Video game developer Codemasters made a return to profitability after revenues soared by more than £13m in its latest financial year, recently filed accounts have revealed.

Codemasters specialises in racing games on console, PC and mobile and is known for popular titles including the Micro Machines series and the recently released ONRUSH.

The 500-strong company was valued at approximately £280 million when it was admitted to the AIM market of the London Stock Exchange at the beginning of June, with CEO Frank Sagnier saying he looks forward to "many years of continued growth".

Financial accounts filed at Companies House for Codemasters Group Holdings show the company generated revenues of £63.5 million for the 12 months to 31 March 2018.

This was a significant increase from almost £50.1 million a year earlier.

The firm also recovered from losses of more than £12 million in 2016/17 and posted a profit after tax of £902,000 for the year.
In the report, CEO Frank Sagnier said the video games sector "continues to enjoy a prolonged period of growth that is predicted to continue for the foreseeable future".

The company launched DiRT 4, F1 2017 and Micro Machines World Series during the financial year.

Headquartered in Warwickshire, Codemasters employs 500 full-time staff and also operates from bases in Birmingham and Runcorn, Cheshire.

It also has one overseas location in Kuala Lumpur, which is an art production facility.

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