6th Feb 2019 09:47
LONDON (Alliance News) - Video games developer Frontier Developments PLC on Wednesday reported higher interim profit, on more than tripled revenue due to the launch of new games as well as continued sales from existing releases.
For the six months to the end of November, pretax profit was GBP17.3 million, up significantly from GBP3.0 million a year before, on revenue that rose more than three-fold to GBP64.7 million from GBP19.0 million.
Revenue growth resulted from the launch of Frontier's new game Jurassic World Evolution in the summer of 2018, and well as continued contributions from existing releases such as Elite Dangerous and Planet Coaster.
In January, Frontier said Jurassic World Evolution was its most successful title, with two million units sold since launch. Planet Coaster, launched in 2016, has over 2 million units sold, and Elite Dangerous, launched in 2014, has sold 3 million units since then.
Looking ahead, Frontier said it is comfortable with analyst expectations for its full-year revenue in the range of GBP79 million to GBP88 million, up from GBP34.2 million the year before.
Also, the development of the group's fourth game franchise is on track, expected for release within the calendar year of 2019.
"In January we celebrated our 25th anniversary, and I am very proud of all of our achievements during our first 25 years. In the last five years we have successfully transitioned from a trusted 'work-for'-hire' developer to an established self-publisher with a portfolio of three released games franchises, a substantial and world-class team, and strong partnerships. It's particularly pleasing that our most recent launch, Jurassic World Evolution, has been our biggest to date," said Chief Executive David Braben.
Shares in Frontier Developments were up 6.2% at 944.96 pence on Wednesday.
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