Definitely Oversold14 Jan 2015 22:39
Today started off with at least a -45% cliff drop and steadily climbed to -30% so a good recovery with lots of volume. Seemed like solid pressure as people knew it was oversold from the start. The news to me really didn't seem bad at all, in fact I'd say it was positive. I expect tomorrow to rebound blue although could be a red start with the large day trade sells at the end (some people have very large wallets!!! I noticed a few £250k+ buys today)
It's a long RNS to absorb but the key points:
Compared with last year, greater hardware availability over the Christmas period fuelled intense competition between the platform holders across the market, presenting incredible value for our customers and driving substantial unit volume growth over the period (the Group's next generation hardware volumes in the UK were +25% over the Christmas trading period, with some 16% of H1 unit console sales sold between Black Friday and Cyber Monday).
As a result of our customer recruitment initiatives, over 250,000 new customers signed up to the Group's reward card programmes during the period, with total membership across the UK and Spain over 16 million. Our GAME App added over 200,000 newly registered customers over the peak period, taking the total number of registered users to over 1 million, and in the first six months since its launch we have signed up over 300,000 customers to GAME Wallet (our e-payment system).
Stock levels were well controlled during the period and the Group continues to maintain strict cost disciplines across the business
Cash generation remains strong, with average week-ending Group cash balances across the 11 weeks to January 10, 2015 of approximately £110 million (2013/14: approximately £45 million). The Group continues to benefit from significantly improved supplier credit terms since IPO. The Board reiterates its intention to return surplus cash and will update shareholders in due course.
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