Page last updated at 11:53 GMT, Monday, 15 September 2008 12:53 UK

Big losses at Tomb Raider firm

Image of Lara Croft from the Tom Raider computer game
SCI is about to release the latest Tomb Raider game

The UK company that makes the Tomb Raider computer games has seen its annual losses widen to 136m, following a year of major restructuring.

SCI Entertainment's pre-tax loss for the 12 months to 30 June compares with 30m a year earlier.

The games firm announced 260 job losses - a quarter of its staff - in February.

SCI says it is now better placed to benefit from the booming games market. The latest instalment in the Lara Croft saga is released next month.

The 2008 results reflect a year in which we took decisive action to transform our business
SCI chief executive Phil Rogers

The firm hit trouble last year when it warned that profits would not meet expectations.

It began talks with potential buyers, but at the beginning of this year it announced that those discussions had collapsed.

It was then that Phil Rogers took over as chief executive from the company's founder, Jane Cavanagh.

SCI's annual revenues have fallen from 129m to 119m.

"Revitalised operation"

"The 2008 results reflect a year in which we took decisive action to transform our business," said Mr Rogers.

"We have emerged as a stronger business and over the next year we will see the results of our restructured and revitalised operation."

The November release of Tomb Raider: Underworld will be followed by computer games including Just Cause 2, Championship Manager 09, and Batman: Arkham Asylum.

In a separate announcement, a major rival to SCI, Electronic Arts said it had decided not to continue takeover talks with the games company, Take-Two Interactive.

Take-Two Interactive, that makes the top selling computer game Grand Theft Auto, said it was now considering its options.


SEE ALSO
Revamp hits Tomb Raider firm jobs
29 Feb 08 |  Business
Chief of Tomb Raider firm quits
18 Jan 08 |  Business
US video games sales hit record
18 Jan 08 |  Business
Competition hits Lara Croft firm
24 Jul 07 |  Business

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