Press releases
Interim Results for the six months ended 31 July 2007
25/09/2007
THE GAME GROUP PLC, Europe's leading retailer of PC and video games products, today announces interim results for the six months ended 31 July 2007.
Interim Results for the six months ended 31 July 2007
Highlights
| All figures in £'m | Six months ended 31/7/07 | Six months ended 31/7/06 |
|---|---|---|
| Group Turnover | 482.4 | 272.9 |
| Gross profit margin (%) | 25.8 | 28.3 |
| Operating Profit/(Loss) before non–recurring costs | 6.2 | (5.6) |
| Non–recurring costs | 1.4 | – |
| Profit/(Loss) before tax | 1.3 | (7.1) |
| Basic Earnings/(Loss) per share before non–recurring costs (pence) | 0.67 | (1.46) |
| Basic Earnings/(Loss) per share (pence) | 0.27 | (1.46) |
| Interim dividend per share (pence) | 1.43 | 1.27 |
Key points
- Profit of £2.7m before non-recurring costs and tax (2006: loss of £7.1m)
- Strong sales performance with total sales growth (including Gamestation) of 76.8% and like for likes (‘lfl') sales ahead by 45.6 % (excluding Gamestation)
- Very strong international performance with sales up 75.2% and 'lfl' sales up 39.5%
- Acquisition of Gamestation business for an initial purchase price of £74m with 217 stores in the UK
- Successful launch of the much anticipated Playstation 3
- Store portfolio will be over 1,120, including Gamestation, by the key Christmas trading season compared with 825 at the same time last year
- Current trading for the 8 weeks to 22 September is encouraging, with total sales increase of 101.3% and lfl increase of 44.9%, despite a strong comparative period which included the launch of Nintendo DS Lite
Peter Lewis, Chairman, said:
"The strong performance reported today is a result of our hard work in getting GAME properly positioned ahead of the new technology cycle. We will continue to innovate and broaden our offer in an increasingly competitive retail environment.
We have a fast growing international business and are well placed for further organic growth. We look forward to the key Christmas trading period when our store portfolio will exceed 1,120 across the UK, Continental Europe and Australia."
In light of the Competition Commission merger inquiry and the significance of the key Christmas trading period, the Group will issue a pre-close update at the beginning of December and a Christmas trading statement on 12 January 2008.
View the full press release in PDF format.
Adobe website (opens in a new window)
To read the PDF documents on this page you may need to download the free Adobe Reader or you can use the free online conversion tools.
