Codemasters expects to trade in line following flat first half
By Iain Gilbert
Date: Wednesday 09 Oct 2019
(Sharecast News) - Video game developer Codemasters reported broadly flat interim revenues on Wednesday but said it was confident that results for the full-year would be in line with expectations.
Codemasters recorded sales of £39.8m for the six months ended 30 September versus £39.7m for the same period a year earlier.
The AIM-listed firm saw digital sales as a proportion of revenue continue to increase, representing 61.7% of total sales in the period, up from 53% and resulting in an improved gross margin of 89.3%.
Codemasters' first-half trading benefitted from the launch of the annual instalment of the F1 franchise, F1 2019, on 28 June 2019, as well as a strong performance from its back catalogue of games. The company expects digital growth to continue with future releases.
The group had net cash as at 30 September of £24.6m - up from £17m at the same time twelve months prior.
As of 1030 BST, Codemasters shares were up 1.18% at 215p.
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