Press releases
Interim Management Statement
16/06/2009
The GAME Group plc (“GAME” or “the Group”), Europe’s leading retailer of PC and video games products, today issues its Interim Management Statement covering the period from 1 February to 13 June 2009.
The overall trading performance for the Group remains in line with the Board’s expectations.
The Group’s store portfolio has increased by 23 stores in the year to date and we now operate from 1,365 stores (see appendix A), across ten countries and two brands. Capital expenditure during the year is expected to be between £30m and £35m, excluding capital costs relating to the integration of Gamestation.
The integration of the Gamestation and GAME UK business infrastructures continues to progress well and the Gamestation stores will be fully transitioned to GAME information technology and distribution systems by September 2009. As previously announced, we are targeting a further £6m of synergy benefits this year, giving an annualised rate of £16m going forward. The non-recurring costs of integration in the year to 31 January 2010 will be £6.5m and the capital costs will be £5m.
The Group continues to operate with a strong balance sheet. The Group net debt as at 30 May 2009 was £86m (31 January 2009: net cash £81.2m; 31 July 2008: net debt £57.8m). Average net debt during the year to 31 January 2010 is expected to be around £60m.
A further trading statement will be made in conjunction with GAME Group’s Annual General Meeting on Thursday 2 July 2009.
- ends -
| Enquiries | |
| The GAME Group plc: | +44 (0)1256 784566 |
| David Thomas, Deputy Chief Executive and Group Finance Director | |
| Ben White, Finance Director Designate | |
Simon Soffe, Head of Group Communications |
|
| Brunswick: | +44 (0)20 7404 5959 |
| Jonathan Glass | |
| Nina Coad | |
| www.gamegroup.plc.uk |
Appendix A:
Store portfolio
| 13 June 2009 Number |
31 January 2009 Number |
|
|---|---|---|
| Company owned and concessions | ||
| UK and Ireland: | ||
| - GAME | 444 | 443 |
| - Gamestation | 254 | 253 |
| Total UK and Ireland | 698 | 696 |
| France | 198 | 192 |
| Iberia | 268 | 258 |
| Scandinavia | 67 | 66 |
| Czech Republic | 21 | 22 |
| Total Continental Europe | 554 | 538 |
| Australia | 107 | 101 |
| Total International | 661 | 639 |
| Total owned and concessions | 1,359 | 1,335 |
| Franchises | ||
| France | - | 1 |
| Iberia | 5 | 5 |
| Australia | 1 | 1 |
| Total franchises | 6 | 7 |
| Total operational outlets | 1,365 | 1,342 |
