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Codemasters doubles half-year revenues thanks to games launches

Since the half year, the video games maker has released a fourth game, DiRT 5, and expects to launch Project CARS GO for mobile phones before year-end

Codemasters Group Plc -
Project Cars 3

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.

Quick facts: Codemasters Group Plc

Price: 602 GBX

AIM:CDM
Market: AIM
Market Cap: £941.35 m
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