Sumo Group PLC Pre-close Trading Update and Notice of Results (5084A)
January 22 2020 - 1:00AM
UK Regulatory
TIDMSUMO
RNS Number : 5084A
Sumo Group PLC
22 January 2020
22 January 2020
Sumo Group plc
("Sumo Group" or the "Group")
PRE-CLOSE TRADING UPDATE AND NOTICE OF RESULTS
FY2019 at least in line with management expectations
Sumo Group, the award-winning provider of creative and
development services to the video games and entertainment
industries, announces that it will report its final results for the
full year ended 31 December 2019, which are expected to be at least
in line with market expectations, on Wednesday 1 April 2020.
The Board is pleased to report that a number of significant
contracts were secured towards the end of 2019 which underpin the
Group's financial forecasts for the year ahead.
At 31 December 2019, the Group had positive cash balances of
GBP12.9m and employed 766 people, an increase of 174 from the
figure at the previous year end.
Carl Cavers, Chief Executive Officer of Sumo Group, said:
"2019 was another busy and successful year for Sumo Group and
one in which we generated strong growth across all areas of the
business. We acquired Red Kite Games, opened new studios in
Leamington Spa and Warrington and relocated the Red Kite Games
studio from Huddersfield to the talent hot-spot of central Leeds.
Five studios have been added to the Group since IPO and we now
operate globally from 10 studios across the UK, India and Canada.
Our appetite to deliver further sustainable growth remains strong
and we continue to explore opportunities, both in the UK and
overseas, to acquire businesses which show a strong cultural fit
with our Group and are based in desirable locations."
"In November, we announced that Tencent Holdings Limited
("Tencent") had acquired a near 10% shareholding in the Group from
Perwyn Bidco (UK) Limited. We are delighted by this investment and
look forward to exploring development opportunities with Tencent
going forward."
"We are seeing many exciting opportunities to deliver more
growth in our core markets, served by Sumo Digital and Atomhawk,
and I am very pleased with the progress the business is making.
"The Board looks forward to announcing the final results on 1
April and providing shareholders with a full update on the Group's
progress."
Enquiries:
Sumo Group plc Tel: +44 (0) 114 242 6766
Carl Cavers, Chief Executive Officer
David Wilton, Chief Financial Officer
Zeus Capital Limited (Nominated Adviser & Broker)
Nick Cowles / Andrew Jones Tel: +44 (0) 161 831 1512
Ben Robertson / John Goold Tel: +44 (0) 203 829 5000
Belvedere Communications Limited
Cat Valentine Tel: +44 (0) 7715 769 078
cvalentine@belvederepr.com
Keeley Clarke Tel: +44 (0) 7967 816 525
kclarke@belvederepr.com
Llew Angus Tel: +44 (0) 7407 023 147
langus@belvederepr.com
About Sumo Group - www.sumogroupplc.com
Sumo Group's businesses provide acclaimed development and design
services to the video games and entertainment industries from
studios in the UK, India, and Canada.
Sumo Digital, as the Group's primary business, is one of the
UK's largest independent developers of AAA-rated video games,
having studios in Sheffield, Newcastle, Nottingham, Leeds,
Leamington Spa, Warrington and Pune, India. The business has
acquired two studios since IPO, which operate under their own
names, BAFTA award-winning The Chinese Room and Red Kite Games.
Sumo Digital provides turnkey and co-development solutions to a
global blue-chip client base.
Atomhawk is a multi-award-winning visual design company, with
studios in Newcastle and in Vancouver (Canada), servicing the
games, film and visual effects industries.
Together, the Group delivers full-spectrum visual and
development solutions, which include initial visual concepts,
conceiving new products and game development involving all aspects
of pre-production, production & development, as well as
supporting games as a service.
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END
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