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Eidos profits hit by PlayStation delays

Expects return to profit by April 2002

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UK games maker Eidos saw profit tumble 52 per cent in the third quarter.

The London-based company, the brains behind games heroine Lara Croft, saw net profit fall to £7.3 million for the three months ended December 31. This compared to £15.4 million the previous year. Sales dropped 15 per cent to £83.5 million.

For the nine-month period, pre-tax losses soared to £68 million, from £12.6 million the previous year. Revenue fell to £120.9 million from £142.6 million.

Eidos, like much of the video games industry, has been hit by delays with Sony's PlayStation 2 consoles. Company CEO Michael McGarvey today described the results for the nine months as "satisfactory".

The company released 16 games during the period, including Who Wants to be a Millionaire - which sold more than a million copies over the nine months.

McGarvey said the business was expected to return to profitability in the next financial year.

Last month the company issued a profit warning, blaming poor sales in the US and games delays. At the end of last year Eidos lost both its head Charles Cornwall and CFO Jeremy Lewis after attempts to sell the company were abandoned. ®

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