Codemasters, the Leamington Spa-based video game developer and publisher, which recently revealed it had extended its contract with Formula One Management for exclusive video game rights for the FIA Formula One World Championship franchise from 2021 until 2025, has announced its half year results to September 2019.
Revenues rose marginally to £39.8 million with one game release in H1 2020, against revenues of £39.7 million in H1 2019 with two game releases.
Frank Sagnier, CEO of Codemasters, said: “I am delighted to be able to report strong half year results which are in line with expectations. The ongoing shift to digital delivery is helping both our margin and bottom line performance, a trend that we expect to continue. With only one new release in H1 2020 we have marginally exceeded the revenue generated in H1 2019 where two games were released, thanks to a successful F1 2019, the delivery of a significant GaaS (games as a service) programme for DiRT Rally 2.0 and strong sales from our digital back catalogue. The success of F1 2019 has come from a much earlier release in the season to benefit from the major European Grands Prix including those in our two biggest sales territories, combined with our strongest ever feature set and the inclusion of the game’s first deluxe edition.
“The extension to our F1 contract, which runs until 2025 with a further two-year option based on meeting performance KPI, underlines the strength of our relationship with the world’s most successful motorsport, and provides further evidence of our consistent ability to deliver the highest quality AAA rated games. We are also excited by the recent launch of GRID® which appears for the first time on the current generation of PlayStation and Xbox consoles alongside PC – and also as a select list of titles currently available on Google Stadia following its launch in November 2019.”
Frank added: The drivers within our industry remain strong and we expect the continuing shift into digital distribution, the launch of streaming platforms, next generation consoles, the emergence of esports and our Netease mobile partnership to continue to provide further opportunities for Codemasters going forward. The early results from our GaaS investment in DiRT Rally 2.0 demonstrates that there is still significant headroom for growth across our entire portfolio. As a result of these factors we remain confident for the year ahead and beyond.”