Codemasters reported anticipated better than expected trading update

Codemasters LR

Warwickshire-based Codemasters Group Holdings Plc, the award-winning British video game developer and publisher specialising in high quality racing games, has announced a trading update for the year ended 31 March 2019.

 Trading through the second half of the year has continued to be strong with the Southam-headquartered company anticipating FY19 revenues of around £71 million, adjusted EBITDA of around £18.5 million and gross cash of around £18.4 million as at 31 March 2019.

The Adjusted EBITDA is ahead of market expectations and follows the company’s joint development agreement with Netease, announced in January 2019, and the successful launch of DiRT Rally 2.0 on 26 February 2019.

NetEase Games is a Chinese games developer and publisher. 

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.