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Sumo profit falls as expenses offset surge in sales
StockMarketWire.com
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Video game developer Sumo booked a fall in annual profit due to various expenses, though its underlying performance improved amid a surge in sales.
Pre-tax profit for the year through December dropped to £0.9 million, down from £7.4 million year-on-year.
Profit was pulled down by £7.3 million of expenses related to the acquisition of Pipeworks, including a fair value loss on contingent consideration, amortisation of customer contracts and transaction costs.
Share-based payments to executives amounting £5.0 million also weighed on profit.
Adjusted gross profit rose 26% to £31.7 million as revenue jumped 41% to £68.9 million.
Sumo did not declare any dividends.
'The year ahead is packed with even more exciting opportunities for our talent to shine, and we are excited about the launch of Secret Mode, our new publishing business, announced earlier this month,' chief executive Carl Cavers said.
'Our focus remains on delivering further strong growth organically and by acquisition, and the pipeline of opportunities remains strong.'
'We have an enviable level of visibility on development fees in 2021 and, with our markets continuing to perform strongly, are increasingly confident about the future of the business.'
Story provided by StockMarketWire.com
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