Copyright 2002

[ January 10th 2002 ]

UK videogame publishers Eidos Interactive has announced a 4.5 per cent cut in loss after declaring total operating losses before goodwill and one-off items for the six months to September 20 was £19.6 million, down £900,000 from £20.5 million the previous year, Derby Evening Telegraph reports today.

Earnings before tax were £18.6m, down from £18.8m in the corresponding period a year before. The company said innovative releases in the next six months - including Core Design's highly anticipated PS2 adventure Herdy Gerdy - dshould boost its fortunes, coupled with confirmation that Paramount Pictures will press ahead with Tomb Raider The Sequel.

Eidos Interactive Chief Excecutive Michael McGarvey said: "Our results for the six months to September 30 show progress in the groupís recovery with increased gross margins, reduced operating expenses and an improved cash position. We released fewer new titles in the period compared to the previous year and some of these performed below expectations, leading to a reduction in turnover.

"Following the recent launches of two new hardware systems in the United States and the continuing inroads into the mass market being made by the PlayStation 2, we are seeing strong signs of a market recovery."

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