Iconic video game developer posts first results since IPO
Codemasters has posted a pre-tax loss in its first financial results since floating on the AIM.
The award-winning video game developer and publisher, which now focuses on racing games, completed its IPO on 1st June.
It announced revenues of £39.7 million for the six months to 30th September, compared with £49.4m for the same period in 2018, with pre-tax losses of £7.6m, compared to £1.4m profit in 2018.
A spokesperson explained that the results were impacted by one-off charges including share-based payments prior to the IPO.
The company’s adjusted EBITDA, which it says is its main performance indicator, was £10m, compared with £16.9m in 2018.
The firm said digital sales now represent 53.4 per cent of total revenue, compared with 33.1 per cent last year.
“I am pleased to report our maiden half year results as a listed company, following the share capital restructuring and repayment of shareholder loans in full as part of the successful IPO in June,” said CEO Frank Sagnier.
“The quality of our AAA-rated games and the loyal and passionate fan bases of our long-established franchises are resulting in growing and increasingly predictable revenue streams.
“This is driven by increasing digital delivery which represented the majority of sales for the first time, earlier than previously expected.”
Codemasters released F1 Mobile Racing, a free-to-play game on Apple mobile devices, last month. The Android version will be released shortly.
“The continuing move into digital distribution, together with the evolution of games as a service model and the development of streaming platforms, provide significant opportunities for Codemasters,” Sagnier added.
“In addition, 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.”