CDV reports deepening losses following development write-offs

German publisher CDV has announced provisional results for the full financial year 2003, revealing an expected loss of some â'¬10 million for the company following the cancellation of some projects in development.

Two projects were written off during Q4 2004, with Psychotoxic and The Kore Gang both being discontinued in an unscheduled move, while the values of a number of other titles were also lowered as unit sales failed to meet expectations.

The two write offs have cost the company around â'¬3.2 million during the quarter, making a significant contribution towards the â'¬10 million loss which is expected for the full twelve months.

CDV has had a difficult time over the past year, and was forced to shut down its UK office despite the success of the division as part of a wide measure of cost-cutting efforts. The company hopes to improve the situation in the coming year as its latest package of restructuring measures take effect.