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Revenue doubles over at UK firm Codemasters

Revenue doubles over at UK firm Codemasters

UK racing specialist Codemasters has reported a 102 per cent increase in revenue for the six months ending September 30th, 2020.

In its financials for the period, the firm said it brought in £80.5m ($107.7m) in revenue, up from the £39.8m ($53m) in the previous year. Codemasters says this is off the back of three successful launches in F1 2020, Project CARS 3 and, um, Fast & Furious Crossroads. The strong performance of F1 2020 has played a role in the publisher's financial performance thanks to the higher license royalties it has brought in. Codemasters' EBITDA more or less doubled from £9.4m ($12.6) to £21.2m ($28.4m).

"I am delighted to report a record first half in which we benefitted from three game launches, including our most successful iteration of the F1 franchise," CEO Frank Sagnier (pictured) said.

"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 of COVID-19. During the period we continued to see an accelerated shift to digital delivery, supported by a decline in traditional retail and boxed sales which were affected by COVID-19."

This follows Codemasters agreeing to sell to Grand Theft Auto giant Take-Two earlier this month following rumours to that effect that broke just days before.


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PCGamesInsider Contributing Editor

Alex Calvin is a freelance journalist who writes about the business of games. He started out at UK trade paper MCV in 2013 and left as deputy editor over three years later. In June 2017, he joined Steel Media as the editor for new site PCGamesInsider.biz. In October 2019 he left this full-time position at the company but still contributes to the site on a daily basis. He has also written for GamesIndustry.biz, VGC, Games London, The Observer/Guardian and Esquire UK.

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