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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