The information contained within this
announcement is deemed by the Company to constitute inside
information stipulated under the Market Abuse Regulation (EU) No.
596/2014, as retained as part of the law of England and Wales. Upon
the publication of this announcement via the Regulatory Information
Service, this inside information is now considered to be in the
public domain.
Press
release
28 June 2024
Guild Esports PLC
("Guild Esports",
"Guild" or "the Company")
Interim results
Guild Esports, (LSE: GILD), a global teams
organisation and lifestyle brand, is pleased to announce its
unaudited financial results for the six months ended 31 March
2024.
Financial
highlights
|
·
|
Loss before tax reduced by 21% to £1.8m (H1
2023: £2.28m) following a 38% reduction in administrative
expenses.
|
|
·
|
Guild Studios' revenues rose 537% to £586k (H1
2023: £109k), representing a significant new revenue
stream.
|
|
·
|
Revenue fell to £2.1m (H1: £3.7m) reflecting a
challenging macroeconomic environment and a significant, one-off
tournament victory in 2023 which increased revenue. Tournament
winnings are booked as revenues although most of the winnings are
returned to players.
|
|
·
|
Net cash stood at £17k as at 31 March 2024 and
rose to £110k as at 25 June 2024.
|
Operating
highlights
|
·
|
Received £500,000 from strategic investor
00Nation AS to implement Guild's strategic drive for its brand and
services more deeply into the industry eco-system as well as to
facilitate international expansion.
|
|
·
|
Signed one-year UK sponsorship extension with
Subway UK to name it Guild's Official Quick-Service Restaurant
Partner, returning Subway branding to Guild's jerseys.
|
|
·
|
Guild Studios appointed as Sky Broadband's
Official Activation Partner.
|
|
·
|
Successfully opened the Simulator Facility at
the Sky Guild Gaming Centre, serving as a training facility for
Guild's professional esports players, and as an additional revenue
stream to the Company via experiential sim racing packages
available for corporates, the wider public and the esports
community.
|
Post-period
highlights
|
·
|
Guild joined the Esports World Cup Program, a
financial support scheme launched by the Esports World Cup
Foundation to incentivise leading esports organisations to expand
their competitive presence at the Esports World Cup.
|
|
·
|
Enhanced esports offering by entering Tekken,
Call of Duty: Warzone and ESL R1 for the first time and returning
to Apex Legends after a hiatus since 2022.
|
|
·
|
Guild has qualified for four events so far at
the Esports World Cup, entering the Company into the EWC Club
Championship to compete for a share of the $20m prize
pool.
|
Outlook
|
·
|
Successful cost-cutting and growth in Guild
Studios revenue achieved despite sector headwinds.
|
|
·
|
International expansion well underway, and
Guild is firmly established within the Esports World Cup ecosystem.
Promising progress in MENA has positioned the Company well for
future revenue growth.
|
|
·
|
The Board of Directors is cautiously optimistic
for the remainder of 2024 and beyond.
|
Commenting on
the results, Jasmine Skee, Chief Executive Officer,
said: "Guild has done well to weather a tricky
macroeconomic environment and the rise in Guild Studios' revenues
is highly promising. We are pleased with our progress in
strengthening Guild Esports' financial health and expanding our
global footprint. Our focus remains on executing the Company's
existing commercial strategy and positioning it for long-term
growth.
"Our partnerships, such as with Subway UK and
Sky Broadband, along with our new initiatives in the Esports World
Cup Program, underscore our commitment to innovation and industry
leadership. We are cautiously optimistic that our efforts will
continue to drive growth and success as we navigate through the
remainder of 2024 and beyond."
For further information, please
contact:
|
Guild
Esports
|
|
|
Jasmine
Skee
Chief Executive
|
via Tancredi
+44 207 887 7633
|
|
Tennyson
Securities
|
|
|
Corporate Broker
Peter
Krens
|
+44 207 186
9030
|
|
Tancredi
Intelligent Communication
Media Relations
|
|
|
Helen
Humphrey
Charlie
Hobbs
guild@tancredigroup.com
|
+44 7449 226
720
+44 7897 557
112
|
About Guild
Esports:
Guild Esports PLC is a global gaming-focused
media business that fields professional players in gaming
competitions under the Guild banner. Our in-house training academy
aims to attract and nurture the best esports talent, and our goal
is to provide the ultimate entertainment experience alongside a
distinctive lifestyle brand authentic to the esports community
worldwide. Guild is led by an experienced management team of
entertainment sector and esports veterans and co-owned by David
Beckham. The Company is headquartered in the UK and its shares are
listed on the Main Market of the London Stock Exchange (ticker:
GILD). Please visit www.guildesports.com for more
information.
