Company: Argonaut Games PLC
Date: Mon 18th Feb 2002 7:46:00
Country: United Kingdom
Argonaut Games says Harry Potter Playstation game sales exceed expectations
LONDON (AFX) - Argonaut Games PLC said sales of the Harry Potter and the
Philosopher's Stone Playstation game, which it developed for Electronic Arts
Inc, have "substantially exceeded expectations".
The group said it earned 5.3 mln stg in royalties in the quarter to December
from the game, which was only released in November, when it had only budgeted
for 1.5 mln stg in the current year to July.
"We always knew that Harry Potter and the Philosopher's Stone had the
potential to be a major hit but we have been delighted by its success in such a
short space of time," said Aronaut chairman Julian Paul. "We understand that the
game has continued to sell since the Christmas period but, as is to be expected,
at a much reduced rate."
Paul therefore expects further royalty revenues in the second half but "at a
much lower level".
The chairman said development work on the company's next generation of games
continues on schedule and the group has started talks with publishers on several
titles that have been budgeted for the second half. "However, whilst we have every reason to believe that we will sign these
games, any delays in signing these contracts would have an impact on our full
year results," he said. cw
It looks a buy, just the last para. concerns me
For the Fibonacci followers the fit is really quite nice. The support at 60p now resistance looks significant - the 50% fib level. The demand trendline looks in danger and with the volume being currently pretty small I would wait for a volume increase (substantial) and a break of the resistance before getting on board.