Copenhagen Flames declares earnings throughout 2021 monetary outcomes

Danish esports organisation Copenhagen Flames has launched its monetary outcomes for 2021, with the corporate recording elevated progress, in addition to a revenue.

In line with the outcomes, Copenhagen Flames turned a revenue for the primary time ever — round DKK 46,000 (~£5,200) to be actual.

Copenhagen Flames recorded DKK 3.8m (~£430,000) in money and money equivalents, a rise in comparison with DKK 770,000 (~£87,000) in 2020. The variety of staff elevated from 9 to 17, furthermore the general workers prices elevated from DKK 2.7m (~£310,000) to DKK 10.2m (~£1.16m).

Additional inspecting of the outcomes exhibits that Copenhagen Flames’ turnover from its academy and bootcamp efforts has grown from 2020 to 2021, as did match income and partnership income. In line with the corporate, the gross revenue earlier than salaries elevated from DKK 2.3m (~£260,000) to DKK 10.1m (~£1.15m). Monetary earnings was DKK 155,000 (~£17,600).

Though the revenue may not be immense, it’s comforting to see an esports organisation not announce a loss. Apparently although, Copenhagen Flames administration expects for 2022 to be a loss-making yr, for the reason that firm made investments this yr that will likely be used to scale its workers, premises, sports activities setup and instructing platform, based on the report.

As well as, the corporate will finances the loss and purpose to fight it with a capital enhance by ‘debt conversion’ and capital enhance by a ‘money capital contribution’. The entire anticipated loss for 2022 is between 1 and a couple of million Danish kroner (£113,000 to £227,000), the report defined.

Commenting on the monetary outcomes, CEO of Copenhagen Flames Steffen Thomsen, famous: “Our progress has been very passable, and I’m happy that a number of of the enterprise areas wherein we have now invested in each finance and personnel have delivered some excellent outcomes.”