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.