Sumo Group expects to report results at least in line with management expectations for the financial year ended 31 December 2017.
Proceeds from the IPO in December 2017 have been used to repay bank and shareholder debt and the group now has significant positive cash balances.
Since the year end, Sumo Digital Limited has taken on the Newcastle studio of CCP Games and its 34 employees with effect from 1 January 2018, through an asset purchase agreement for a nominal cash consideration. The Newcastle studio is now operating within Sumo Digital.
Carl Cavers, chief executive officer, said: "We are continuing to see exciting opportunities for growth in our core markets, served by Sumo Digital and Atomhawk, and I am pleased that the group now has the right capital structure to enable us to grow the business further. The IPO was an important milestone in the group's development. On behalf of the board, I thank all our shareholders for their support and look forward to announcing our first full year results as a public company in April and providing an update on the group's performance in 2018."
At 9:10am: (LON:SUMO) Sumo Group Plc Ord Gbp0.01 share price was -1.25p at 108p