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11 Aug 2020 07:00
11 August 2020
Codemasters Group Holdings Plc
("Codemasters" or the "Company")
Trading Update
Codemasters (AIM:CMD), the award-winning British videogame developer and publisher specialising in high-quality racing games, today provides an update on trading for the current financial year, ending 31 March 2021.
Trading since the start of the year has been particularly strong and the Board now anticipates that Revenue and Adjusted EBITDA1 for the full year will be significantly ahead of current market expectations.
These revised expectations are driven by the particularly strong performance to date both of the annual instalment of its Formula One title, F1® 2020, and the continued strength of the Company's growing back catalogue of games. Fast & Furious Crossroads, which was released on 7 August 2020, has to date performed as anticipated, and the Board is pleased to report that levels of pre-orders from both retailers and consumers for the title launches scheduled for the remainder of the year also remain consistent with original expectations.
The confirmed launch dates for further titles being released in the current financial year are as follows:
PROJECT CARS 3 | 28 August 2020 |
DIRT 5 | 16 October 2020 |
This announcement is released by Codemasters Group Holdings plc and contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.
For the purposes of MAR and Articles 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is being made on behalf of the Company by Rashid Varachia, Chief Financial Officer.
Notes:
1 Adjusted EBITDA, is a non-GAAP measure used by the Group, which is defined as profit before finance costs on borrowings (restricted to represent cash basis), tax, capitalisation, depreciation, amortisation, non-recurring items, share based payments and takes into account the phasing of milestone payments received from publishers.
Enquiries |
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Codemasters Group Holdings Plc Frank Sagnier, CEO Rashid Varachia, CFO
| Via Alma PR
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Liberum (Nominated Adviser and Joint Corporate Broker) Neil Patel Cameron Duncan William Hall
Jefferies International Ltd (Joint Corporate Broker) Ed Matthews William Brown
| +44 (0) 20 3100 2000
+44 (0) 20 7029 8000
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Alma PR Limited Josh Royston Rebecca Sanders-Hewett Helena Bogle Sam Modlin | +44 (0) 20 3405 0205 codemasters@almapr.co.uk
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ABOUT CODEMASTERS:
Codemasters (AIM:CDM) is an award-winning British video game developer and publisher with over 30 years of heritage. The company specialises in high-quality racing games including DiRT, GRID and the BAFTA award-winning official F1® series of videogames. In November 2019, Codemasters acquired Slightly Mad Studios, creators and developers of award-winning IP including the Project CARS franchise and Fast & Furious Crossroads.
Codemasters' LEI number is: 213800NOITSDQVNP5W91
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