Markets may regard retail flotations as a risk, but GAME's early success on the stock exchange prove that they can prove very successful
GAME Digital has reported a sales increase of 30 per cent for the year ending July 26th, which includes the period following its flotation in June. Throughout that time its share price has climbed from just under 200p to a record high earlier this morning of 247.25p.
The chain says that it ended the year with an 80m cash surplus driven by improvements in working capital, credit insurance and one off capital structure benefits due to the IPO” and that both its UK and Spanish operations grew their market share – both physically and digitally.
Over 1m new Reward Card customers signed up throughout the period.
"Our consistent focus on improving the Group's specialist customer proposition has delivered a strong performance and positions the business well for the future,” CEO Martyn Gibbs said.
We have great new physical and digital games being launched in the coming months and are working closely with our supplier partners to provide early trials, exclusives, deals and new and exciting ways to pay for all our gaming communities around the UK and Spain.
On behalf of the Board I would like to thank all of our teams for their continued hard work and dedication and for the support of our customers and suppliers that make our community of gamers so valuable.”