(Alliance News) - Video game developer Codemasters Group Holdings PLC said Wednesday revenue for the first half of its financial year edged upwards, fostering confidence in the group's expectations for the full year.
For the six months to the end of September, Codemasters reported revenue at GBP39.8 million, up 0.3% compared to GBP39.7 million the year before. For the period, digital sales as a proportion of revenue continued to increase to 62% from 53%, leading to an improved gross margin of 89.3%.
The group attributed the strong performance partly to the launch of its latest instalment in its F1 launch, F1 2019.
There is also the group's back catalogue of games, which performed well on the growth of Codemasters's digital business, allowing products to have longer life cycles.
As a result of the strong first half, Codemasters's board is confident that its results for the year ending March 2020 will be in line with its expectations.
Codemasters will publish its interim results on November 26.
Shares in Codemasters remained flat at 212.50 pence on Wednesday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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