LONDON (Alliance News) - Video game developer Sumo Group PLC said on Tuesday it recorded a narrowed loss for the first half of 2018 on the back of a double digit growth in revenue.
For the six months to the end of June, Sumo reported a pretax loss of GBP1.8 million versus GBP2.0 million pretax loss in the year ago period.
Although operating expenses saw a substantial rise to GBP9.9 million from GBP4.8 million, this was evened out by net finance income of GBP66,000, swinging from a loss of GBP2.4 million, and higher revenue.
Revenue grew by 60% to GBP22.9 million from GBP14.3 million, as major growth in development fees more than offset a drop in revenue from Sumo's own intellectual properties.
Sumo said it expects results for 2018 to be in line with consensus market forecasts, as current trading since the period-end has remained in line with management expectations.
"These results cover our first half year period as an AIM quoted company. The business is flourishing under this new, independent capital structure and I am delighted to report an excellent performance in H1, driven by continued strong organic growth in our core services. We are seeing exciting business development opportunities, as the video gaming market continues to grow globally. This, combined with our low risk business model, gives us a great deal of confidence in the ongoing success of the business," said Chief Executive Officer Carl Cavers.
Shares in Sumo Group were down 3.9% at 175.00 pence on Tuesday.
