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CHSS World Chess Plc

11.50
0.50 (4.55%)
23 Jul 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
World Chess Plc LSE:CHSS London Ordinary Share GB00BN70RC41 ORD 0.01P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.50 4.55% 11.50 10.00 11.00 10.50 9.50 9.50 807,649 16:35:16
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Business Services, Nec 2.35M -4.69M -0.0070 -15.00 73.39M

World Chess PLC FY 2023 Operational Update (3754A)

22/01/2024 7:00am

UK Regulatory


World Chess (LSE:CHSS)
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From Jul 2023 to Jul 2024

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TIDMCHSS

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. GBP3 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. EUR1.5m 

Since its admission to the Main Market of the London Stock Exchange in April 2023 and raising gross proceeds of approx. GBP3 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. EUR1.5m 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 EUR460,000 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 EUR80,000 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 EUR1.2 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   or contact: 
 
 World Chess                 Via Yellow Jersey 
  Ilya Merenzon, CEO          PR 
 Novum Securities Limited 
  David Coffman / George     +44 (0) 20 7399 
  Duxberry                    9400 
 
                               +44 (0) 774 
 Yellow Jersey PR              778 8221 
  Charles Goodwin              +44 (0) 777 
  Annabelle Wills              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 .

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END

UPDUAOURSVUAUUR

(END) Dow Jones Newswires

January 22, 2024 02:00 ET (07:00 GMT)

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