Press releases
The GAME Group plc - Trading update
17/12/2002
Following a board meeting yesterday, The GAME Group plc (‘GAME’) is updating shareholders on trading conditions in the games market and the likely impact on the Group’s results in the financial year ending 31 January 2003.
At the time of the announcement of the interim results on 3 October 2002, the expectation of the board was for another year of significant progress despite the record levels of profit and sales experienced in 2001. This expectation was based upon the outstanding industry prospects.
However, levels of demand across the market for the Christmas period have been disappointing and like for like sales at GAME in December are 4.7% behind last year. Furthermore, these market conditions have led to an unexpectedly high level of promotional activity as retailers attempt to stimulate demand.
This last weekend, traditionally the second highest volume period of the year, has seen no improvement, and whilst the full-year outcome for the Group is still difficult to predict, the board currently anticipates that profits before taxation and goodwill amortisation for the current financial year are likely to be comparable with the record profits of £31.5m achieved last year.
The board expects to release a Christmas trading update on 10 January 2003.
Contacts:
Game Group plc Tel: 01344 464040
John Steinbrecher, Chief Executive
Martin Long, Deputy Chief Executive
Financial Dynamics Tel: 020 7831 3113
Nic Bennett, Ben Foster
