REG - World Chess PLC - FY 2023 Operational Update

World ChessAnnouncement

22/01/2024 07:00

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RNS Number : 3754A  World Chess PLC  22 January 2024

22 January 2024

 

World Chess Plc

 

("World Chess" or the "Company")

 

FY 2023 Operational Update

 

World Chess plc (LSE: CHSS), a prominent chess organisation committed to
enhancing the global mass market appeal of chess by introducing a variety of
innovative chess-related activities, is pleased to present an update on its
developments for the full year 2023.

 

Highlights:

 

·    IPO and admission to trading on the Main Market of the London Stock
Exchange, raising gross proceeds of approx. £3 million

·    Opening of the World Chess Club, Berlin

·    Launch of the inaugural Armageddon Chess Championship Series and
signed it.com Domains as official sponsor in 3-year deal

·    Armageddon content shown across 33 television networks, including
Bloomberg television in EMEA and CNBC

·    Investment in online chess playing platform FIDE Online Arena and
introduction of Arena 2.0

·    Agreed share subscription with existing shareholder raising approx.
€1.5m

 

Since its admission to the Main Market of the London Stock Exchange in April
2023 and raising gross proceeds of approx. £3 million of new funds in the
process, World Chess has been executing its multi-channel strategy to take the
game to new audiences through media, events, clubs, merchandise and online
playing. In September 2023, the Company raised additional funds of approx.
€1.5m via a share subscription with an existing shareholder to support its
growth projects.

 

FIDE Online Arena

World Chess is the exclusive operator of FIDE (The International Chess
Federation) Online Arena (chessarena.com), the online chess platform, which
has 740,000 registered users and provides players with an online rating
recognised by the International Chess Federation.  After committing further
investment, the Company launched Arena 2.0 in October 2023, bringing important
upgrades to the platform, including technology upgrades that make the platform
one of the fastest in the industry, as well as exciting consumer-facing
updates, such as personalised chess board skins. These upgrades are expected
to support the Company's player acquisition strategy, with the inclusion of a
revised monthly subscription model and a host of new features that enhance the
playing experience.

 

The FIDE Online Arena's anti-cheating system, NightWatch, received official
certification from FIDE, which underscores the platform's commitment to fair
play and the integrity of online chess competitions.

 

World Chess Club Berlin

In May, World Chess successfully opened its first club in Berlin. The Company
is pleased to report that the club is performing well at this early stage,
establishing a cultural hub for the game. Sales have been building through its
café, merchandise shop and chess events, such as the staging of the
Armageddon Chess Championship Series. World Chess is in the process of
assessing sites in other international cities for the opening of additional
clubs and hopes to provide an update on this in due course.

 

Merchandise

World Chess sells merchandise both online, from its partner retailer network
and from its Berlin club, with a product range covering both premium chess
boards and pieces, clothing and collectibles for chess enthusiasts. New
products have been introduced in recent months, including the limited-edition
chess map artwork, which was designed by the artist Yuri Gordon as well as an
expanded range of chess sets.

 

Armageddon Championship Series

In March, the inaugural Armageddon Championship Series commenced, with world's
top male and female players competed for the €460,000      total prize
fund, which concluded at the Grand Finale held at the World Chess Club Berlin
in September. Polish Grandmaster Jan-Krzysztof Duda emerged victorious and
took the €80,000 winner's prize. As part of the commercial development,
World Chess signed it.com Domains as the Championships' official sponsor in a
three-year deal worth over €1.2 million.

 

Armageddon has brought a fresh new twist to chess with its high-speed format
and the intensity this creates in matches. The format has proven to be a
captivating entertainment product for TV audiences, with the Grand Finale
streamed across 147 territories with 33 international broadcasters, including
Bloomberg television in EMEA, CNBC, beIN SPORTS, Fox Australia and Sports Tv
Turkey, running the highlights.

 

Commenting on the World Chess's progress in 2023, Ilya Merenzon, CEO, said:
"Chess is one of the oldest sports in the world, yet it's one of the youngest
in terms of commercialisation. It is World Chess's ambition to reinvent chess
for new audiences and new experiences. Some aspects of chess, such as
merchandising, have been ignored to date despite the immense rise in
popularity globally. In 2023, our first year as a listed company, we invested
in products, technology and processes and we now intend to deploy these for
the benefit of the investors and the sport in general."

 

For more information, please visit https://worldchess.com/investors
(https://worldchess.com/investors)  or contact:

 World Chess                       Via Yellow Jersey PR

 Ilya Merenzon, CEO
 Novum Securities Limited          +44 (0) 20 7399 9400

 David Coffman / George Duxberry
 Yellow Jersey PR

 Charles Goodwin                   +44 (0) 774 778 8221

 Annabelle Wills                   +44 (0) 777 519 4357

 

About World Chess Plc

 

World Chess (LSE: CHSS) is a London-based chess gaming and entertainment
company and Fédération Internationale des Échecs ('FIDE') official
commercial partner. World Chess organized the FIDE Championship Matches in the
USA and the UK and revolutionized the sport by signing the biggest media
partnerships in history. World Chess is the creator and operator of
Armageddon, the chess league for prime-time television. World Chess also runs
FIDE Online Arena, the exclusive official chess gaming platform. More
at www.worldchess.com (http://www.worldchess.com) .

 

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