Posting preliminary results for its fiscal year ended Jan. 31, Ga...
Posting preliminary results for its fiscal year ended Jan. 31, Game Group Plc -- formerly Electronics Boutique Plc -- said its operating profit before goodwill amortization and provision for rebranding increased 126% to ?31.2 million from ?13.8 million year…
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ago. Company took ?5.2 million charge for estimated cost of re-branding its U.K. stores to bear Game name. Chain also said pretax profit before goodwill amortization jumped 102% to ?26.3 million from ?13 million as turnover expanded 48% to ?453.8 million from ?307.1 million, basic earnings per share increased to 3.33 pence from 1.06 pence, final dividend jumped 21% to 0.4 pence from 0.33 pence. Company said it saw positive contribution from acquisitions completed during year to expand business in France and Spain. In year, company’s store base widened to 389 from 311, of which 323 are in U.K. and Ireland and 66 in continental Europe. Game Group said it was off to “excellent start to current year with like-for-like sales up 26% for the first 12 weeks.” Chmn. Peter Lewis said: “Exciting new platforms have ensured that the videogames market is growing and we are confident about our leading role in that market.” Reuters report from London said chain reported Game Boy Advance and PlayStation 2 were top sales drivers in year. Company also said recent Xbox console price cut in Europe to 299 euros from 479 (CED April 19 p2) was likely to boost sales, while GameCube preorders were at high level. Reuters quoted Lewis as saying: “These new consoles, together with the continued success of existing formats, will stimulate further the expansion of our market.”