Thursday, April 22, 2021

Revenue soars at Sumo Group in ‘extraordinary year’

Sumo Group, the Sheffield-headquartered video games developer, has had an “extraordinary year” according to its CEO, after revenue and adjusted EBITDA soared.

According to final results for the year ended 31 December 2020, revenue jumped by over 40% to £68.9m from £49m in 2019.

Adjusted EBITDA meanwhile grew by 17% to £16.5m from £14.1m. The company posted profit before tax of £0.9m, down from £7.4m.

During the year, Sumo Group either launched or announced 12 games. It also completed its first major acquisition in October 2020 – Pipeworks Inc, a West Coast US games developer, for an enterprise value, calculated at the time of acquisition, of up to $99.5m.

The company also acquired Lab42, a cross-platform work for hire studio in Leamington Spa, in May 2020.

Carl Cavers, Chief Executive Officer of Sumo Group, said: “2020 has been an extraordinary year for us in so many ways. Our people have responded brilliantly to the pandemic restrictions, delivering many fantastic games and winning some incredible awards, including two BAFTAs. We also completed a major acquisition in the US and generated financial results ahead of everyone’s expectations.

“Achieving 3 Star Accreditation in the Best Companies Survey, announced in February 2021, was a massive achievement for the Group but we won’t rest on our laurels. Attracting and retaining the best talent lie at the heart of our future growth plans and we will continue adapting and improving to make Sumo Group the best place to work in video games.

“The year ahead is packed with even more exciting opportunities for our talent to shine, and we are excited about the launch of Secret Mode, our new publishing business, announced earlier this month.

“Our focus remains on delivering further strong growth organically and by acquisition, and the pipeline of opportunities remains strong. We have an enviable level of visibility on development fees in 2021 and, with our markets continuing to perform strongly, are increasingly confident about the future of the business.”

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