Infogrames halves annual net losses

Atari parent Infogrames has halved its annual net losses from €103.1 million in FY2006/2007 to €51.1 million for this fiscal year.

The firm has also forecast a return to profitability within 18 months.

Operating losses were also cut year-on-year, from €61.8million to €45.5million.

Revenues hit €290.7 million a decrease from the €305.3 million posted in FY 2006/2007. However, the firm predicted a 12-18 percent revenue growth in FY 2008/09.

Europe and Asia represented over 82 per cent of total group revenues versus 70 percent in 2006/2007. The US contributed to 18 percent of total net revenues versus 30 per cent in the previous year.

The company also announced that it commands an improved cash position of €83.4 million.

Last year has been a difficult but crucial period for the Group,” said Infogrames CEO David Gardner.

During that period, Infogrames has carried out an intensive restructuring of its capital base, leading to an improved financial situation and has initiated an important reorganization of its global distribution network and management structures.

In the months ahead, we will capitalize on the value of the Atari brand and implement the new strategy, with the clear objective of refocusing on profitability while ensuring growth.”