Trading Update
Updated : 07:05
1 April 2019
Codemasters Group Holdings Plc
("Codemasters" or the "Company")
Trading Update
Codemasters Group Holdings Plc (AIM:CDM), the award winning British video game developer and publisher specialising in high quality racing games, today announces a trading update for the year ended 31 March 2019 ("FY19").
The Board is pleased to announce that trading through the second half of the year has continued to be strong. The Company anticipates reporting FY19 revenues of c.£71 million, Adjusted EBITDA[1] of c.£18.5 million and gross cash of c.£18.4 million as at 31 March 2019.
The Adjusted EBITDA[1] is ahead of market expectations and follows the Company's joint development agreement with Netease (the "Agreement"), announced on 8 January 2019, and the successful launch of DiRT Rally 2.0 on 26 February 2019. This outperformance has been driven both by an increasing proportion of the Company's revenues being generated through digital channels and also an earlier than anticipated delivery of technology and support for the Netease project, which will result in a greater than expected portion of the contracted revenue being recognised in FY19.
Codemasters intends to publish its final results for the year ended 31 March 2019 in June 2019.
Notes:
1 Adjusted EBITDA is a non-GAAP measure used by the Company, which is defined as profit before finance costs on borrowings, tax, capitalisation of development costs, depreciation, amortisation and non-recurring items.
This announcement is released by Codemasters Group Holdings plc and contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.
For the purposes of MAR and Articles 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is being made on behalf of the Company by Rashid Varachia, Chief Financial Officer.
Enquiries | |
Codemasters Group Holdings Plc Frank Sagnier, CEO Rashid Varachia, CFO
| Via Alma PR
|
Liberum (Nominated Adviser and Joint Corporate Broker) Neil Patel Cameron Duncan William Hall
Jefferies International Ltd (Joint Corporate Broker) Ed Matthews Max Jones William Brown
| +44 (0) 20 3100 2000
+44 (0) 20 7029 8000
|
Alma PR Limited Josh Royston Rebecca Sanders-Hewett Helena Bogle Sam Modlin | +44 (0) 20 3405 0205 codemasters@almapr.co.uk
|
ABOUT CODEMASTERS:
Codemasters (AIM:CDM) is an award winning British video game developer and publisher with over 30 years of heritage. The company specialises in high quality racing games including DiRT, GRID, ONRUSH and the BAFTA award-winning official F1® series of videogames.
Codemasters' LEI number is: 213800NOITSDQVNP5W91
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