StockMarketWire.com - Video game developer Sumo Group posted a first-half loss as higher operating expenses overshadowed rising revenue.

Pre-tax losses for the six months through June amounted to £1.8m, narrowing form a loss of £2.0m on-year.

Operating expenses more than doubled to £9.9m owing to investment in people and systems, increased premises costs and increased amortisation and depreciation.

Revenue rose 60% to £22.9m, while underlying pre-tax profit grew 43% to £4.3m.

'We are seeing exciting business development opportunities, as the video gaming market continues to grow globally,' chief executive Carl Cavers said.

'This, combined with our low risk business model, gives us a great deal of confidence in the ongoing success of the business.'

'Our investment in people and locations continues, as demonstrated by our recent acquisition of The Chinese Room in Brighton, an industry hot spot.'


At 9:45am: [LON:SUMO] Sumo Group Plc Ord Gbp0.01 share price was -12p at 170p



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