Interim
Management Report
Overview
Guild has continued on its path toward
profitability into 2024. The Company reduced its loss before tax by
21% to £1.8m, down from £2.28m in H1 2023. Guild's continuation of
its effective cost-rationalisation programme reduced administrative
expenses by 38% year-on-year to £2.64m (H1 2023:
£4.28m).
Guild's first-half revenues fell to £2.1m and
gross profit to £1.39m reflecting a challenging macroeconomic
environment and global reduction in marketing budgets, pressuring
sponsorship revenues. Marketing budgets have fallen to an average
of 7.7% of company revenue in 2024, down from an average of 11% in
the previous four years (source:
Gartner, 2024).
Guild's H1 2023 revenues were increased by a
significant, one-off tournament prize of $1 million (£784k). The
Company only keeps a small proportion of prize money won by its
professional players, in line with industry standards. In H1 2023,
approximately 85% of prize money was returned to players. The
reduction in tournament winnings from £1.06m in H1 2023 to £0.27m
in H1 2024 therefore only had a modest effect on gross
profit.
Net cash amounted to £17k as at 31 March 2024,
compared to £1.05m on the same date in the previous year. In the
post-period, Guild's net cash rose to £110k as at 25 June
2024.
The Company continues to review its contracted
revenue, pipeline, cash balances and committed expenditure. Based
on the directors' assessment of the Company's cash needs and the
availability of financing the directors consider the Company to be
a going concern. Negotiations to secure additional funding are well
progressed and the Directors are confident in Company's ability to
close negotiations swiftly. Management have modelled that this
additional funding will be sufficient in covering the Company's
working capital requirements, therefore the Directors have
concluded that the adoption of the going concern assumption is
appropriate. However, this does constitute a material uncertainty
that may cast significant doubt on the company's ability to
continue as a going concern.
Operating
review
Guild adapted its revenue-generation strategies
under CEO Jasmine Skee, with the intention of reducing the
proportion that sponsorship and tournament winnings comprise of its
revenue mix. Guild Studios, Guild's production and creative
division launched in February 2023, is a success story of this
strategy. Guild Studios achieved £586k in revenue in H1 2024, an
increase of 537% year-on-year.
Guild Studios allows the Company to monetise
its in-house experience in esports and gaming to support brand
owners on individual campaigns, with the specific goal of
attracting brands not traditionally associated with gaming and
esports.
In December 2023, Guild Studios was named Sky
Broadband's Official Activation Partner for their 2024 Gaming Plan,
granting Guild Studios an exclusive mandate to deliver a suite of
activation services in the first half of 2024. In the post-period,
this included a first-of-its-kind women's esports initiative, where
the Company and Sky Broadband launched a series of tournaments to
encourage increased female participation in sim racing and football
esports. To date, Guild Studios has generated total revenues of
£1.38m.
Guild further diversified its revenues through
the opening of the Guild Simulator Facility in November 2023. In
addition to the simulator facility serving as a training centre for
Guild's professional sim racing pilots, the cutting-edge simulators
provide an additional revenue stream to the Company via
experiential sim racing packages available for corporates, the
wider public and the esports community.
In October, Guild successfully raised £500k
from strategic investor 00Nation AS ("00Nation"), a crossover brand
that combines music, fashion, sports, and gaming, and is listed on
the Norwegian OTC Market. Guild raised a further £250k from
investment company Compassare Holdings in the post-period as part
of a convertible loan agreement.
Guild's partnership with 00Nation aimed to
drive Guild's strategic integration of its brand and services
deeper into the industry ecosystem and support its international
expansion efforts. These international expansion plans primarily
targeted the MENA region, the world's fastest-growing gaming
market, where the number of gamers reached 68.4 million in 2023
(source: Niko Partners,
2024).
Guild's immediate focus for MENA is to compete
at the Esports World Cup (EWC) in Riyadh in July and August 2024.
The EWC is expected to be the largest esports tournament in
history. It will bring together more than 30 esports clubs to
compete across 22 game titles, for a share of a $20 million team
prize pool.
