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The gamble appears to have paid off, with shares in the videoretailer rallying some four pence this morning, currently trading at190p on the London Stock Exchange (LSE).
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Last week, the firm's shares fell 17 per cent on the LSE after Game directors sold 2.3 million shares.
Yesterday's trading statement,which is the last before the firm enters a closed trading period,offered investors reassurance about Game's current financial position.Game releases prelimary results 29 April.
The retailer said pre-tax profit for the year ended 31 January 2008should be up a smidgen on its previous forecast of £73m – it nowpredicts no less than £74m, compared to £29.5m in 2007.
It was also upbeat enough to suggest its like-for-like sales growthof five per cent to 10 per cent was achievable. In early January themood was more cautious, with Game warning that store growth was likelyto slow and that it would be in the "low single digits" for the yearahead.
The firm's board said it was confident "the market for PC and video games products remains buoyant".
It said gross margin should improve by 50 to 100 basis points andadded that the £7m of synergies it had identified with Gamestationshould now be realised earlier that predicted.
Game bought Gamestation from Blockbuster in May last year. Followingthe acquisition, the Office of Fair Trading refered the deal to theCompetition Commission, which cleared Game of any wrongdoing lastJanuary.
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