Sumo Group made a 拢1.8 million loss before tax in the first six months of the year although revenue and profits grew by more than half.
In the first results since it floated on the stock market in December, Sumo reported revenues of 拢22.9 million (up 60 per cent on 2017) and gross profits of 拢8m (up 51 per cent).
The video games firm聽said the seven-figure loss was 鈥減rimarily due to the payment terms on the one contract whereby for commercially attractive terms the group is financing an element of development combined with the timing of milestone receipts鈥�.
It also spent 拢1.5m capital 鈥� compared with 拢400,000 last year 鈥� mainly to refit its Sheffield HQ and purchase IT equipment and systems.
鈥淭he business is flourishing under this new, independent capital structure and I am delighted to report an excellent performance in H1, driven by continued strong organic growth in our core services,鈥� said Sumo Group CEO Carl Cavers.
鈥淲e are seeing exciting business development opportunities, as the video gaming market continues to grow globally. This, combined with our low risk business model, gives us a great deal of confidence in the ongoing success of the business.
鈥淥ur investment in people and locations continues, as demonstrated by our recent acquisition of The Chinese Room in Brighton, an industry hot spot. We have strengthened the board to support growth.鈥�
The firm also appointed Andrea Dunstan as a non-executive director.
鈥淲e are a people business and the appointment of Andrea Dunstan, with her people expertise, shows our absolute commitment to ensuring that Sumo Group is in the best possible shape to attract and retain exceptional talent,鈥� added Cavers.