Guild made notable progress toward this end in
the post-period, when the Company was invited to join the Esports
World Cup Program, a scheme launched by the Esports World Cup
Foundation ("EWC Foundation") to incentivise leading esports
organisations to expand their competitive presence at the EWC.
Guild is a partner team of the EWC and the Company has qualified
for four events so far at the tournament: Apex Legends, Call of
Duty: Warzone, ESL R1 and Street Fighter.
In addition to its participation at the EWC,
Guild is continuing to evaluate how to utilise its Guild College
and Academy to effectively monetise the growing MENA audience. The
Board sees excellent growth potential in providing a clear
path-to-pro, similar to an association football academy system, to
young gamers in the MENA region. This is of keen interest to
Guild's co-owner, David Beckham, following his own positive
experience of the Manchester United academy system.
Sponsorship
The Company signed two sponsorship partners in
the half year, returning Subway to the front of Guild's
professional jerseys as Guild's Official Quick-Service Restaurant
Partner in a six-figure deal. As well as front-of-shirt branding on
Guild's professional players' jerseys, the partnership grants
Subway shirt sponsorship rights to Guild's Academy players'
shirts.
In addition, Guild signed a one-year rolling
partnership with eNDX in December, an esports player-focused
virtual trading platform, to add players from the Company's
Counter-Strike rosters into eNDX's tradable pool. The partnership
is estimated to be worth up to six figures based on projected user
acquisition and trading volume. Guild's players have been
temporarily removed from the platform while Guild evaluates the
signing of a new Counter-Strike team.
Audience
Guild's audience stands at approximately 2.7
million. There has been a modest reduction in Guild's network
audience since January as the Company parted ways with
Counter-Strike team the Guild Eagles.
However, the Company has seen positive momentum
in its audience numbers in 2024 and expect these positive trends to
continue. Guild has gained 37k new followers to its owned social
media channels since January 2024. Audience engagement has
continued to increase from 2023; the Company has received 93
million video views in the 2024 calendar year so far, compared with
105m in total for the 2023 calendar year. The Company additionally
receives an average engagement of 52k across social media each
day.
Esports
During the year, Guild's professional players
have continued to compete at the upper echelons of professional
esports. Performance highlights include Guild Fortnite player
'Chico' winning $200,000 after finishing third in the prestigious
Fortnite Champion Series Grand Final in October 2023.
In H1 2024, Guild adapted its esports strategy
to take a more flexible approach to entering and exiting different
esports. Every game title Guild competes across must deliver a
commercial return and value for investors, whether this is through
tournament winnings, sponsorship sales or activation opportunities
with existing partners. Guild does not have prestige titles, where
the Company fields professional rosters simply for appearance or
reputation and Guild does not retain underperforming
players.
Throughout H1 2023 Guild prioritised developing
emerging talent using Guild's world-class coaches and Academy
rather than signing the world's best players. Players trained in
the Guild Academy system have considerably lower wage requirements,
allowing Guild to maintain a larger professional roster. This
approach additionally offers a revenue-generation opportunity, as
players trained through the Academy system can be sold on to other
esports organisations for profit.
Currently, Guild fields professional rosters
across eight esports, which are:
|
·
|
Apex Legends
|
|
·
|
Call of Duty: Warzone
|
|
·
|
EAFC
|
|
·
|
Fortnite
|
|
·
|
Mobile Legends Bang Bang, as part of a
partnership deal with R8 Esports, which is expected to run until
the end of the 2024 calendar year
|
|
·
|
Street Fighter
|
|
·
|
Sim racing (ESL R1)
|
|
·
|
Tekken
|
Guild entered Tekken for the first time in May
2024, Call of Duty: Warzone in June 2024 and returned to Apex
Legends in June 2024 having last fielded a professional team in
June 2022. The Company additionally expanded its sim racing
presence by entering ESL R1, a high-profile sim racing
championship.
The Company cut ties with the 'Guild Eagles'
Counter-Strike team in the post-period and is in the process of
searching for a new Counter-Strike team. In addition, Guild has
longstanding interest in a number of games including Rocket League
and VALORANT and looks forward to returning to these titles when a
commercially viable opportunity arises.
Outlook
The Company continues to trade in line with
management expectations, and the 38% reduction in administrative
costs puts Guild on track to achieve a substantial reduction in
cash burn for the full year. Guild's strategy to diversify its
revenues is showing positive momentum, led by an increase in
revenues from Guild Studios, and the Company's international
expansion is showing promise. As such, the Board is cautiously
optimistic for the remainder of 2024.
