Games developer hails ‘milestone year’ in maiden results since £280m float

X The Business Desk

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Warwickshire-based Codemasters, which develops the official range of Formula One games, has released its first full-year results as a public company with rises in both revenue and profit.

The company, which floated on London Stock Exchange’s junior market last May with a valuation of £280m, saw revenue for the year to the end of March increase 11.9% to £71.2m, up from £63.6m, while gross profit increased 16% to £62.4m.

Adjusted EBITDA increased 59.8% to £18.7m, up from £11.7m in a year which saw the developer launch four new games titles as the company boasted a “strong schedule” for games to be released in 2020.

Frank Sagnier, CEO of Codemasters, said: “I am pleased to report on a milestone year in Codemasters’ rich history, including admission to AIM in June 2018 and considerable strategic developments made across the group. Significant progress was made against each of our key strategic objectives, as well as delivering profitability ahead of the expectations set at the time of the IPO. The group has also put in place many of the building blocks that will underpin our future performance.

“We have continued to grow and engage our loyal consumer base through four game launches whilst also signing key strategic partnerships with leading publishers, platform holders and brands that will help us to expand our audience. We believe this is testament to our expertise in racing and history of creating AAA games.

“The structural drivers in our industry are here to stay and will propel the future growth of our business. We expect the continuing shift into digital distribution, together with the evolution of the Games as a Service model, the launch of streaming platforms and Next Gen consoles, our partnerships in China on both PC and mobile and the emergence of esports to provide further opportunities for Codemasters going forward.

“We look forward to continuing to be at the forefront of the evolution of our industry.”