Games developer doubles revenues before £739m takeover
Codemasters, the Leamington Spa video game developer with a Runcorn operation, has doubled its profits and seen a large hike in profits for the six months to September 30, according to interim results revealed this morning (November 23).
The firm turned over £80.5m during the period – up from £39.8m last year, while operating profits were up from £12m in 2019 to £20.3m this time around.
The company launched three new titles during the period: F1 2020, Fast & Furious Crossroads and Project CARS 3. Meanwhile, earlier this month, Codemasters unveiled its new DiRT 5 game.
On November 10 Codemasters announced that it had reached an agreement with Take-Two Interactive Software, Inc for a recommended cash and shares offer to be made by Take-Two to acquire the company in a £739m deal.
Frank Sagnier, CEO of Codemasters, said: “I am delighted to report a record first half in which we benefitted from three game launches, including our most successful iteration of the F1® franchise. We continued to make significant progress against our strategic objectives, to strengthen the Group’s overall leadership position in racing, grow the audience and increase average revenue per user.
“We are fortunate to operate in an industry which has shown incredible resilience over the course of the year, shielding us from the impacts of COVID-19. During the period we continued to see an accelerated shift to digital delivery, supported by a decline in traditional retail and boxed sales which were affected by COVID-19.
“The offer received from Take-Two Interactive Software, Inc post-period end demonstrates the strength of our offering and our reputation as leaders in the racing genre.”