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RNS Number : 5560D
Sumo Group PLC
01 February 2018
 

 

The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

1 February 2018

 

Sumo Group plc

("Sumo Group" or the "Group")

 

PRE-CLOSE TRADING UPDATE AND NOTICE OF RESULTS

FY2017 in line with management expectations

 

Sumo Group is pleased to announce that it expects to report results at least in line with management expectations for the financial year ended 31 December 2017 on Tuesday 24 April 2018.

 

Proceeds from the IPO in December 2017 have been used to repay bank and shareholder debt and the Group now has significant positive cash balances.  

 

Since the year end, the Group announced that Sumo Digital Limited ("Sumo Digital") has taken on the Newcastle studio of CCP Games (the "Newcastle Studio") and its 34 employees with effect from 1 January 2018, through an asset purchase agreement for a nominal cash consideration.  The Newcastle Studio is now operating within Sumo Digital. 

 

As at 31 December 2017, Sumo Group employed 489 people.

 

Carl Cavers, Chief Executive Officer, said:

 

"The Group performed well in 2017, culminating in a successful IPO shortly before the year end. It is pleasing to report that Atomhawk Design Limited, the multi award-winning visual design business which we acquired in June 2017, delivered a particularly strong performance post acquisition.

 

"We are continuing to see exciting opportunities for growth in our core markets, served by Sumo Digital and Atomhawk, and I am pleased that the Group now has the right capital structure to enable us to grow the business further. The IPO was an important milestone in the Group's development. On behalf of the Board, I thank all our shareholders for their support and look forward to announcing our first full year results as a public company in April and providing an update on the Group's performance in 2018."

 

Enquiries:



Sumo Group plc

                                       Tel: +44 (0) 114 242 6766

Carl Cavers, Chief Executive Officer

David Wilton, Chief Financial Officer


Zeus Capital Limited (Nominated Adviser & Broker)

Nick Cowles / Richard Darlington

                                       Tel: +44 (0) 161 831 1512

Ben Robertson / John Goold

                                       Tel: +44 (0) 203 829 5000



Belvedere Communications Limited

                                      

Cat Valentine (cvalentine@belvederepr.com)

Tel: +44 (0) 7715 769 078

Kim van Beeck (kvbeeck@belvederepr.com)

Tel: +44 (0) 7477 967 446

 

About Sumo Group - www.sumogroupplc.com

 

Sumo Group's award-winning businesses provide creative and development services to the video games and entertainment industries, from studios in Sheffield, Newcastle, Nottingham, Pune (India) and Vancouver (Canada).

 

The Group's operating businesses include Sumo Digital and Atomhawk.  Sumo Digital, its primary business, is one of the UK's largest independent developers of AAA-rated video games, providing both turnkey and co-development solutions to an international blue-chip client base. Atomhawk, a complementary business acquired in June 2017, is a multi-award winning visual design company, servicing the games, film and visual effects industries. Together, the Group delivers full-service visual and development solutions, which include initial concepts and pre-production, production and development, and post-release support.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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