Sheffield-based video gaming firm Sumo Group plc said on Wednesday it has complied with the FCA’s request that listed companies observe a moratorium on preliminary financial statements for at least two weeks.
Sumo said it has postponed publication of its final results for the year ended December 31, 2019, which were scheduled for April 1.
“As previously announced on 22 January 2020, FY19 results are expected to be at least in line with market expectations,” said Sumo.
“The group is today providing an update on its unaudited results in FY19, the effects of COVID-19 and current trading in the year ending 31 December 2020.”
Sumo said its revenue increased 26.6% to £49 million.
“The group has enjoyed a positive start to the new financial year ending 31 December 2020 and already has a high degree of earnings visibility on contracted or near contracted revenue of approximately 71%,” added Sumo.
“Our teams are currently working on 21 projects with 12 different clients, of which seven games or publisher partnerships have been announced.
“In February, Curve Digital announced Hotshot Racing, the arcade-style racing game, and Sega launched console versions of Two Point Hospital.
“It was particularly pleasing to see Apple Arcade launch our co-funded Own-IP game, Spyder, last week, the idea for which was generated during one of our Game Jams …”
Sumo added: “Paradoxically, the COVID-19 pandemic is expected to increase global video games software revenues, as people staying at home play more games.
“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.”