Codemasters Group Holdings PLC Trading Update (5801U)
01 April 2019 - 5:00PM
UK Regulatory
TIDMCDM
RNS Number : 5801U
Codemasters Group Holdings PLC
01 April 2019
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.GBP71 million, Adjusted
EBITDA[1] of c.GBP18.5 million and gross cash of c.GBP18.4 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 Via Alma PR
Frank Sagnier, CEO
Rashid Varachia, CFO
Liberum (Nominated Adviser and Joint
Corporate Broker)
Neil Patel
Cameron Duncan
William Hall
+44 (0) 20 3100 2000
Jefferies International Ltd (Joint
Corporate Broker)
Ed Matthews
Max Jones
William Brown +44 (0) 20 7029 8000
Alma PR Limited +44 (0) 20 3405 0205
Josh Royston codemasters@almapr.co.uk
Rebecca Sanders-Hewett
Helena Bogle
Sam Modlin
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(R) series of
videogames.
Codemasters' LEI number is: 213800NOITSDQVNP5W91
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END
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