StockMarketWire.com - Video games producer Sumo, which recently agreed to be acquired by China's Tencent, posted a 33% rise in first-half profit as the pandemic continued to drive demand for home-based leisure pursuits.

Pre-tax profit for the six months through June increased to £3.7 million, up from £2.8 million year-on-year, as revenue jumped 92% to £50.4 million.

Even as lockdowns ease, Sumo said it was anticipating strong underlying growth in the video games market in the long-term.

Its pipeline of business development opportunities at the end of August had a total contract value of over £540 million.

'The extraordinary has become the norm at Sumo Group,' chief executive Carl Cavers said.

'The business has been going from strength to strength, expanding as demand increases in this large and fast-growing global market'

'We have an encouraging level of visibility on development fees for both 2021 and 2022 and, with our markets continuing to perform strongly, are very confident about the future of the business, which we expect to be under the ownership of Tencent.'


Story provided by StockMarketWire.com