Responsibility
Statement
We confirm that to the best of our
knowledge:
|
·
|
the Interim Report has been prepared
in accordance with International Accounting Standards 34, Interim
Financial Reporting, as adopted by the EU; and
|
|
·
|
gives a true and fair view of the
assets, liabilities, financial position and profit/loss of the
Company; and
|
|
·
|
the Interim Report includes a fair
review of the information required by DTR 4.2.7R of the Disclosure
and Transparency Rules, being an indication of important events
that have occurred during the first six months of the financial
year and their impact on the set of interim financial statements;
and a description of the principal risks and uncertainties for the
remaining six months of the year.
|
|
·
|
the Interim Report includes a fair
review of the information required by DTR 4.2.8R of the Disclosure
and Transparency Rules, being the information required on related
party transactions.
|
The Interim Report was approved by
the Board of Directors and the above responsibility statement was
signed on its behalf by Jasmine Skee (CEO), on 27 June
2024.
CONDENSED
STATEMENT OF COMPREHENSIVE INCOME
The unaudited condensed statement of
comprehensive income of the Company for the six months ended 31
March 2024 is set out below.
|
|
|
Unaudited
Period ended
31-Mar 2024
|
Unaudited
Period ended
31-Mar 2023
|
Audited
12 months to
30-Sep 2023
|
|
|
Note
|
£'000
|
£'000
|
£'000
|
|
Revenue
|
3
|
2,100
|
3,702
|
5,525
|
|
|
|
|
|
|
|
Cost of sales
|
4
|
(712)
|
(1,165)
|
(1,538)
|
|
Gross
profit
|
|
1,388
|
2,537
|
3,987
|
|
|
|
|
|
|
|
Administrative expenses
|
|
(2,645)
|
(4,281)
|
(7,397)
|
|
Depreciation & amortisation
|
|
(427)
|
(417)
|
(844)
|
|
|
|
|
|
|
|
Operating
loss
|
|
(1,683)
|
(2,161)
|
(4,254)
|
|
|
|
|
|
|
|
Finance costs
|
|
(118)
|
(123)
|
(243)
|
|
|
|
|
|
|
|
Loss before
taxation
|
|
(1,801)
|
(2,284)
|
(4,497)
|
|
|
|
|
|
|
|
Taxation
|
|
-
|
-
|
-
|
|
|
|
|
|
|
|
Loss after
taxation
|
|
(1,801)
|
(2,284)
|
(4,497)
|
|
|
|
|
|
|
|
Other comprehensive income
|
|
-
|
-
|
-
|
|
|
|
|
|
|
|
Total
comprehensive loss attributable to shareholders from continuing
operations
|
|
(1,801)
|
(2,284)
|
(4,497)
|
|
|
|
|
|
|
|
Basic and diluted earnings per share
(pence)
|
6
|
(0.26)
|
(0.44)
|
(0.87)
|
CONDENSED STATEMENT OF FINANCIAL
POSITION
The unaudited condensed statement of financial
position of the Company as at 31 March 2024 is set out
below.
