Game Group lifts full-year expectations on strong demand
03-03-2008
Game Group is expecting tax before-profit of £74 million for the year, ahead of its initial forecast of £73 million.
The computer game retailer said its May 2007 acquisition of rival Gamestation would contribute to profit sooner than expected, and pre-tax synergies of approximately £7 million could be achieved in the current financial year.
Game is expected to release its full results for the year on April 29th 2008. Last year, the company posted profits of £29.5 million.
Broadening customer appeal and five successful hardware formats are driving growth, the company said, adding trade has been strong since Christmas.
The retailer lifted its like-for-like growth outlook to between five and ten per cent on the results.
Game said there is a strong pipeline of innovative software with some highly anticipated products scheduled for European release in the next few months, including Mario Kart for the Nintendo Wii on April 11th, Nintendo Wii Fit on April 25th, and GTA IV on April 29th.
The company said the market for PC and video games products "remains buoyant".
Shares in Game Group closed at £1.86 on Friday, valuing the company at around £639 million.
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