20th Nov 2013 11:57
(A news item published on November 14 misstated the value of Frontier's publishing revenues. The correct version follows.)
LONDON (Alliance News) - Frontier Developments PLC Thursday saw revenue and pretax profit drop as traditional publishing revenues declined in the year ended May 31.
The video game developer posted a pretax profit of GBP1.1 million, down from GBP1.4 million in the previous year.
Revenue was GBP12.1 million, down from GBP14.2 million. Although the company recorded revenues from the launch of its self-published titles 'Coaster Crazy' and its 'LostWinds' mobile games, traditional publishing revenues through third parties declined to GBP11.4 million from GBP13.5 million.
Frontier floated on AIM in July. The company is transitioning from being primarily a video game developer for other publishers into a developer and licensor of technology to support games for publishers, other developers and its own titles. The company expects revenues from its traditional publishing business to decline whilst it invests in the development of its Cobra software technology for third party use.
Cobra is a software used to develop and create games on different gaming platforms.
In November, the developer crowd-funded GBP1.6 million for the development of Elite:Dangerous through Kickstarter. The game, a sequel to the pioneering 1984 video game, goes into testing in December.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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