|
|
|
Unaudited
As at
31-Mar 2024
|
Unaudited
As at
31-Mar 2023
|
Audited
As at
30-Sep 2023
|
|
|
Note
|
£'000
|
£'000
|
£'000
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
Non-current
assets
|
|
|
|
|
|
Property, plant and equipment
|
|
1,344
|
1,408
|
1,452
|
|
Intangible assets
|
|
91
|
174
|
130
|
|
Right-of-use asset
|
|
2,814
|
3,240
|
3,046
|
|
Other receivables
|
|
143
|
143
|
143
|
|
|
|
|
|
|
|
Total
non-current assets
|
|
4,392
|
4,965
|
4,771
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
Cash and cash equivalents
|
|
17
|
1,050
|
459
|
|
Trade and other receivables
|
7
|
1,150
|
942
|
320
|
|
Total current
assets
|
|
1,167
|
1,992
|
779
|
|
|
|
|
|
|
|
Total
assets
|
|
5,559
|
6,957
|
5,550
|
|
|
|
|
|
|
|
EQUITY AND
LIABILITIES
|
|
|
|
|
|
Equity
|
|
|
|
|
|
Share capital
|
10
|
738
|
519
|
622
|
|
Share premium
|
10
|
23,490
|
22,644
|
23,061
|
|
Share-based payment reserve
|
|
938
|
731
|
838
|
|
Retained earnings
|
|
(26,553)
|
(22,539)
|
(24,752)
|
|
Total
equity
|
|
(1,387)
|
1,355
|
(231)
|
|
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
|
|
Provisions
|
|
358
|
334
|
346
|
|
Lease liability
|
|
2,565
|
2,967
|
2,781
|
|
Total
non-current liabilities
|
|
2,923
|
3,301
|
3,127
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
Trade and other payables
|
8
|
2,517
|
1,117
|
1,526
|
|
Deferred revenue
|
|
1,077
|
787
|
707
|
|
Lease liability
|
|
429
|
397
|
421
|
|
Total current
liabilities
|
|
4,023
|
2,301
|
2,654
|
|
Total
liabilities
|
|
6,946
|
5,602
|
5,781
|
|
|
|
|
|
|
|
Total equity
and liabilities
|
|
5,559
|
6,957
|
5,550
|
CONDENSED
STATEMENT OF CASH FLOWS
The unaudited condensed statement of cash flows
of the Company for the six months ended 31 March 2024 is set out
below.
|
|
|
Unaudited
Period ended
31-Mar 2024
|
Unaudited
Period ended
31-Mar 2023
|
Audited
12 months to
30-Sep 2023
|
|
|
|
£'000
|
£'000
|
£'000
|
|
Cash flows
from operating activities
|
|
|
|
|
|
Cash used by operations
|
|
(630)
|
(1,456)
|
(2,063)
|
|
Net cash flow
used in operating activities
|
|
(630)
|
(1,456)
|
(2,063)
|
|
|
|
|
|
|
|
Cash flows
from investing activities
|
|
|
Purchase of intangible assets
|
|
-
|
-
|
-
|
|
Purchase of property, plant and
equipment
|
|
(49)
|
(4)
|
(205)
|
|
Interest accrued
|
|
-
|
-
|
-
|
|
Net cash used
in investing activities
|
|
(49)
|
(4)
|
(205)
|
|
|
|
|
|
|
|
Cash flows
from financing activities
|
|
|
Proceeds from issues of shares - net
|
|
545
|
-
|
520
|
|
Payment of lease liabilities
|
|
(308)
|
(220)
|
(523)
|
|
Net cash
generated from financing activities
|
|
237
|
(220)
|
(3)
|
|
|
|
|
|
|
|
Net (decrease)
in cash and cash equivalents
|
|
(442)
|
(1,680)
|
(2,271)
|
|
Cash and cash equivalents at beginning of
period
|
|
459
|
2,730
|
2,730
|
|
Cash and cash equivalents at end of
period
|
|
17
|
1,050
|
459
|
NOTES TO THE
CONDENSED FINANCIAL STATEMENTS
FOR
THE SIX MONTHS ENDED 31 MARCH 2024
1
Accounting policies
IAS 8 requires that management shall
use its judgement in developing and applying accounting policies
that result in information which is relevant to the economic
decision-making needs of users, that are reliable, free from bias,
prudent, complete and represent faithfully the financial position,
financial performance and cash flows of the entity.
1.1
Basis of preparation
The condensed interim financial statements
("interim financial statements") have been prepared in accordance
with International Accounting Standard 34 "Interim Financial
Reporting" (IAS 34) as adopted by the European Union (EU). The
interim financial statements have been prepared on the historical
cost basis, except for assets and liabilities measured at fair
value through profit and loss, and are presented in pounds
sterling, which is the currency of the primary economic environment
in which the Company operates. All amounts have been rounded to the
nearest £'000, unless otherwise stated. The financial information
contained in the interim financial statements is unaudited and does
not constitute statutory accounts within the meaning of section 434
of the Companies Act 2006. The accounting policies are unchanged
from those disclosed in the previously filed audited financial
statements for the period ended 30 September 2023.
The interim financial statements are for the
six months to 31 March 2024, being six months from the financial
year end for Guild Esports Plc ("Guild" or "the Company"), 30
September 2023. The interim financial information does not include
all the information and disclosures required in the annual
financial statements and should be read in conjunction with the
Company's annual audited financial statements for the period ended
30 September 2023. The Company has disclosed comparative data for
the statement of comprehensive income for the Company for the
period from 1 October 2022 to 31 March 2023, being not materially
different from comparative data for the six months ended 31 March
2024.
