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Game Group posts sharp fall in profits

Pre-tax profits for the 52 weeks to 31 January fell to £23.1m from £84.2m over the previous year, on revenues down to £1.63bn from £1.77bn.

CITY & CORPORATE

Game Group posts sharp fall in profits

Like-for-like sales were down by 6.7% over the 52-week period. The final dividend was maintained at 3.9p, making for a full-year dividend of 5.78p.

In the 12 weeks to 23 April, total sales were down by 14.3% and like-for-like sales by 12.1%, though Game said it was still outperforming the market.

Ian Shepherd, Group CEO, commented: 'GAME is on a journey. Our customers have new and different ways to buy and play video games and we need to make sure our business provides everything they want, wherever they want it. Today, no other business does this for the gamer. We plan to be the first.

'We are operating, however, in a very challenging economic climate and have a lot to do and a long way to go if we want to outperform the market by growing new revenue streams. Our strategy is designed to do just that, and our dedicated teams around the world are focused on delivering it. I'm encouraged by the good progress we've seen in the early months of this year.

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