Codemasters doubles H1 revenues, fuelled by game launches

Codemasters has released its interim results, pointing to a total revenue of £80.5 million for the six months ended 30 September 2020 (H1 2021), over double what it earned in the same period last year, at £39.8 million.

This revenue was largely driven by the launch of three titles – F1 2020 (released on July 10th), Fast & Furious Crossroads (released on August 7th) and Project CARS 3 (August 24th) – compared to a single game released during H1 2020.

Codemasters’ back catalogue also saw significant sales, and the company reported positive results from its increased focus on Games as a Service, saying that it is “delivering positive results by driving player engagement and extending each game’s lifecycle.”

Game releases for H2 2021 are already looking strong too, with the release of DiRT 5 on 6 November 2020 alongside the upcoming releases of Project CARS GO (scheduled for release in H2 2021) and three new titles in H1 2022 – including the first iteration of the F1® franchise on the next generation consoles

The company’s operating profit of £20.3 million is up by £8.3 million from H1 2020, for which Codemasters credits the success of F1 2020, coupled with the sales performance of the back catalogue.

“I am delighted to report a record first half in which we benefitted from three game launches, including our most successful iteration of theF1® franchise,” said Frank Sagnier, CEO of Codemasters. “We continued to make significant progress against our strategic objectives, to strengthen the Group’s overall leadership position in racing, grow the audience and increase average revenue per user.

“We are fortunate to operate in an industry which has shown incredible resilience over the course of the year, shielding us from the impacts ofCOVID-19. During the period we continued to see an accelerated shift todigital delivery, supported by a decline in traditional retail and boxed sales which were affected by COVID-19. The offer received from Take-Two Interactive Software, Inc post-period end demonstrates the strength of our offering and our reputation as leaders in the racing genre.”

Regarding Codemasters’ recently-announce acquisition by Take-Two, the company said that should its shareholders back the acquisition (which they recommend), they anticipate it to be complete before the end of March 2021.