New MD at Sumo Digital as it reports 35% surge in revenue
The co-founder and managing director of Sheffield-based games developer Sumo Digital, Paul Porter, has stepped down.
Porter has joined the board of parent company Sumo Group as its chief operating officer, with portfolio director Gary Dunn stepping up as managing director at Sumo Digital.
The news comes as Sumo Group announced a 36% surge in revenues in its first full set of annual results while trading on AIM.
It said adjusted revenue rose to £39million in 2018 while adjusted EBITDA grew by 24.6% to £10.4m. Pre-tax losses also narrowed significantly, from £28m in 2017 to just £500,000.
CEO Carl Cavers said: “The past 18 months have been very active and incredibly exciting for Sumo Group.
“Paul and Gary’s appointments strengthen and broaden our management structures, providing further scope to grow our business across the globe, delivering great financial performance as a group and outstanding games for our clients.”
The results follow a busy year for Sumo Digital, which floated at the end of 2017 with a a market capitalisation of £145m.
Headcount has grown 21% over the year, to 592, thanks largely to a number of acquisitions including Red Kite Games, The Chinese Room and CCP's Newcastle-based VR-focused studio.
It also achieved an Apple new client win in December, meaning the firm has two own-concept games now under development for Apple Arcade.
Sumo is behind titles such as Forza Motorsport 7, Little Big Planet 3 and Sonic All Star Racing.