Sheffield-based video gaming firm Sumo Group plc — which recently agreed to a £919 million cash takeover offer from a subsidiary of China’s Tencent — announced that its revenue soared 91% to £50.4 million in the six months ended June 30, 2021.
Statutory profit before tax rose 32.9% to £3.7 million in the six months.
Reporting its current trading and outlook, Sumo said its underlying growth in video games is expected to continue in the long-term, with its pipeline of business development opportunities at the end of August 2021 having a total contract value of over £540 million.
Sumo said its acquisition pipeline remains strong and the group “continues to evaluate new acquisition opportunities in line with its strategic priorities and growth strategy.”
Sumo Group CEO Carl Cavers said: “The business has been going from strength to strength, expanding as demand increases in this large and fast-growing global market.
“Our great people continue to deliver great games, which, in turn, are generating strong financial results for the group.
“Then, shortly after the half year end, we announced the recommended all cash acquisition of Sumo Group by Tencent, valuing the business at over £900 million and delivering a very positive outcome for all our stakeholders.
“This process is ongoing and is expected to complete towards the end of Q4 FY 21.
“Since the start of 2021, we have increased the group’s capacity through the acquisition of PixelAnt and added an exciting new publishing element to the business, through the launch of Secret Mode in March.
“Timbre Games was launched by Pipeworks in Vancouver in July and, earlier this month, we added Auroch Digital to our growing portfolio of studios via acquisition.
“Auroch Digital supports our publishing ambition and brings further talent acquisition opportunities in the South West to provide further capacity in games development.
“We are also expanding with the opening of our second Sumo Digital studio in India next year.
“As ever, our focus remains on delivering further strong growth organically and by acquisition and the pipeline of opportunities remains strong.
“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.”