Codemasters Nets $14.9M Profit for H1 2021, Revenues Increase by 102% Driven by F1 Game
British video game developer and publisher Codemasters reported its financial results for the first half of its fiscal year (FY) 2021. The company generated net revenues of £80.52M GBP ($60.25M USD) with three game releases in the period ended Sept. 30, which is a 102% increase from £39.79 ($29.79M) in the same period of last year, during which Codemasters only released one game.
The company reported that the increase in revenues was primarily driven by the release of three new racing games: F1 2020, Project CARS 3, and Fast & Furious Crossroads. Additionally, Codemasters announced that its F1 2019 game benefitted from F1 drivers competing in the Virtual Grand Prix Series, which replaced the postponed start to the 2020 F1 season and delivered 30M views across digital platforms and linear TV.
Furthermore, Codemasters signed a five-year agreement with the WRC Promoter GmbH for the exclusive rights to develop and publish the FIA World Rally Championship (WRC) video games and esports tournaments for the period from 2023 through 2027 across console, PC, and mobile platforms.
In total, Codemasters ended the first of its fiscal year 2021 with a net profit of £19.89M ($14.89M), up 46.8% compared to £10.14M ($7.59M) in the same period of FY 2020.
On Nov. 10, Codemasters announced that it reached an agreement with the board of directors of U.S. video game developer and publisher Take-Two Interactive Software on the terms of a potential acquisition by Take-Two. The acquisition is anticipated to complete in the first quarter of the calendar year 2021.
Note: The Esports Observer used the exchange rate in effect as of Nov. 23 at a rate of 0.7485 GBP to 1 USD for currency conversions in this article.
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