Eidos issues profit warning
Friday 9th January 2009, 2:05PM GMT.
Shares in Tomb Raider maker Eidos plunged after the group warned profits would be much lower than forecast for the year.
Immediately after opening on the London Stock Exchange this morning, shares in the videogame maker fell 3.75p to 13.5p on the profit warning.
Slow sales and heavy discounting of the latest installment of the Lara Croft game, ‘Tomb Raider: Underworld’ in North America meant the company missed profit targets over the Christmas period.
Full year revenue is now forecast to be in a range of between £160 million – £180 million – significantly below the company’s previous guidance of £180 million – £200 million.
Eidos also said the lower revenues may force the firm to renegotiate loan agreements with its banks.
The company is pinning its hopes in 2009 on upcoming video game release Batman: Arkham Asylum for a sales boost.
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