Half-year revenue results at Codemasters set to more than double

Revenue expected to more than double as video game developer Codemasters announced its half-year results.

The business is set to report revenue of about £80.5 million for the six months to 30 September 2020, up from £39.8 million for the same period in 2019.

Its adjusted EBITDA is also expected to rise from £9.4 million to about £21 million.

Digital sales as a proportion of revenue continue to increase, representing 73 per cent of total sales in the period, up from 61.7 per cent as Covid-19 impacted the sales mix and accelerated the shift to digital delivery, resulting in an improved gross margin of 92.9 per cent compared to 89.3 per cent.

Trading during the first half also benefitted from the launch of F1 2020, Fast & Furious Crossroads, Project CARS 3, and continued sales of the company’s back catalogue of games – in particular F1 2019 and DiRT Rally 2.0.

A statement said: “As anticipated, the performance of the company’s back catalogue continues to be strong thanks to the accelerated growth of the digital business reflecting the longer lifecycle of high-quality products and well-established IP, together with the ever-increasing number of digital channels for exploitation.

“The board expects digital growth to continue with future releases.”