Playlogic Plans London Stock Listing

Representatives from Dutch publisher Playlogic have announced that the company is shortly to be listed on the Alternative Investments Market (AIM) sub-market of the London Stock Exchange. The AIM was set up to list smaller companies and is governed by a less stringent set of rules than the main market - game companies previously listed on AIM have included the recently Gamasutra-interviewed Kuju Entertainment and Argonaut. In preparation for the listing, the company has announced the resignation of its current auditor and has begun to search for a new one. Playlogic was established in 2002 and is headquarted in New York and Amsterdam, with an internal studio in The Netherlands. The company specializes in PC titles, with its more successful games including Ancient Wars: Sparta, Infernal, Xyanide Resurrection and Age of Pirates: Captain Blood. The company’s previously stated third quarter results showed a net revenue of $1.7 million, a rise of 240 percent from the same period the previous year, thanks to the success of PC title Age of Pirates: Caribbean Tales. Gross profit for the three months were $0.9 million, up 157 percent from 2005. The net loss for the third quarter was also higher than at the same time the previous year, up from $1.3 million in 2005 to a total of $4.3 million. Playlogic also filed its reviewed restated interim financial statements for the quarter ended September 30th, 2006, bringing up to date the company’s reporting and filing duties under the Securities Exchange Act. No further barriers are expected to the eventual AIM listing, with the board of directors expecting to make further announcements in the first quarter of 2007.