Earnings before tax up 45 per cent for growing German development firm
10tacle Studios has reported a jump in revenues for the first half of 2007, with cash generated coming in at €19.4m, a jump over last year's figure of €12.71m, with EBIT up 45 per cent to €3.37m.
The rise comes off the back of a number of strategic moves which includes securing a €14m contract with Asia Games & Media Private Equity Fund.
Executives at the company also confirmed they expected to generate revenue of around €52m, with EBIT of €9.3m, for the full 2007 fiscal year.
The company continues to push through an expansion of its business, having around 400 employees at different studios across Europe, including London-based racing team Blimey Games and GTR-maker Simbin. It also owns a stake in UK developer Climax and recently acquired Budapest's Stormregion.
“The results for the first six months of fiscal year 2007 confirm the strategy of our company. The expansion of our activities in Asia, our far-reaching cooperation with MTV, the acquisition of the Stormregion development studio in Budapest, and our strategic partnership with the British development studio Climax Group allowed us to successfully and systematically continue 10tacle Studio's growth path.
"The six-month figures are a clear indication of our ability to grow in a focused, yet controlled, manner. This will allow us to rapidly achieve a leading position among independent development studios in Europe and Asia,” said CEO Michele Pes.