EIDOS PLC ANNOUNCES
FINANCIAL RESULTS
Copyright 2002 www.tombraiderchronicles.com
[ May 15th 2002 ]
Eidos
plc, one of the world's leading publishers and
developers of entertainment software, announced
today results for the six months and year ended
March 31, 2002. Net revenue was 88.7 million pounds
for the six months and 120.3 million pounds for
the full year, a decrease of 18% on the previous
year.
Eidos
chief executive Mike McGarvey said he was confident
the November release of Lara Croft Tomb Raider:
The Angel of Darkness and forthcoming titles for
Microsoft Corps XBOX entertainment system including
the best-selling Championship Manager series would
increase the companys sales growth by 35% - 40%.
"Our results for the twelve months to March 31,
2002 show significant improvements in our operating
and financial performance and mark another key
stage in the recovery of the Group."
"For
the reasons outlined in our Interim Results and
our March 19, 2002 Trading Update, turnover for
the period is down on the prior year. Gross margins
have however improved significantly over the same
period and we have successfully reduced our fixed
cost base. Following the successful Rights Issue
in July 2001, our cash position is strong. The
next generation of hardware systems is becoming
more firmly and more widely established and the
prospects for growth in the entertainment software
market remain correspondingly strong."
"Our
portfolio of forthcoming releases contains next
generation versions of many of our key franchises
such as Lara Croft Tomb Raider: The Angel of Darkness,
TimeSplitters 2, Hitman 2 and Championship Manager
4 combined with selected new titles across all
major formats."
Business
highlights from the past twelve months include
twenty titles released in the period, with four
selling in excess of 350,000 units, gross margin
pre exceptional charges increased 9.3% to 59.5%
from 50.2%, a 69.2% reduction in total operating
losses pre goodwill and exceptional charges, an
exclusive deal with Sony Corp for "Lara Croft
Tomb Raider: The Angel of Darkness" and the appointment
of John van Kuffeler as Non-Executive Chairman
replacing Ian Livingstone who becomes Creative
Director.
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