Sumo Group flourishing in first results since float

Sumo Group flourishing in first results since float
Carl Cavers, CEO of Sumo Digital pictured left

Sumo Group, the Sheffield-based video game publisher, has reported significant progress in its first unaudited results since its £145 million float last year.

Revenue for the six months ended 30 June 2017 reached £22.9 million, rising 60.1% on £14.3 million witnessed in the same period last year.

Gross profit was up 51.3% to reach £8 million (up from £5.3m). while adjusted gross profit reached £8.2 million – rising 56.4% on last year’s £5.3 million.

The company said its performance was driven “fundamentally” by organic growth. Part of this was powered by acquisitions, having taken on the Newcastle studio of CCP Games in January in a deal that bought the firm 34 people and a new location.

In August, the Group acquired indie games maker The Chinese Room in a deal that provides new intellectual property, creative talent and the opportunity to develop a new studio in the south of England.

The Group has also strengthened its board with the addition of Andrea Dunstan as Non-Executive Director and chair of the Remuneration Committee.

Carl Cavers, Sumo Group CEO, said: “The business is flourishing under this new, independent capital structure and I am delighted to report an excellent performance in H1, driven by continued strong organic growth in our core services.

“We are seeing exciting business development opportunities, as the video gaming market continues to grow globally. This, combined with our low risk business model, gives us a great deal of confidence in the ongoing success of the business.

“Our investment in people and locations continues, as demonstrated by our recent acquisition of The Chinese Room in Brighton, an industry hot spot.

“We have strengthened the Board to support growth. We are a people business and the appointment of Andrea Dunstan, with her people expertise, shows our absolute commitment to ensuring that Sumo Group is in the best possible shape to attract and retain exceptional talent.”