Codemasters confident about new games releases
By Iain Gilbert
Date: Tuesday 13 Nov 2018
(Sharecast News) - Codemasters said it is confident of seeing improved trading over the remainder of its trading year as it prepared for the launch of two new motor racing titles.
Codemasters, which floated on AIM back in June after, swung to a pre-tax loss of £7.6m in the six months ended 30 September, a marked turnaround from the £1.4m profit recorded a year earlier, as revenues dropped 19.64% to £39.7m.
The video games developer released two games throughout the half, one less than it had during the same period twelve months prior, but said it was set to benefit from two further launches in the second half of its 2019 financial year - F1 Mobile Racing and DiRT Rally 2.0.
The group released no titles in the second half of the previous year.
Digital sales continued to improve, leading to an improved gross margin for the period of 88.5% compared with 83.6% a year ago.
Earnings per share fell from 12p to 7.1p.
Chief executive Frank Sagnier, said: "The usual sales boost expected over the Black Friday and Christmas periods, combined with the strength of our back catalogue and our planned new releases, gives us confidence for the full year and beyond."
At the end of the half, Codemasters had a net cash balance of £16.7m, a significant improvement on its £113.5m net debt position a year earlier.
As of 1120 GMT, Codemasters shares had slipped 0.58% to 170.50p.
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