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Eidos posts 6-month revenue hike

Fri 27 Feb 2009 8:25am GMT / 3:25am EST / 12:25am PST
Publishing

Publisher cuts losses to just 1 million following group restructure

Eidos has released its financial results for the six months to the end of December 2008 with a relatively strong statement, including revenues up over 26 per cent and losses cut to just GBP 1 million.

Sales totalled GBP 80.3 million for the half-year period, compared to GBP 63.4 million in the same time frame the previous year - but more heartening for investors will be the group's losses figures, which fell from GBP 81.4 million in 2007 to just GBP 1 million in 2008.

The company has also reduced its net debt from GBP 5.7 million to GBP 3.2 million, the result of group restructuring, one year into a three year plan.

"The first six months of trading this year were characterised by an incredibly competitive and increasingly challenging retail environment," said Phil Rogers, CEO of Eidos. "The changes made at Eidos over the past year, coupled with the continued hard work and determination of our employees and external partners, means we are well placed one year into our three-year strategic plan to produce higher-quality, must-have games to entertain our consumer."

Tomb Raider: Underworld was the main reason for increased revenues, selling 2.6 million units, "and at approximately 1.5 million units sell-through is outselling the two most recent iterations of the game over the same period, but lower than the initial plan set," a statement read.

The company is currently the subject of a bid from Square Enix, a move which has the backing of a significant block of corporate investors and has been recommended by the Eidos board.

The Eidos share price currently stands at that bid price of 32 pence.

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