Sumo Group to report 'strong growth' for 2019
Sheffield games developer Sumo Group expects its final results for the year ended December 31st 2019 to be in line with market expectations after it secured a number of significant contracts towards the end of the year.
The contracts secured towards the tail end of last year underpin Sumo’s financial forecasts for the year ahead. Sumo said it had positive cash balances of £12.9m and employed 766 people - an increase of 174 from the figure at the previous year end - and the final results will be announced on 1 April.
CEO Carl Cavers said: “2019 was another busy and successful year for Sumo Group and one in which we generated strong growth across all areas of the business.
“We acquired Red Kite Games, opened new studios in Leamington Spa and Warrington and relocated the Red Kite Games studio from Huddersfield to the talent hot-spot of central Leeds.
“Five studios have been added to the Group since IPO and we now operate globally from 10 studios across the UK, India and Canada. Our appetite to deliver further sustainable growth remains strong and we continue to explore opportunities, both in the UK and overseas, to acquire businesses which show a strong cultural fit with our Group and are based in desirable locations.
“In November, we announced that Tencent Holdings Limited had acquired a near 10% shareholding in the Group from Perwyn Bidco (UK) Limited. We are delighted by this investment and look forward to exploring development opportunities with Tencent going forward.”
“We are seeing many exciting opportunities to deliver more growth in our core markets, served by Sumo Digital and Atomhawk, and I am very pleased with the progress the business is making.
“The Board looks forward to announcing the final results on 1 April and providing shareholders with a full update on the Group’s progress.”