Codemasters Group Holdings PLC Trading Update (5801U)

TIDMCDM

RNS Number : 5801U

Codemasters Group Holdings PLC

01 April 2019

1 April 2019

Codemasters Group Holdings Plc

("Codemasters" or the "Company")

Trading Update

Codemasters Group Holdings Plc (AIM:CDM), the award winning British video game developer and publisher specialising in high quality racing games, today announces a trading update for the year ended 31 March 2019 ("FY19").

The Board is pleased to announce that trading through the second half of the year has continued to be strong. The Company anticipates reporting FY19 revenues of c.GBP71 million, Adjusted EBITDA[1] of c.GBP18.5 million and gross cash of c.GBP18.4 million as at 31 March 2019.

The Adjusted EBITDA[1] is ahead of market expectations and follows the Company's joint development agreement with Netease (the "Agreement"), announced on 8 January 2019, and the successful launch of DiRT Rally 2.0 on 26 February 2019. This outperformance has been driven both by an increasing proportion of the Company's revenues being generated through digital channels and also an earlier than anticipated delivery of technology and support for the Netease project, which will result in a greater than expected portion of the contracted revenue being recognised in FY19.

Codemasters intends to publish its final results for the year ended 31 March 2019 in June 2019.

Notes:

(1) Adjusted EBITDA is a non-GAAP measure used by the Company, which is defined as profit before finance costs on borrowings, tax, capitalisation of development costs, depreciation, amortisation and non-recurring items.

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.

 
 
   Enquiries 
 
 Codemasters Group Holdings Plc          Via Alma PR 
  Frank Sagnier, CEO 
  Rashid Varachia, CFO 
 Liberum (Nominated Adviser and Joint 
  Corporate Broker) 
  Neil Patel 
  Cameron Duncan 
  William Hall 
                                         [phone] 
  Jefferies International Ltd (Joint 
  Corporate Broker) 
  Ed Matthews 
  Max Jones 
  William Brown                           [phone] 
 Alma PR Limited                         [phone] 
  Josh Royston                            [e-mail] 
  Rebecca Sanders-Hewett 
  Helena Bogle 
  Sam Modlin 
 

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, ONRUSH and the BAFTA award-winning official F1(R) series of videogames.

Codemasters' LEI number is: 213800NOITSDQVNP5W91

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

END

TSTLLFSAVVILVIA

(END) Dow Jones Newswires

April 01, 2019 02:00 ET (06:00 GMT)