Three major releases in the first half of its fiscal year resulted in increased profits and revenue.
It’s been a busy year for Codemasters with several major releases, including the recent DiRT 5. The company revealed its financial results for the first half of the fiscal year, which is essentially the six month period ending September 30th. Releases in this period include F1 2020, Project CARS 3 and Fast and Furious Crossroads.
F1 2020 “materially over-performed” compared to last year’s iteration. The performance for Fast and Furious Crossroads and Project CARS 3 was in line with the company’s expectations. Interestingly, it noted that the critical response to the former was “disappointing” (check out our review here to find out why).
Revenue from games-as-a-service titles is “modest” at this point but should account for more of the company’s business in the future. As it stands, revenue and profits have doubled with revenue at £80.5 million while profits after taxes hit £19.9 million. The future should be interesting for the company, especially following its acquisition at the hands of Take Two Interactive (which will be finalized by next year). Stay tuned for more details in the meantime.