Officials from German producer and developer 10tacle Studios (GTR, Warfront: Turning Point
) have announced details of the company’s first half year financial results, with revenues rising by over 50 percent for the period ending June 30th, 2007.
For the first half of the year revenues doubled to €19.4 million ($26.4m), while EBIT (earnings before interest and taxes) rose by 45 percent to €3.37 million ($4.59m) over the same period last year. As a result of the positive results the company is now predicting full year revenues of approximately €52 million ($71m) and EBIT of around €9.3 million ($12.7m).
The company has attributed the increases to orders from the Asia Games & Media Private Equity Fund, which invested €14 million ($19m) in the company during the six month period. As a result, earnings per share reached €0.33 ($0.45) in the first half of the year.
“The results for the first six months of fiscal year 2007 confirm the strategy of our company. The expansion of our activities in Asia, our far-reaching cooperation with MTV
, the acquisition of the Stormregion development studio
in Budapest, and our strategic partnership with the British development studio Climax Group
allowed us to successfully and systematically continue 10tacle Studio’s growth path,” said CEO Michele Pes.
“The six-month figures are a clear indication of our ability to grow in a focused, yet controlled, manner. This will allow us to rapidly achieve a leading position among independent development studios in Europe and Asia,” added Pes.