Codemasters H1 revenues more than double on game releases

Video game developer Codemasters said on Monday that first-half revenues more than doubled and operating profit rose as it released three new games.

In the six months to the end of September, revenue jumped to £80.5m from £39.8m in the same period a year ago following the successful launch of F1 2020, Fast & Furious Crossroads and Project CARS 3. Operating profit rose to £20.3m from £12m and adjusted earnings before interest, tax, depreciation and amortisation increased to £21.2m from £9.4m.

The company, which agreed earlier this month to be bought by US-based Take-Two Interactive for around £759m, said trading in the second half has begun well, including the successful release of DiRT 5 on 6 November.

Chief executive Frank Sagnier 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."

Sagnier added that the offer received from Take-Two Interactive Software "demonstrates the strength of our offering and our reputation as leaders in the racing genre".