Codemasters set to float

Talking exclusively to MCV, Cousens explained that the recent deal with Warners for US distribution is another important building block in a three year mission to completely revitalise the business.

The company has already turned a £13m loss during 2005 into a £1.1m profit for the year ending June 30th 2006. Other important parts of the turnaround process have also been achieved since Cousens’ arrival as CEO some 20 months ago.

"We have powerful distribution in North America thanks to the Warners deal and layers of distribution all around the world. We also have a new portfolio of titles suited well to the global market," said Cousens.

"The  strategy here is about positioning for an Initial Public Offering at end of this year or beginning of 2008, depending on what market conditions are like."

Codemasters has 10 new titles, across 30 SKUs, on the way from spring, with the buzz growing on many of them - such as Heatseeker, Turning Point and Jericho.

"We are a third of the way through the exercise, but with a return to profit, distribution improved and our portfolio taking shape nicely, we can really start to look forward.

"We're targeting sales in excess of $170m this year, up on around $100m last year, with the profit margin forecast to come in at around 10 per cent.

"Codemasters is a vibrant UK game developer and publisher that has a fantastic team of people. It is now set well for success in the years ahead."


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