Codemasters share price surges after profits race ahead

The share price of Codemasters (LON: CDM) surged by over 9 percent as the racing video game maker shown it expects doubling of revenues to £80.5m for H1 2021.

The Project CARS maker also indicated that its adjusted ABITDA more than doubled from £9.4m to £21m on a half year equivalent basis.

CDM also noted that it has no debt and has significantly increased its net cash climbing from £24.6m to £49.8m.

And it appears like CDM is not done yet, it is getting ready to accelerate further with further big releases planned:

“The upcoming release of DIRT 5 on Xbox One, PlayStation 4 and PC on 6 November 2020 has been scheduled to allow the Company to release all game formats in a shorter timeframe, with versions for the next generation of consoles (Xbox Series X/S and PlayStation 5) launching from 10 November 2020. A Google Stadia version will also launch later in H2 2021.

On mobile platforms, F1® Mobile Racing continues to grow with its 14th update, while the Company looks forward to releasing Project CARS GO in H2 2021.  The commercial partnership with Netease to bring a new mobile IP to market in the financial year 2022 continues to progress well.”

Codemasters Half Year Trading Update

The share price of CDM is currently above 390p following today’s trading update.

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