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Eidos announces results and acquisition of Io Interactive

Eidos announces its interim results for the six months ended 31 December 2003 and reveals its intention to acquire Io Interactive.

Eidos has today announced both its interim results for the six months ended 31 December 2003 and its intention to acquire Copenhagen-based Io Interactive. Operating profits for the London-based publisher are up to £7.1 million ($12.96 million) from £5.4 million ($9.86 million) for the same six months last year, although the turnover for the period actually fell from £88.9 million ($162.29 million) in 2002 to £78.7 million ($143.66 million). Eidos believes that the fall in its turnover is a result of the weakening of the US dollar, disappointing US hardware sales, and the fact that two of its titles are failing to live up to expectations.

"I am pleased to announce operating profits pre-goodwill and exceptionals up 30 percent and profit after tax up 42 percent--our third consecutive profitable six-month period. This performance has been driven by the on-schedule release of a strong portfolio of quality games and demonstrates the benefits of our strategy of owned-IP supported by stringent cost and process controls," said Mike McGarvey, CEO of Eidos. "We look forward to the remainder of this financial year, which will see the release of some of our most exciting titles. We remain confident in meeting current market expectations for the full year to 30 June 2004."

News source: GameSpot

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