7th Apr 2020 15:20
(Alliance News) - Codemasters Group Holdings PLC said Tuesday it expects to report growth in revenue for its recently ended financial year, but a drop in earnings.
The UK-based video game developer said the overall trading in the second half of the year has been strong, and expected revenue for the year ended March 31 to be around GBP76 million, up 6.7% from GBP71.2 million the year before.
However, adjusted earnings before interest, taxes, depreciation and amortisation is set to dip to GBP18.1 million from GBP18.7 million, including a loss of GBP900,000 from Slightly Mad Studios.
Codemasters said that the Covid-19 pandemic has affected the sales mix, particularly in the last few weeks of its financial year.
The shift to digital delivery has accelerated greatly, leading to higher margins, while traditional retail and box sales were affected by the closure of the majority of game retailers.
During the second half of the year, the group signed a number of agreements, however minor delays associated with concluding some of these agreements mean that the majority of revenue from them will be recognised in the new financial year.
Codemasters will publish its final results in June.
Also on Tuesday, the group announced that it has appointed Lisa Thomas as non-executive director with immediate effect. Her executive role is as chief brand officer of venture capital conglomerate Virgin Group Ltd.
Shares in Codemasters were 11% higher at 273.95 pence on Tuesday in London.
By Dayo Laniyan; [email protected]
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