10th Jun 2019 09:52
LONDON (Alliance News) - Codemasters Group Holdings PLC on Monday said it swung to profit in its most recently ended financial year following a roll-out of four games.
The video game developer reported an increase in revenue of 12% to GBP71.2 million in the year to the end of March from GBP63.6 million the year before, as it successfully launched four titles in the financial year: F1 2018, DiRT Rally 2.0, ONRUSH and F1 mobile racing.
The company's catalogue of games performed well and it said it expects this trend to continue, driven by the growth in distribution channels.
Codemasters swung to a pretax profit of GBP2.9 million from GBP1.5 million loss the year prior.
"I am pleased to report on a milestone year in Codemasters' rich history, including admission to AIM in June 2018 and considerable strategic developments made across the group," said Chief Executive Frank Sagnier.
Looking ahead, Codemasters said it has a strong pipeline of launches in the financial 2020, with the release of the F1 2019 game in June.
The company also plans to increase its development costs as it continues to improve the quality of games and service them for many months post launch.
Codemasters shares were trading 1.2% lower on Monday morning at 252.00 pence each.
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