Game boosted by new launches

Computer games retailer Game today unveiled stronger-than-expected sales, boosted by the launch of new consoles such as Sony’s PlayStation 3.

The Basingstoke firm said like-for-like UK sales rocketed 45.6% in the 22 weeks to June, helped by Sony’s new console in March and continued demand for Nintendo’s Wii console, which went on sale last December.

The company expects to post underlying pre-tax profits of between £1m (€1.48m)and £3m (€4.4m) million for the traditionally quieter first half of the year – better than expected by some analysts – compared to a £7.1m (€10.5m) loss last time.

The update lifted shares by around 7% today.

David O’Brien, an analyst at Altium Securities, described sales as “impressive” but raised concern about ongoing pressure on margins.

Game chairman Peter Lewis, who said the market had “grown strongly” over the period, added today: “Consumer demand remains strong for all formats.”