SouthPeak continues strong growth
Publisher announces Q3 revenues up by over 6 times to $13.5 million
SouthPeak Interactive has announced its third quarter financial results with continued strong headline growth.
The company posted revenues up significantly over the same period last year, jumping from USD 2.2 million to USD 13.5 million, while profit was up from USD 20,000 last year to USD 289,000 this year.
The results are partly down to new releases in the quarter, including Big Bang Mini and X-Blades, with the company selling over 711,000 software units in the three months in total - up almost half a million on last year.
"The successful execution of our business plan during the post holiday season is exemplified by our strong growth in the third quarter, with sales reaching USD 13.5 million," said Terry Phillips, chairman of SouthPeak. "Catalogue titles provided further growth acceleration, contributing to approximately 10 per cent of our sales.
"Recent comments by several large industry players indicate that they are retrenching amidst the recession. These companies are focusing on their largest IPs and brands, creating an opportunity for an independent publisher like SouthPeak to bring more high-quality titles to market."
Since the end of the third quarter the company has also released Velvet Assassin for the Xbox 360 and PC, as well as Pirates vs Ninjas for the Wii.