Sales up 45 per cent, profit at £6.2 million
GAME has reported soaring profits for the first six months of 2007, driven by the new consoles on the market.
First half profits were GBP 6.2 million compared to a loss of GBP 5.6 million for the same period last year, with group turnover at GBP 482.4 million, up from GBP 272.9 million in 2006, with expansion and the acquisition of Gamestation central to the rise.
"The strong performance reported today is a result of our hard work in getting GAME properly positioned ahead of the new technology cycle," commented Peter Lewis, chairman of GAME.
"We have a fast growing international business and are well placed for further organic growth. We look forward to the key Christmas trading period when our store portfolio will exceed 1,120 across the UK, Continental Europe and Australia," he said.
Like for like sales were up 45.6 per cent as the company benefited from strong sales of all new consoles and associated software.
The company now intends to focus its efforts on its strongest retail territories – UK and Ireland, France, Spain and Portugal, Scandinavia and Australia.
GAME continues to integrate the Gamestation business into the Group's infrastructure at an approximate cost of GBP 5 million, and the company also revealed the cost of compliance with the Office of Fair Trading's review of the Gamestation acquisition will be an additional GBP 4.5 million.
