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Video game developer Codemasters posts record first-half sales

Joanna Bourke
·1-min read
Codemasters is a video game developer (Codemasters)
Codemasters is a video game developer (Codemasters)

British video games developer Codemasters has seen first half sales more than double to a record £80.5 million.

The firm, whose board earlier this month recommended shareholders approve a £759 million takeover, which values each Codemaster share at 485p, by larger US games group Take-Two Interactive, is behind the F1 series of video games.

Frank Sagnier, chief executive of Codemasters, said in the first half the firm benefitted from three game launches, and continued to make significant progress against its strategic objectives, to strengthen the group's overall leadership position in racing, grow the audience and increase average revenue per user.

In the six months to September 30 pre-tax profits jumped to £20.5 million from £10.6 million.

The company, which has around 765 employees and was founded in 1986, expects to release three new games in the first half of the financial year starting in April.

Sagnier said that trading in the second half of the year has begun well.

He said: “The long-term structural growth drivers in our sector remain strong with the launch of the next generation consoles, the accelerated shift to digital sales and services, and the roll out of 5G all likely to drive more opportunity for greater engagement with our audiences.”

He added: “As our industry grows, so does the level of investment needed to meet increasing consumer expectations. The Board … believes Take-Two's broad capabilities will help propel the long-term success of Codemasters.”

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