World Chess PLC has released its unaudited interim results for the six months ended June 30, 2023. The company has undergone significant changes, becoming digital-first and focusing on the development of its official gaming platform, the World Chess Arena, as well as launching the Armageddon Championship Series and opening the World Chess Club Berlin. The financial results for the period reflect these changes, with revenue of €1.2 million and a pre-tax loss of €2.3 million. The company also raised €3.5 million in funds and invested €1 million in the development of the Arena and Club.
The World Chess Arena has seen further development during the period, with updates to the technical envelope and customer-facing features, improving the user experience. An IOS version of the platform has been released, and the Arena has been set up for multi-language versions. The company has also developed its proprietary fair play and anti-cheating software, NightWatch, which has been approved by the FIDE FairPlay commission and deployed by the Arena.
The Armageddon Championship Series, a new format of tournament chess, has been a success in terms of player response, audience numbers, commercial partnerships, and brand promotion. The series is being broadcasted on 30 TV channels across over 20 countries, and the Grande Finale is anticipated by fans.
The World Chess Club Berlin, which opened in April 2023, has been well-received as a social hub for the game. The company is now assessing potential sites in other countries and cities for the next World Chess Club.
World Chess PLC was listed on the Main Market of the London Stock Exchange in April 2023, attracting new investors and receiving support for its plans. The company has also entered into a 3-year partnership with IT.com Domains, which will become an official sponsor of Armageddon.
Looking ahead, World Chess PLC has appointed Novum Securities Limited as its sole broker and has agreed to issue €1.5 million of equity, of which €0.3 million has been received. The company is continuing to develop its gaming platform and explore new opportunities for growth.
Overall, World Chess PLC has experienced significant changes and progress during the first half of 2023, with a focus on digital development, the launch of the Armageddon Championship Series, and the opening of the World Chess Club Berlin. The company is optimistic about its future prospects and plans to bring more news in due course.