Rob Fahey
18:49 (BST)
26/06/2003
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Kuju reports losses, hopes for reversal in coming year
Game development group in the red for this year, but making "good progress"
UK-based game development group Kuju Entertainment has announced its financial year-end results, revealing overall losses of £491,629 - a figure blamed primarily on doubtful debts related to a single project, and on the delay of other key projects.
Despite the losses, Kuju remains upbeat about future prospects - with development agreements with Konami and THQ, signed during the past year, being key among the deals which will hopefully drive the company into profit in the coming year.
"The disappointing results were largely caused by two large doubtful debts relating to one project," explained Kuju chairman Dominic Wheatley. "The company is making every effort to reclaim the amounts owed."
"This has masked good progress that Kuju has made in the year producing quality products and investing in the latest software tools and equipment," he continued. "The new signing of a project with Konami is another important step in ensuring the company extends its relationships with solid major publishers."
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