The Company has adopted the applicable
amendments to standards effective for accounting periods commencing
on 1 October 2023. The nature and effect of these changes as a
result of the adoption of these amended standards did not have an
impact on the financial statements of the Company and hence have
not been disclosed. The Company has not early adopted any
standards, interpretations or amendments that have been issued but
are not yet effective.
The condensed interim financial statements have
not been audited, nor have they been reviewed by the Company's
auditors in accordance with the International Standard on Review
Engagements 2410 issued by the Auditing Practices Board. The
figures have been prepared using applicable accounting policies and
practices consistent with those adopted in the audited annual
financial statements for the year ended 30 September
2023.
1.2
Going concern
The preparation of financial statements
requires an assessment on the validity of the going concern
assumption. The interim financial statements have been prepared on
a going concern basis, which assumes that the Company will continue
to meet its liabilities as they fall due. In assessing whether the
going concern assumption is appropriate, the Directors have taken
into account all relevant available information about the current
and future position of the Company. Negotiations to secure
additional funding are well progressed and the Directors are
confident in Company's ability to close negotiations swiftly.
Management have modelled that this additional funding will be
sufficient in covering the Company's working capital requirements,
therefore the Directors have concluded that the adoption of the
going concern assumption is appropriate. However, this does
constitute a material uncertainty that may cast significant doubt
on the company's ability to continue as a going concern.
2
Critical accounting judgements and key sources of estimation
uncertainty
The preparation of the financial
statements requires management to make estimates and judgements and
form assumptions that affects the reported amounts of the assets,
liabilities, revenue and costs during the periods presented
therein, and the disclosure of contingent liabilities at the date
of the financial information. Estimates and judgements are
continually evaluated and based on management's historical
experience and other factors, including future expectations and
events that are believed to be reasonable.
During the period, the Company
issued warrants. The directors have applied the Black‐Scholes
pricing model to assess the costs associated with the share‐based
payments. The Black‐Scholes model is dependent upon several inputs
where the directors must exercise their judgement, specifically:
risk‐free investment rate; expected share price volatility at the
time of the grant; and expected level of redemption. The
assumptions applied by the directors, and the associated costs
recognised in the financial statements are outlined in these
financial statements.
3
Revenue
The Company derives revenue from
various sources, including revenue from contracts with customers.
These revenue sources involve the transfer of goods and/or services
over time and at a point in time in the following major product
lines.
|
|
Unaudited period
ended 31 Mar 2024
|
Unaudited period
ended 31 Mar 2023
|
Audited
period
ended 30 Sep 2023
|
|
|
£'000
|
£'000
|
£'000
|
|
Sponsorship revenue
|
1,115
|
2,490
|
3,823
|
|
Studios revenue
|
586
|
109
|
259
|
|
Prize money
|
270
|
1,055
|
1,026
|
|
Other revenue
|
129
|
48
|
417
|
|
Total revenue
|
2,100
|
3,702
|
5,525
|
4
Cost of sales
|
|
Unaudited period
ended 31 Mar 2024
|
Unaudited period
ended 31 Mar 2023
|
Audited period
ended 30 Sep 2023
|
|
|
£
|
£
|
£
|
|
Prize money payments to players
|
259
|
899
|
883
|
|
Sponsorship direct costs
|
75
|
227
|
477
|
|
Other direct costs
|
378
|
39
|
178
|
|
Total cost of
sales
|
712
|
1,165
|
1,538
|
5
Employees
The average monthly number of persons
(excluding directors) employed by the Company during the period was
32 (2022: 45).
|
|
Unaudited period
ended 31 Mar 2024
|
Unaudited period
ended 31 Mar 2023
|
Audited period
ended 30 Sep 2023
|
|
|
|
|
|
|
Senior management
|
6
|
6
|
4
|
|
Operations
|
25
|
26
|
27
|
The aggregate remuneration of employees and
directors comprised:
|
|
Unaudited period
ended 31 Mar 2024
|
Unaudited period
ended 31 Mar 2023
|
Audited period
ended 30 Sep 2023
|
|
|
£'000
|
£'000
|
£'000
|
|
Wages & salaries
|
865
|
789
|
1,605
|
|
Social security costs
|
101
|
93
|
185
|
|
Pension costs
|
14
|
11
|
24
|
|
Share Based Payments
|
101
|
-
|
188
|
|
|
1,081
|
893
|
2,002
|
6
Earnings per share
The basic earnings per share is calculated by
dividing the profit/(loss) attributable to equity shareholders by
the weighted average number of shares in issue.
