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August 19, 1997updated 03 Sep 2016 2:11pm

THE REALLY SCARY STORY AT EIDOS CONCERNS THE FIRM ITSELF

By CBR Staff Writer

Eidos Plc, which took the computer gaming fraternity by storm with its best selling, ultra violent titles Tomb Raider and Duke Nukem 3D, has become such a scary prospect that frightened share holders are fleeing en masse and even the company’s auditors aren’t brave enough to stick around. The London based software house has doubled its first quarter losses to 4.9m pounds with revenue up 3.3% to 9.4m pounds, and the shares have leapt off a precipice after allegations of insider trading were published in the Guardian newspaper. It seems that someone was off-loading shares just before Coopers & Lybrand announced that they couldn’t stomach another year as auditors, a fact which naturally caused the markets to question exactly what it is Coopers know that they don’t, and the shares plummeted. But the auditing profession seems to have recovered its financial acumen, and KPMG Audit Plc has stepped into the breach as the shares recovered to 500 pence. Newly incorporated KPMG may feel that their new limited liability format makes Eidos seem less spooky. Eidos’ profits for the full year are expected to hit 16.5m pounds following the traditional pattern of games development over the summer, with big sales into the Christmas period.

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