Codemasters Group Holdings PLC (LON:CDM) reported half-year revenues doubled and profits revved up 69% as it launched three new racing games.
The computer games designer, which earlier this month indicated it will accept a mooted £735mln offer from larger US rival Take-Two Interactive (NASDAQ:TTWO), launched F1 2020, Fast & Furious Crossroads and Project CARS 3 during the six months to end-September, 2020.
These new games, plus continued contributions from the back catalogue, led to revenues of £80.5mln compared to £39.8mln with one game release a year earlier.
The Warwickshire-based company said its increased focus on games-as-a-service (GaaS) “is delivering positive results by driving player engagement and extending each game’s lifecycle”, with further updates for games planned for coming months.
Reported operating profit of £20.3mln was up from £12mln last time and net cash of £50.1mln was being held at the end of September.
In the second half of its financial year, Codemasters has released a fourth game, DiRT 5, while Project CARS GO, a mobile version of the franchise, went into closed beta testing in October ahead of an expected release before year-end.
The company expects that if shareholders back the takeover, it will complete before the end of March 2021.
Published at Mon, 23 Nov 2020 08:59:00 +0000-Codemasters doubles half-year revenues thanks to games launches