Guild Esports announces £4.5m loss in 2023 but increased revenues
UK-based esports organisation Guild Esports has announced its annual financial results for the 2023 fiscal year, ending September 30th 2023.
For the fiscal year, Guild Esports has reported a 24% increase in revenue, from £4.45m in 2022 to £5.53m. However, despite this increase, the organisation has reported a loss of £4.5m.
Whilst the organisation has recorded a loss for the year, this was significantly lower than last year’s £8.75m figure for the same period in 2022.
As of September 30th, 2023, Guild Esports had £459,000 remaining cash and cash equivalents, a decrease of £2.7m in 2022. However, the organisation noted that as of January 29th 2024, this has increased to £800,000.
Alongside its financial figures, the report also outlined the organisation’s developments throughout the period. This included renewing six partners in 2023, taking its commercial portfolio to eight partners. Perhaps the most prominent of these deals were with Sky, hummel and Subway.
Further details were also revealed regarding its mystery investor last year, with it being revealed to be Nordic esports organisation 00Nation. As a result, 00Nation is now a 13.5% shareholder in Guild. The UK organisation, backed by retired footballer David Beckham, also completed a £600,000 fundraising round to enter the sim racing scene in June.
The company also noted that despite releasing its VALORANT roster in November, Riot Games’ FPS title ‘remains an important part of Guild’s long-term esports strategy’. Currently, the organisation operates across six other titles — Counter-Strike, EA FC 24, Street Fighter, Sim Racing, Fortnite and Rocket League.
Guild Esports also went through a variety of personnel changes throughout 2023, headlined by Jasmine Skee being appointed to the role of CEO on January 1st 2023. Other hires included Luke Jones (Vice President of Commercial, Esports and Gaming) and Nick Westwood (Senior Vice President of Creative and Strategy).
In Guild Esports’ 2023 report, it was noted that for 2024 its management is looking to expand into more territories, notably the MENA region.
Derek Lew, Guild Esports Non-Executute Chairman, stated in an excerpt from the report: “Looking ahead, our effective cost-cutting programme and our growing revenues give great cause to be optimistic, with MENA a key target for international expansion. We are exploring not only having our teams compete in the region, but how we can utilise Guild’s esports pedigree to generate value for shareholders and our wider stakeholders.
“Our new business pipeline is robust and growing, and we are in discussion with a number of new partners and sponsors across a variety of sectors and geographies, with some agreements at advanced stages of discussions.”
Image credit: Shutterstock UK-based esports organisation Guild Esports has announced its annual financial results for the 2023 fiscal year, ending September 30th 2023. For the fiscal year, Guild Esports has reported a 24% increase in revenue, from £4.45m in 2022 to £5.53m. However, despite this increase, the organisation has reported a loss of £4.5m. Keep…