Eidos parent company SCi has reported its preliminary financial results for the 12 months to June 30, 2008, showing a loss before interest, taxes, depreciation and amortization of £99.1 million.

The increased loss, from £13.3 million in 2007, is in line with the company’s most recent forecast, and reflects the scale of transformation SCi has undergone during the past year, during which time it has cancelled numerous projects and been forced to reduce its staff headcount by 25 percent.

SCi’s restructuring resulted in an additional charge of £65.9 million against capitalized development costs during the fiscal year, but the company says it is on target to deliver a £14 million reduction in operating costs in the new financial year. As of June 30, 2008, the company had £49.7 million carried on its balance sheet.

Revenue declined from £128.8 million in 2007 to £118.9 million. The company sold a total of 7.1 million games during the year, with Kane & Lynch (1.4 million units), Tomb Raider: Anniversary (1.0 million units) and Conflict Denied Ops (0.5 million units) its bestselling titles.

Among its operational highlights SCi said it had raised £60 million (before expenses) by way of a successful placing and open offer and secured a £25 million new debt facility.

"The 2008 results reflect a year in which we took decisive action to transform our business,” said CEO Phil Rogers. “We have emerged as a stronger business and over the next year we will see the results of our restructured and revitalized operation. We are focused on delivering higher quality games with our priorities clearly set on maximizing the returns from our cornerstone franchises.

"We remain totally focused on and excited by the worldwide release of Tomb Raider: Underworld in November. Tomb Raider: Underworld has benefited from additional development time and a carefully choreographed build up to launch.

“In 2009 we will continue to see the benefits of our new structure to the releases of our games, which include Just Cause 2, Battlestations Pacific, Championship Manager 09 and Batman: Arkham Asylum."

SCi chairman Tim Ryan added, “The board believes the group is now well positioned to deliver returns for our shareholders by leveraging our new business approach, revitalized focus and cornerstone franchises to capitalize on the substantial market opportunity."