New consoles help Game Digital bounce back
SALES of new Xbox and PlayStation models have helped video games retailer Game Digital swing to an annual profit just two years after it was rescued from administration.
The group, which floated in June, reported pre-tax profits of £7.3 million for the 12 months to 26 July, compared to a £15.4m loss same time a year earlier. It said sales of games for the new formats were more than offsetting declines for older formats. Revenues were up 31 per cent to £861.8m, also boosted by sales of the latest version of the Grand Theft Auto game franchise, pictured. Chair David Hamid said the company had been in need of urgent restructuring when “born out of the ashes” of the collapsed Game group in April 2012. But he said it market share held despite nearly halving store numbers.
“This gave us the basis of a vibrant, profitable business,” he said. “We are justifiably proud of the remarkable turnaround.”