- Video game developer Sumo Group said annual losses deepened after it wrote down the value of old contracts, though underlying earnings rose.

Pre-tax losses amounted to £28.0m, compared to £2.1m in 2016, even as revenue increased by 27% to £30.6m.

Adjuste pre-tax profit, which also excluded IPO fees, jumped 42% to £7.5m.

'The new financial year has started strongly,' chief executive Carl Cavers said.

'Whilst it is still early in the year, the board already expects to deliver full year results slightly ahead of market expectations.'

'We are continuing to see strong demand for the group's services and are well placed to take advantage of the considerable opportunities.'

At 8:15am: [LON:SUMO] Sumo Group Plc Ord Gbp0.01 share price was +1.5p at 111.5p

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