|
|
Unaudited
At 31 Mar
2024
|
Unaudited
At 31 Mar
2023
|
Audited
At 30 Sep
2023
|
|
Loss for the year from continuing operations
(£'000)
|
(1,801)
|
(2,284)
|
(4,497)
|
|
Weighted average number of ordinary shares in
issue
|
699,650,695
|
518,617,362
|
547,596,540
|
|
Basic and
diluted earnings per share for continuing operations
(pence)
|
(0.26)
|
(0.44)
|
(0.82)
|
The Company had in issue 115,074,395 warrants and
options at 31 March 2024 (77,595,228 at 31 March 2023). The loss
attributable to equity holders and weighted average
number of ordinary shares for the purposes of calculating diluted
earnings per ordinary share are identical to those used for basic
earnings per ordinary share. This is because the exercise of
warrants and options would have the effect of reducing the loss per
ordinary share and is therefore anti-dilutive.
7
Trade and other receivables
|
|
Unaudited period
ended 31 Mar 2024
|
Unaudited period
ended 31 Mar 2023
|
Audited period
ended 30 Sep 2023
|
|
|
£'000
|
£'000
|
£'000
|
|
Trade debtors
|
996
|
552
|
187
|
|
Accrued revenue
|
27
|
5
|
25
|
|
Other receivables
|
1
|
12
|
1
|
|
Prepayments
|
126
|
368
|
107
|
|
VAT recoverable
|
-
|
6
|
-
|
|
Total trade & other receivables
|
1,150
|
942
|
320
|
The directors consider that the carrying amount
of trade and other receivables is approximately equal to their fair
value
8
Trade and other payables
|
|
Unaudited period
ended 31 Mar 2024
|
Unaudited period
ended 31 Mar 2023
|
Audited
period
ended 30 Sep 2023
|
|
|
£'000
|
£'000
|
£'000
|
|
Trade creditors
|
1,427
|
965
|
1,102
|
|
Accruals
|
753
|
86
|
337
|
|
VAT Payable
|
119
|
-
|
-
|
|
Other payables
|
107
|
4
|
6
|
|
Other taxation and social
security
|
111
|
62
|
81
|
|
Total trade and other payables
|
2,517
|
1,117
|
1,526
|
The directors consider that the carrying value
of trade and other payables is approximately equal to their fair
value.
9
Share-based payments
The following options and warrants over
ordinary shares have been granted by the Company and are
outstanding:
|
Grant Date
|
Outstanding
Warrants
|
Exercise
Price
|
Expiry date
|
|
19-Jun-20
|
6,963,000
|
£0.06
|
5 years
from issue
|
|
07-Jul-20
|
150,000
|
£0.06
|
36 months
from the first vesting date
|
|
02-Oct-20
|
20,584,694
|
£0.104
|
5 years
from issue
|
|
27-Sep-22
|
25,930,868
|
£0.027
|
5 years
from grant
|
|
01-Nov-22
|
9,868,056
|
£0.014
|
5 years
from issue
|
|
20-Jun-23
|
37,311,111
|
£0.0067
|
4 years
from issue
|
|
22-Dec-23
|
2,500,000
|
£0.0050
|
4 years
from issue
|
|
24-Jan-24
|
11,766,667
|
£0.0050
|
4 years
from issue
|
|
At
31 March 2024
|
115,074,395
|
|
|
At the grant date, the fair value of the
warrants issued have been determined using the Black-Scholes option
pricing model. Volatility was calculated based on data from
comparable esports companies, with an appropriate discount applied
due to being an unlisted entity at the grant date, if applicable.
Risk-free interest has been based on UK Government Gilt
rates.
10
Share capital and share premium
|
|
Shares
|
Share
Capital
|
Share
Premium
|
Total
|
|
|
No.
|
£'000
|
£'000
|
£'000
|
|
At 30 September
2023
|
622,317,362
|
622
|
23,061
|
23,683
|
|
At 31 March 2024
|
738,317,362
|
738
|
23,490
|
24,228
|
116,000,000 shares were issued in the period
from the Company's last annual report on 30 September 2023 to 31
March 2024.