Codemasters Group Holdings PLC (LON:CDM) said the Fast & Furious Crossroads video game, originally scheduled for release in May, will be launched in its third quarter ending 30 September 2020.
The game developer said the later release date of the game, which is being developed by the recently acquired Slightly Mad Studios, is “not expected to have a material impact” on its financial expectations for its 2021 financial year.
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Codemasters has originally planned to release the game alongside the ninth instalment of the Fast & Furious movie franchise, however, the developer said the film’s release date had now been pushed back to April 2021, 11 months later than planned.
In a note, analysts at house broker Liberum retained their ‘buy’ rating and 370p target price, saying the game “adds to the strong release line-up through this year and provides holiday season and movie release windows to further monetise the game”.
Analysts at Shore Capital said the company remained their “top pick within the UK video games sector” and believed that the company’s “low valuation, compared to its peers, does not reflect its current growth potential”.
“The company, in our view, is well-positioned to remain cash generative and continue to deliver adjusted EBITDA margins above 23% over the coming years”, the broker added.
Shares in Codemasters rose 0.3% to 313.5p in early deals on Friday.