Frogster revenues double for first half of 2010

Frogster has issued its interim financial report for the first half of this year, revealing that the company has pulled in double the revenue for the first six months of 2010 than it did for the first half of 2009.

The MMO publisher has totalled €11.4 million (£9.69 m) in revenue for the first half of 2010, as opposed to €5.1 million (£4.33 m) for the same period in 2009.

The company's cash position, which indicates the value of liquid and readily liquidated assets which the company holds, has nearly tripled in a year to €7.5 million (£6.37m) from €2.6 million (£2.2m) at the end of 2009.

The company has also announced that an interim CEO has been appointed for Frogster America, with CFO Dirk Meyer zu Drewer taking up the position until a permanent replacement is found. Meyer zu Drewer has held the position as company CFO since Frogster was founded in 2008.

Earlier this month, Frogster fired three members of senior management, including then CEO of Frogster America, Lars Koschin. Board member Bjorn Koschin and Frogster Online Gaming's acting CFO Ralf Kloppel were also relieved of duties. Frogster refused to comment on the firings.

Prior to the sackings, Frogster underwent a takeover by German company Gameforge, for whom Lars Kochin used to work. The Frogster management had issued a statement encouraging shareholders to take up Gameforge's share offer, indicating that it would be selling its own portion of stock.