Gfinity sells 73% of subsidiary Athlos to… – Morningstar
(Alliance News) – Gfinity PLC on Tuesday said it is closing down its Esports division and selling a majority stake of its subsidiary Athlos to Tourbillon Group UK Ltd.
Gfinity shares fell 27% to 0.11 pence each in London on Tuesday morning.
Gfinity, a London-based e-sports and gaming services firm, said the sale of the 72.5% stake in Athlos is to provide growth capital “to support the business moving forward”. Gfinity will retain the remaining 27.5% of the shareholding in Athlos.
The company said Athlos recorded a pretax loss of GBP500,000 on revenue of GBP400,000 in 2022.
Gfinity also is closing its Esports division, noting a “soft” e-sports market and only limited profitable growth opportunities. The company will focus on digital media and the gamer website industry.
“After a large dip in users in 2022 due to some adverse market impacts including changes in the Google search engine, the company has performed a round of cost cuts and improvements in it content as it streamlines the…
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source: https://news.oneseocompany.com/2023/06/06/gfinity-sells-73-of-subsidiary-athlos-to-morningstar_2023060645703.html
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