Source - SMW
GAME Digital posts a statutory pre-tax loss of £10.0m for the 52 weeks to 29 July compared with a profit of £1.1m for the comparable figure last year and a profit of £1.9m for the 53 weeks to 30 Jul 2016.

Revenues of £782.9m were down from £812.5m for the corresponding period last year and £821.9m for the 53 week period.

Group GTV of £891.0 million was down 2.4% year-on-year but up 6.6% in H2.

Excluding lower margin hardware, group GTV grew 0.9% year-on-year.

The group said trading for the first 15 weeks of the current financial year had been ahead of its plans, with group retail GTV up 5.4%. 

It said GTV in both UK and Spain were up on last year 1.8% and 9.2% respectively in local currencies reflecting the benefits of Nintendo Switch, the recent launch of Xbox One X and a stronger performance from new game releases this year. 
It said over the same 15 week period, mint sales in UK and Spain were up on last year 8.8% and 10.7% respectively. 

Chief executive Martyn Gibbs said: 'Though our markets remained volatile last year, we made solid strategic progress as we continued to focus on those elements within our control; delivering on each of the four pillars of our strategy and creating a new cost base for our UK retail business.

'We have now opened 18 BELONG venues, and we have seen encouraging early performance.

'We have reviewed our operations and are now accelerating development plans as we seek to fully capitalise on the strong growth potential in the growing esports market.

'After 2 years of declines, our core UK console market returned to growth in the second half of our financial year on the back of the launch of the Nintendo Switch. 

'This growth has continued into our new financial year in both of our key territories. 

'Whilst we remain mindful of the structural headwinds that remain in our core markets, we expect recent positive market dynamics to continue into our peak Christmas trading period, driven by strong growth in all elements of the PlayStation 4 category, continued customer demand for the Nintendo Switch, the launch of Microsoft's Xbox One X and continued stronger demand for related software.

'Against this market backdrop, our priorities remain unchanged. 

'Across the Group we are focused on maximising the opportunities from our core retail markets by delivering a compelling and constantly improving customer proposition, realising further operational efficiencies and driving the continued transformation of the business, as we transition our business from a leading retailer of boxed products to a leading provider of physical and digital gaming products, services and experiences.'

GAME Digital also announced that non-executive Caspar Woolley had informed the board that he would not stand for re-election at the annual general meeting in January.

He has been a member of the GAME Digital board since May 2014.