Latest News

Revenue has grown to almost £50m at listed video game developer and company of Connect Yorkshire EIR Carl Cavers, Sumo Digital.

In a trading update, the company reported revenue of £49m for the year ending 31 December 2019, up 26.6 per cent from £38.7m in 2018.

Adjusted EBITDA also increased to £14.1m, up 37.5 per cent from £10.2m the year before.

The company is currently working on 21 projects with 12 different clients.

Sumo has moved to home working in response to the coronavirus outbreak. However, it said global video games software revenues could be set to increase as people stay at home play more games, with a corresponding improvement in royalty income for the company.

Carl Cavers, chief executive of Sumo Group, said: “Our people are adapting well to home working and we have a strong and resilient business with £23.6m cash and a relatively low risk business model.

“Demand for great video games content is forecast to grow and may even strengthen as a result of the ‘stay at home’ measures taken to protect our health through the Covid-19 pandemic. As such, we are confident in our strategy and ability to continue generating strong returns for our stakeholders in the longer term. We are grateful to our team for their resilience, our clients for their support and our investors for their forbearance.”

Sumo Digital had been due to report its results for 2019 on 1 April 2019 but has postponed the announcement in line with FCA guidance.

The company is based in Sheffield with studios in Newcastle, Nottingham, Brighton, Leeds, Leamington Spa, Warrington and Pune, India.

 

Article via insidermedia.com