Argonaut Records Major Loss

Representatives of Argonaut, the latest in a long line of troubled UK developers, have announced a pre-tax loss for the company of £10.9 million ($18.1m) for the year ended July 31. The loss was primarily due to the cancellation of publishing deals for their titles Orchid and Malice. However, the company still has cash reserves of £5.9 million ($9.8m) and will be hoping that forthcoming titles such as SWAT: Global Strike Team, Bionicle, I-Ninja and Carve will see a far better performance next year.