Argonaut Losses Deepen

British developer Argonaut has announced its interim results for the six months to January 31, with the company recording a pre-tax loss of £2.4 million ($4.3m) on turnover of £4.4 million ($7.9m). This compares to a loss in the same period last year of £1.1 million ($2.0m) on turnover of £6.9 million ($12.4m). The weak results are attributed to the relatively poor performance of the company’s three Christmas titles: I-Ninja, SWAT: Global Strike Team and Bionicle. As a result the company’s cash reserves have dwindled from £8.6 million ($15.5m) twelve months ago to just £4 million ($7.2m) today. Source: gamesindustry.biz