Game more than doubles profits after 'transformational year'

New games consoles and key gaming franchises helped sales jump 31% to £861.8m during its year to July 26, which was ahead of market growth of 23.5%, according to the retailer.

Game chairman David Hamid said: “Game has delivered a strong performance in what has been a transformational year for the company, which included our successful IPO in June. We are a dynamic and well-funded company with a strong platform from which to build and drive further growth and profitability.”

Chief executive Martyn Gibbs said: “Our financial strength, together with the investments we have made, positions us well to capitalise on the opportunities ahead.

“Our gaming communities lie at the heart of our business and we remain focused on working closely with our supplier partners, innovating and investing in our offer, to ensure we consistently deliver the best interactive gaming experiences possible.

“As we move into the key trading months of the year we are encouraged by the strength of the line-up of new physical and digital games being launched and are well positioned, with exclusives secured on many of the major pre-Christmas new game releases, great deals on both mint and pre-owned, increased supplier credit, and financing facilities in place in both the UK and Spain.”

The retailer, which launched electronic payment method Game Wallet in June and has had a “strong performance” of pre-owned tech initiative Gametronics, said it would continue to invest in technology.

It will push further into the digital download market in the next 12 months.

Game said that the new financial year had “started well” and that the video games market in the UK and Spain continued to grow while it continued to increase share.