Interim results
28/06/2024 07:00
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RNS Number : 2445U Guild Esports PLC 28 June 2024
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 via Tancredi +44 207 887 7633
Chief Executive
Tennyson Securities
Corporate Broker +44 207 186 9030
Peter Krens
Tancredi Intelligent Communication
Media Relations
Helen Humphrey +44 7449 226 720
Charlie Hobbs +44 7897 557 112
guild@tancredigroup.com
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 Unaudited Audited
Period ended
Period ended
12 months to
31-Mar 2024
31-Mar 2023
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 (1,801) (2,284) (4,497)
operations
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 Unaudited Audited
As at
As at
As at
31-Mar 2024
31-Mar 2023
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 CHANGES IN EQUITY
The unaudited condensed statement of changes in equity of the Company for the
six months ended 31 March 2024 is set out below
Share Share premium account Share-based payment reserve Retained Total
capital
earnings
£'000 £'000 £'000 £'000 £'000
Balance at 1 October 2022 519 22,644 650 (20,255) 3,558
Loss for the period - - - (2,284) (2,284)
Total comprehensive loss for the period - - - (2,284) (2,284)
Share-based payments - - 81 - 81
Total transactions with equity owners - - 81 - 81
Balance at 31 March 2023 519 22,644 731 (22,539) 1,355
Loss for the period - - - (2,213) (2,213)
Total comprehensive loss for the period - - - (2,213) (2,213)
Shares issued 103 519 - - 622
Share-based payments - - 110 - 110
Exercised and lapsed warrants - - (3) - (3)
Share issue cost - (102) - - (102)
Total transactions with equity owners 103 417 107 - 627
Balance at 30 September 2023 622 23,061 838 (24,752) (231)
Loss for the period - - - (1,801) (1,801)
Total comprehensive loss for the period - - - (1,801) (1,801)
Shares issued 116 429 - - 545
Share-based payments - - 100 - 100
Transactions with equity owners 116 429 100 - 645
Balance at 31 March 2024 738 23,490 938 (26,553) (1,387)
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 Unaudited Audited
Period ended
Period ended
12 months to
31-Mar 2024
31-Mar 2023
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 Unaudited period Audited
ended 31 Mar 2024
ended 31 Mar 2023
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 Unaudited period Audited period
ended 31 Mar 2024
ended 31 Mar 2023
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 Unaudited period Audited period
ended 31 Mar 2024
ended 31 Mar 2023
ended 30 Sep 2023
Senior management 6 6 4
Operations 25 26 27
The aggregate remuneration of employees and directors comprised:
Unaudited period Unaudited period Audited period
ended 31 Mar 2024
ended 31 Mar 2023
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 Unaudited Audited
At 31 Mar
At 31 Mar
At 30 Sep
2024
2023
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 Unaudited period Audited period
ended 31 Mar 2024
ended 31 Mar 2023
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 Unaudited period Audited
ended 31 Mar 2024
ended 31 Mar 2023
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 Share
Capital 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.
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