By Jonathan Davies
Shares in video game retailer Game Digital plummeted by as much as 50% in early trading after reporting a fall in sales over Christmas.
Game said sales were down 6.7% in the 11 weeks to 10 January.
The retailer re-listed on the London Stock Exchange last year, two years after falling into administration and nearly collapsing.
There was "increased promotional activity across the market", particularly on Xbox One and Playstation 4 consoles as retailers like Game and the supermarkets battled it out for sales. And although it resulted in higher sales, average selling prices and margins were down, Game said.
The disappointing Christmas means that Game is predicting flat full year earnings - its financial year ends on 1 August. Total sales are expected to be "broadly in line" with the £51.3m seen in 2014. Analysts had forecast £63.7m.
Chief executive Martyn Gibbs said the retailer was now "well placed" to take advantage of the increased console sales over Christmas, with customers looking for new games an inevitability.
"We now have a huge customer base...to sell both mint and pre-owned physical and digital content accessories to over the long term," he added.
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