Game Digital share price rises as consoles help video games retailer return to profit

 
Oliver Smith
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Game Digital, the high street video games retailer which went public in June, yesterday reported full-year prof­its compared with a loss last year in its maiden results yesterday, benefiting from strong demand for new Xbox One and Playstation 4 consoles.

Profits jumped to £7.3m during the year to 26 July, up from a loss of £15.4m last year, while revenues rose 31 per cent to £861.8m. “Some 75 per cent of the growth in revenue in the year was driven by hardware sales growth as a result of the release at the end of November 2013 of the new generation of games consoles, Microsoft’s Xbox One and Sony’s Playstation 4,” said Game.

Game also said it added 1m new customers to its reward card scheme, now totalling more than 16m.

“Our gaming com­munities lie at the heart of our business and we remain focused on working closely with our supplier part­ners, innovating and investing in our offer, to ensure we consistently deliver the best interactive gaming experiences possible,” said chief executive Martyn Gibbs.

Shares rose 2.14 per cent to close at 286p.

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