Codemasters Group Holdings PLC Year End Trading Update (9750I)
April 07 2020 - 1:00AM
UK Regulatory
TIDMCDM
RNS Number : 9750I
Codemasters Group Holdings PLC
07 April 2020
7 April 2020
Codemasters Group Holdings Plc
("Codemasters" or the "Company")
Year End Trading Update
Codemasters Group Holdings Plc (AIM:CDM), the award winning
British video game developer and publisher specialising in high
quality racing games, is pleased to provide the following trading
update for the year ended 31 March 2020 ("FY20").
The Board is pleased to announce that overall trading in the
second half of the year has remained strong. The Company
anticipates reporting FY20 revenues of approximately GBP76 million
(FY19: GBP71.2m), with Adjusted EBITDA (1) comfortably ahead of
expectations at c.GBP18.1 million (FY19: GBP18.7m), including a
loss of c.GBP0.9m from Slightly Mad Studios ("SMS"), acquired in
November 2019. The Company has no debt and as at 31 March 2020 had
gross cash of c.GBP25.5 million (31 March 2019: GBP18.2m).
The COVID-19 pandemic has affected the sales mix, particularly
in the last few weeks of the financial year. The shift to digital
delivery has accelerated greatly, which has contributed to higher
margins, with traditional retail and box sales impacted,
exacerbated by the closure of the majority of game retailers. The
Company continued to deliver on its business development
initiatives and signed a number of agreements during the second
half of the year. Minor delays associated with concluding certain
of these agreements means that the majority of the revenue from
them will be recognised in the new financial year.
In line with government guidelines all our teams have moved to
working from home as the health and wellbeing of our employees
remains our priority. Productivity and the performance of our
systems and processes has been extremely reassuring to date. SMS
already operated a fully remote working model. The Company does not
expect to see any material disruption or loss of efficiency as a
consequence of this change.
The Company will provide a further update regarding the release
date for its Fast & Furious Crossroads launch once
confirmed.
Codemasters intends to publish its final results for the year
ended 31 March 2020 in June 2020.
Notes:
(1) Adjusted EBITDA is a non-GAAP measure used by the Company,
which is defined as profit before finance costs on borrowings, tax,
capitalisation of development costs, depreciation, amortisation and
non-recurring items.
This announcement is released by Codemasters Group Holdings plc
and contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 ("MAR"), and is disclosed
in accordance with the Company's obligations under Article 17 of
MAR.
For the purposes of MAR and Articles 2 of Commission
Implementing Regulation (EU) 2016/1055, this announcement is being
made on behalf of the Company by Rashid Varachia, Chief Financial
Officer.
Codemasters Group Holdings Plc
Via Alma PR
Frank Sagnier, CEO
Rashid Varachia, CFO
Liberum Capital Limited
(Nominated Adviser and Joint Broker) +44 (0) 20 3100 2000
Neil Patel
Cameron Duncan
Ed Phillips
William Hall
Jefferies International Limited
(Joint Broker) +44 (0) 20 7029 8000
Ed Matthews
William Brown
Alma PR Ltd +44 (0) 7780 901 979
Josh Royston codemasters@almapr.co.uk
Rebecca Sanders-Hewitt
Helena Bogle
Sam Modlin
Notes to Editors
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. In
December 2019, Codemasters acquired Slightly Mad Studios, creators
and developers of award-winning IP including the Project CARS
franchise and Fast & Furious Crossroads.
Codemasters' LEI number is: 213800NOITSDQVNP5W91
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END
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