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Sumo Group shares jump following in-line trading update ahead of interims

In a statement at its annual general meeting, the AIM-listed video game developer said its development pipeline was “very strong” and was trading in line with expectations

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Sumo said it was “well positioned to take advantage of growth” in the global software market

Sumo Group PLC (LON:SUMO) saw its shares jump in mid-afternoon trading Wednesday after saying it expected results for the 2018 financial year to be in-line with market expectations.

In a statement at its annual general meeting, the AIM-listed video game developer said its development pipeline was “very strong” and was trading in line with expectations ahead of its interim results in September.

READ: Sumo on the 'cusp of something special' as video games boom

The firm added that it was continuing to operate with a positive cash balance and would be exploring “suitable acquisition opportunities” going forward.

Regarding the software market, Sumo said it was “well positioned to take advantage of growth”, citing a report from the Association for UK Interactive Entertainment (UKIE) that the global software market is forecast to grow to US$180.1bn in 2021 from US$137.9bn in 2018.

2018 will be the first full year of the company trading on AIM following its float on 21 December 2017, in which it raised £78.2mln.

Shares were up 12.8% at 185p.

Quick facts: Sumo Group PLC

Price: 155.5 GBX

AIM:SUMO
Market: AIM
Market Cap: £234.18 m
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