Productive year for listed gaming company

Nottingham-based video game developer Sumo Group has recorded positive cash balances of £12.9m and a headcount of 766 people – an increase of 174 from the figure at the previous year end.

The company’s pre-close trading update also says it will report its final results for the full year ended 31 December 2019, which are expected to be at least in line with market expectations, on 1 April 2020.

Carl Cavers, chief executive officer of Sumo Group, said: “2019 was another busy and successful year for Sumo Group and one in which we generated strong growth across all areas of the business.

“We acquired Red Kite Games, opened new studios in Leamington Spa and Warrington and relocated the Red Kite Games studio from Huddersfield to the talent hot-spot of central Leeds.

“Five studios have been added to the Group since IPO and we now operate globally from 10 studios across the UK, India and Canada.

“Our appetite to deliver further sustainable growth remains strong and we continue to explore opportunities, both in the UK and overseas, to acquire businesses which show a strong cultural fit with our Group and are based in desirable locations.

“In November, we announced that Tencent Holdings Limited (“Tencent”) had acquired a near 10% shareholding in the Group from Perwyn Bidco (UK) Limited. 

“We are delighted by this investment and look forward to exploring development opportunities with Tencent going forward.”