In a challenging market GAME Digital (LON:GMDG) continues to make ground, meeting our 26% EBITDA growth forecast after achieving planned cost savings, despite the intensified swing to digital. In FY19 we expect the roll-out of BELONG to gather pace, as well as a continued fightback backed by the console industry. The value in our 67p valuation, other than cash of 33p, is in the BELONG roll-out, where continued momentum is crucial.
FY18 full-year results: Significant profit growth
GMD has performed well in a challenging market. EBITDA for the full year was £10.1m, a 26% rise against FY17, and in line with the pre-close guidance. The second half EBITDA delivered significant growth of £4.2m to more than negate the decline of £2.1m from the first half. Achievement of full-year cost savings initiatives of £11.4m was key to the result.
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