StockMarketWire.com - Video game developer Sumo said it increased its annual adjusted earnings 'slightly' more than market expectations, while noting the Covid-19 outbreak could encourage people to play more games while they self-isolate.

The company said it would defer the release of its annual results to comply with a UK regulatory request for all companies, but released some key numbers.

Adjusted earnings before interest, tax, depreciation and amortisation for the year through December 2019 rose 38% to £14.1m, on the back of a 27% rise in revenue to £49.0m.

Sumo said its employees had started working from home and while there had been some disruption and loss of efficiency, early indications were encouraging.

'Paradoxically, the Covid-19 pandemic is expected to increase global video games software revenues, as people staying at home play more games,' Sumo said.

'As such, it is reasonable to expect some improvement in royalty income on games already published and which have increased sales or usage with the current restrictions on movement in many countries.'

'The quantum of such improvement is not yet clear.'


At 9:18am: [LON:SUMO] Sumo Group PLC share price was +13.25p at 150.75p



Story provided by StockMarketWire.com