Codemasters 'confident' of meeting expectations as early launch of F1 game boosts revenue
StockMarketWire.com - Codemasters said it was 'confident,' that its full-year results would meet expectations as the early launch of its F1 racing game boosted performance in the first half of the year.
For the six months ended 30 September, revenue increased to £39.8m for the from £39.7m a year earlier and digital sales as a proportion of total revenue increased to 61.7%, up from 53% a year earlier, resulting in an improved gross margin of 89.3% from 88.5%.
Trading in the first half benefitted from an early launch of the annual instalment of the F1 franchise, F1 2019, on 28 June 2019, as well as the company's back catalogue of games, Codemasters said.
The earlier release date of this year's F1 instalment, in June rather than August, made a more 'significant' contribution to revenue in the first half, the company said.
F1 2019 was expected to continue to benefit from the normal promotions around the Black Friday and Christmas periods, which had historically delivered strong sales for prior versions of the F1 game, it added.
As at 30 September, net cash stood at £24.6m, up from £17m a year earlier.
Looking ahead, the company said it would shortly be releasing GRID, its first release of this franchise since 2014 and for the first time on this generation of Sony and Microsoft consoles, on 11 October 2019.
At 8:32am: (LON:CDM) Codemasters Group Holdings Plc Ord 1p share price was 0p at 212.5p
Story provided by StockMarketWire.com