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About Rainier

PC gamer, WorthPlaying EIC, globe-trotting couch potato, patriot, '80s headbanger, movie watcher, music lover, foodie and man in black -- squirrel!

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Eidos reports £96.4 million loss for 00/01

by Rainier on May 31, 2001 @ 12:51 p.m. PDT

Eidos Plc has released its financial results for the year ending March 31st 2001, revealing a pre-tax loss of £96.4 million - a massive drop from the profit of £49.3 million reported for the previous year.

Turnover also fell, dropping 17.6 per cent to £160.4 million despite the success of titles such as Who Wants To Be A Millionaire?, Championship Manager and Tomb Raider Chronicles. The bottom line figure suffers from the inclusion of exceptional losses resulting from the write-off of investments in e-commerce group Express.com and clearing excess inventory of games from Christmas 1999 which had not met sales expectations. However, even discounting exceptional losses, a group operating loss of £39.6 million was incurred for the year, an increase from the £26.8 million operating loss in 99/00. The company blamed a depressed level of demand for entertainment software due to consumers awaiting next generation consoles and increased pressure on publisher margins for the losses. It also fingered the decision to defer certain title launches (e.g. Project Eden, Herdy Gerdy, Startopia, Commandos 2) to the 01/02 financial year as a contributing factor. Meanwhile, the Wimbledon-based publisher confirmed a rights issue to raise £51.7 million cash, which will help to get the company back on track after a challenging year for the games industry as a whole.

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