- Video games company Sumo Group booked an annual loss after rising revenue was offset by share-based payments to employees.

Pre-tax losses for the year through December amounted to £0.5m, narrowing from losses of £28.0m on-year.

Revenue rose 35% to £38.7m.

Adjusted profit rose 20% to £9.0m, when items including £2.6m of share-based payment charges were excluded.

Sumo said it had experienced a positive start to the new financial year, with an unusually high degree of earnings visibility.

'The challenge for the business is the acquisition of talent to support and deliver on significant growth opportunities,' chief executive Carl Cavers said.

'Our quest to attract talented people to the business, both organically and through acquisition, is delivering results and we will maintain a keen focus on this aspect of the business in 2019.'

'Having acquired Red Kite Games at the beginning of the new financial year, we are continuing to explore further interesting acquisition opportunities.'

'We have had a positive start to the new financial year and have an unusually high degree of earnings visibility with slightly over 88% of Sumo Digital's forecast 2019 development fees being already contracted or near contracted.'

'Current trading is in line with the management's expectations and I remain confident that the business will continue to deliver in 2019 and beyond.'

At 1:32pm: [LON:SUMO] Sumo Group Plc Ord Gbp0.01 share price was -4.75p at 138.25p

Story provided by