14th Aug 2014 08:04
LONDON (Alliance News) - Game Digital PLC Thursday said it expects its profit for its financial year just ended to be in line with market consensus, boosted by strong revenue growth.
The video game retailer, which listed on London's main market back in June, said it expects an underlying operating profit for the financial year ended July 26 in line with market consensus for a profit of GBP43.7 million.
Game Digital said a strong second half and market share gains in the UK and Spain drove a 30% increase in revenue for the year, while it maintained good cost control during the period.
It said it ended the year with a net cash position of GBP80 million, driven by improvements in working capital, credit insurance and one-off capital structure benefits from its recent IPO.
"Investment in the group's digital content platform drove a strong digital market share through in-store and online sales," it said.
The company said the business is well positioned for future growth, supported by upcoming launches.
"We have great new physical and digital games being launched in the coming months and are working closely with our supplier partners to provide early trials, exclusives, deals and new and exciting ways to pay for all our gaming communities around the UK and Spain," said Chief Executive Martyn Gibbs in a statement.
The company said it will announced its full-year results on October 16.
Game Digital shares were up 0.7% at 243.77 pence per share Thursday morning.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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