Codemasters Group Holdings PLC Trading Update (2014D)
October 08 2018 - 1:00AM
UK Regulatory
TIDMCDM
RNS Number : 2014D
Codemasters Group Holdings PLC
08 October 2018
8 October 2018
Codemasters Group Holdings Plc
("Codemasters" or the "Company")
Trading update
Codemasters (AIM: CDM), the video game developer and publisher
specialising in high quality racing games, is pleased to provide
the following trading update following the conclusion of its half
year ended 30 September 2018.
The Company has generated revenue of GBP39.7 million for the six
month period. Digital sales as a proportion of revenue continue to
increase, representing 53% of total sales in the period, resulting
in an improved gross margin of 88.5%. The Group had net cash as at
30 September of GBP17m.
As a result of the financial performance in the first half, the
Board is confident that the results for the full year will be in
line with its expectations.
Codemasters has a portfolio of racing games and generates sales
through both new releases as well as through its existing catalogue
of titles. These results include the launches in the period of
ONRUSH (released on 5 June 2018) and the annual instalment of the
F1 franchise, F1 2018 (released on 24 August 2018), as well as the
Company's back catalogue of games.
ONRUSH, the Company's new, own IP game, received good critical
reviews (metacritic rating of 74%), although it made a smaller
revenue contribution than the other revenue streams in the period.
Whilst the Company will continue to support the game with new
content, micro transactions, price promotions and access via
subscription services to build brand awareness for the future,
ONRUSH is not expected to make a meaningful financial contribution
in the second half of the financial year.
F1 2018 has been widely acclaimed (metacritic rating of 84%) and
reached number one in the sales charts in 11 different countries.
Sales of F1 2018 have been strong across all platforms and F1 2018
is expected to make a material revenue contribution in the second
half of the Company's financial year, particularly via digital
sales. The Company anticipates F1 2018 will benefit from the normal
promotions around the Black Friday and Christmas periods, which
have historically delivered strong sales for prior versions of the
F1 game.
The performance of the Company's back catalogue has also been
strong thanks to the accelerated growth of the digital business
reflecting the longer life cycle of high quality products. The
Company expects digital growth to continue with future
releases.
In the second half of the financial year, the Company will
launch F1 Mobile Racing, a free-to-play mobile game, which will be
accessible to a wider audience and potentially provide new revenue
streams for the future. This will be followed by the release of
DiRT Rally 2.0, the sequel to the successful and award-winning DiRT
Rally, on 26 February 2019.
The Company will publish its results for the six months ended 30
September 2018 on 13 November 2018.
Enquiries
Codemasters Group Holdings Plc Via Alma PR
Frank Sagnier, CEO
Rashid Varachia, CFO
Liberum (Nominated Adviser and sole
broker)
Neil Patel
Cameron Duncan
William Hall +44 (0) 20 3100 2000
Alma PR Limited +44 (0) 20 8004 4217
Josh Royston codemasters@almapr.co.uk
Rebecca Sanders-Hewett
Helena Bogle
Sam Modlin
ABOUT CODEMASTERS:
Codemasters (AIM:CDM) is an award winning British video game
developer and publisher with over 30 years of heritage. The company
specialises in high quality racing games including DiRT, GRID and
the BAFTA award-winning official F1(R) series of videogames.
Codemasters' LEI number is: 213800NOITSDQVNP5W91
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END
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