Sumo's revenues rose 60 per cent in H1 2018
First post-IPO fiscal report shows rising sales, but Sumo still lost £1.8 million
Sumo Group reported a 60 per cent increase in revenue for the first half of 2018, though it still made a pre-tax loss of £1.8 million.
The first six months of 2018 is Sumo's first financial report since its IPO at the very end of last year. And in terms of revenue the picture was rosy, with a 60 per cent increase to £22.9 million versus H1 2017
However, Sumo made a pre-tax loss of £1.8 million during the period, only slightly less than the £2 million loss it made in the first half of 2017. The company's lucrative IPO has allowed it the freedom to make losses, though, having turned a £54.5 million net debt in H1 2017 into £6.5 million in net cash in H1 2018.
According to Sumo's filing, it had £12.4 million in net cash on December 31 2017, just two days before it announced its acquisition of CCP Newcastle, which added a new location and 34 new staff to the company.
In August, after the accounting period closed, Sumo also acquired The Chinese Room, accelerating its, "own-IP pipeline and [providing] new intellectual property, creative talent and the opportunity to develop a new studio in the south of England, extending the reach and accelerating the growth of our core business."
Sumo has also appointed HR expert Andrea Dunstan as non-executive director and chair of its Remuneration Committee.
"Our investment in people and locations continues, as demonstrated by our recent acquisition of The Chinese Room in Brighton, an industry hot-spot," said Sumo CEO Carl Cavers in a statement.
"We are a people business, and the appointment of Andrea Dunstan, with her people expertise, shows our absolute commitment to ensuring that Sumo Group is in the best possible shape to attract and retain exceptional talent."