Guild Esports records reduced loss in H1 2024 financial results

UK-based esports organisation Guild Esports has announced its H1 2024 financial results, recorded during a six-month period from October 1st to March 31st, 2024.

For the H1 2024 fiscal year, Guild Esports reduced its loss before tax by 21% to £1.8m. However, the organisation’s revenues and gross profit for the period did decrease to £2.1m and £1.39m, respectively.

Whilst the company recorded a loss, it was lower than H1 2023’s figure of £2.28m. According to the organisation, this is following a 38% reduction in administrative expenses.

Interestingly, Guild Studios, Guild’s production and creative agency, saw its revenues rise by 537% to £586,000 from £109,000 in H1 2023. This figure, in particular, highlights Guild Esports’ other revenue streams outside of the competitive esports scene.

As of March 31st 2024, Guild Esports had £17,000 cash and cash equivalents compared to £1m. However net cash has since risen to £110,000 as of June 25th.

Alongside financial figures, the report also details the amount of sponsorships that the company secured during the six-month period. Guild secured two commercial deals in H1 2024, making Subway its Official Quick-Service Restaurant Partner in a six-figure deal and signing a one-year rolling partnership with eNDX, a sports player-focused virtual trading platform.

The report also stated that Guild has focused on using its Academy to develop emerging talent as opposed to spending on big players as “players trained in the Guild Academy system have considerably lower wage requirements, allowing Guild to maintain a larger professional roster.”

Guild Esports currently has rosters in Apex Legends, Call of Duty: Warzone, EA FC, Fortnite, Street Fighter, Sim racing (ESL R1), Tekken and Mobile Legends Bang Bang, the latter of which is part of a partnership with R8 Esports.

The company recently parted ways with its Counter-Strike team and has plans to enter the esport once again, alongside both VALORANT and Rocket League, when a commercially viable opportunity arises.