the same as those applied in the Company's Annual Report and Accounts for the year ended 30 June 2023.
Une copie du Rapport et comptes annuels to 30 June 2023 can be obtained from the Company's website: www.gfinityplc.com.
Critical Accounting Judgements
The preparation of financial statements in conforming with adopted IFRS requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and assumptions are based on historical experience and other factors considered reasonable at the time, but actual results may differ from those estimates. Revisions to these estimates are made in the period in which they are recognised.
The critical accounting judgements made in preparing this interim report are the same as those in preparing the Annual Report and Accounts of the Company for the year ended 30 June 2023 which can be obtained from the Company's website: www.gfinityplc.com.
Continuité d'activité
At 31 December 2023 the group had cash of £215,525.
Following the restructuring, as explained in the Annual Report and Accounts to 30 June 2023, the Company's sole focus is investing in and developing the Gfinity Digital Media business.
As also fully set out in the 2023 Annual Report:
· The Directors have prepared a base case cashflow forecast, which assumes certain growth targets are met; and
· The Directors consider that the growth targets are reasonable and attainable, and in view of this, believe that the going concern basis of preparation continues to be appropriate.
3. Profit per share
Basic earnings per share is calculated by dividing the profit (previous periods - loss) attributable to shareholders by the weighted average number of ordinary shares in issue during the period.
For the 6 months to 31 December 2023, diluted EPS is shown below. For previous periods, for a loss-making company with outstanding share options, net loss per share would be decreased by the exercise of options and therefore the effect of options has been disregarded in the calculation of diluted EPS for those previous periods.
| 6 mois au 31 décembre 2023 |
| 6 mois au 31 décembre 2022 |
| Année au 30 juin 2023 | |
| Toutes les opérations | £ |
| £ | £ | |
| Mes Revenus | 175,274 | (1,774,279) | (10,254,836) | ||
| ||||||
| Numéro |
| Numéro |
| Numéro | |
| 000 de |
| 000 de |
| 000 de | |
| Nombre moyen pondéré d'actions ordinaires | 3,139,024 | 1,315,697 | 1,735,789 | ||
| ||||||
| Profit/(loss) per ordinary share | 0.006 | (0.001) | (0.006) | ||
| ||||||
| Continuation des opérations | |||||
| ||||||
| Mes Revenus | 175,273 | (937,538) | (7,204,739) | ||
| ||||||
| Nombre moyen pondéré d'actions ordinaires | 3,139,024 | 1,315,697 | 1,735,789 | ||
| ||||||
| Profit/(loss) per ordinary share for continuing operations | 0.006 | (0.0005) | (0.004) | ||
| ||||||
| ||||||
| Opérations interrompues | |||||
| ||||||
| Mes Revenus | - | (960,200) | (3,050,097) | ||
| ||||||
| Nombre moyen pondéré d'actions ordinaires | - | 1,315,697 | 1,735,789 | ||
| ||||||
| Loss per ordinary share for continuing operations | - | (0.0005) | (0.002) | ||
| ||||||
Résultat dilué par action | ||||||
Mes Revenus | 175,273 | |||||
Nombre moyen pondéré d'actions ordinaires | 3,556,412 | |||||
Loss per ordinary share for continuing operations | 0.005 | |||||
| ||||||
| ||||||
| ||||||
| ||||||
4. Revenus
The Group's policy on revenue recognition is as outlined in note 2 of the financial statements for the year ending June 2023. The period ending December 2023 included £Nil in the contract liability balance and at the beginning of the period (December 2022: £58,359 and year ending June 2023: £Nil).
The Group's revenue disaggregated by primary geographical markets is as follows:
6 mois au 31 décembre 2023
| ||||||||||
|
| Total |
| |||||||
|
| £ |
| |||||||
Royaume Uni | 26,009 |
| ||||||||
Amérique du Nord | 679,559 |
| ||||||||
RANGÉE | 100,713 |
| ||||||||
| ||||||||||
Total |
|
| 805,741 |
| ||||||
| ||||||||||
6 mois au 31 décembre 2022
| ||||||||||
| Total |
| ||||||||
|
| £ |
| |||||||
Royaume Uni | 2,835,485 |
| ||||||||
Amérique du Nord | 828,298 |
| ||||||||
RANGÉE | 444,155 |
| ||||||||
| ||||||||||
Total |
|
| 4,107,938 |
| ||||||
| ||||||||||
Année au 30 juin 2023
| ||||||||||
|
| Total |
| |||||||
|
| £ |
| |||||||
Royaume Uni | 2,830,620 |
| ||||||||
Amérique du Nord | 1,563,982 |
| ||||||||
RANGÉE | 865,904 |
| ||||||||
| ||||||||||
Total |
|
| 5,260,506 |
| ||||||
The Group's revenue disaggregated by pattern of revenue of revenue recognition is as follows:
6 mois au 31 décembre 2023 | |||||||||
| |||||||||
| Total |
| |||||||
|
| £ |
| ||||||
Services transferred at | 805,741 |
| |||||||
Services transferred over time | - |
| |||||||
| |||||||||
Total |
|
| 805,741 |
| |||||
4. Revenue (continued)
6 mois au 31 décembre 2022 | |||||||||
| |||||||||
| Total |
| |||||||
|
| £ |
| ||||||
Services transferred at | 2,316,694 |
| |||||||
Services transferred over time | 1,791,244 |
| |||||||
| |||||||||
Total |
|
| 4,107,938 |
| |||||
| |||||||||
| |||||||||
Année au 30 juin 2023 | |||||||||
|
| ||||||||
| Total |
| |||||||
|
| £ |
| ||||||
Services transferred at | 2,190,216 |
| |||||||
Services transferred over time | 3,233,355 |
| |||||||
| |||||||||
Total |
|
| 5,423,571 |
| |||||
5. Goodwill and Intangible Fixed Assets
The Group holds goodwill in respect of the acquisitions of the trade and assets of Siege.gg, EpicStream and RealSport in earlier periods. Additionally, the Group carries goodwill in respect of the acquisition of Megit Limited, also in an earlier period.
Further, the Group holds intangible fixed assets in the form of Web platforms, which includes web domains and platform technology acquired through the acquisitions of Megit Limited, and the acquisitions of the trade and assets of Siege.gg and EpicStream.
A comprehensive impairment review was performed for the purposes of assessing the carrying value of goodwill and intangible fixed assets as at 30 June 2023, using a fair value method, on the basis of a multiple of revenue achieved for the respective brands in the year ended 30 June 2023.
As a result of the close proximity of the assessment of the carrying values undertaken as at 30 June 2023, and now, the Directors do not consider any further impairment provisions are required, and it could be that some of the previously made provisions for impairment could be released.
A full review of the carrying values for goodwill and intangible fixed assets will be undertaken at the time of reporting on the full year results to 30 June 2024.
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