Press releases
THE GAME GROUP PLC (“GAME”) - Interim Results announcement for the six months ended 31 July 2004
05/10/2004
| 2004 | 2003 | |
| £m | £m | |
| Turnover | 213.0 | 231.0 |
| Gross margin (%) | 30.3 | 28.7 |
| Operating (loss)/profit before goodwill amortisation | (3.1) | 1.8 |
| (Loss)/profit before taxation | (5.9) | (0.8) |
| Interim dividend | 1.0p | 0.5p |
| (Loss)/earnings per share before goodwill amortisation | (0.61p) | 0.38p |
Key points
- Accelerated store opening programme in the United Kingdom and Ireland with 400 stores planned to be trading for the key Christmas season
- Maintained leading European market position
- As anticipated like for like turnover down by 13.6% resulting from the predicted lack of major titles in the first half and no new hardware launches
- Significant gross margin improvement of 160 basis points reflecting efficient management of sales mix and buying terms
- Interim dividend doubled to 1p per share reflecting a re-weighting between first and second half
- Further share buyback programme announced
- Trading performance has much improved with like for like sales up 1.6% since 1 August 2004 and total Group sales up by 9.8%
Peter Lewis, Chairman, said: “I outlined in April that the first half of the year would be challenging due to the lack of major new titles and no hardware launches. The improvement in margins despite this environment demonstrates the ability of the management to influence the sales mix and improve buying terms.
“As we prepare for the crucial Christmas trading period, we believe we have our best ever competitive offering. The Group has shown its ability to trade well in an increasingly competitive arena and there is a very strong software release schedule in the second half. We continue to expect a satisfactory trading outcome for the year as a whole.
“Ahead of the start of the next hardware cycle the Board remains confident that market prospects in the medium term represent an exciting opportunity for GAME.”
Enquiries:
| The GAME Group plc | Martin Long Group Chief Executive | +44 (0)1256 784085 |
| David Thomas Group Finance Director | +44 (0)1256 784085 | |
| Brunswick | Jonathan Glass James Crampton | +44 (0)20 7404 5959 |
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