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Frontier Developments Interim Profit Jumps Eightfold As Revenue Rises

[ 09 Feb 2017 08:22 ]

LONDON (Alliance News) - Frontier Developments PLC on Thursday reported a significant jump in pretax profit for its first half as revenues exceeded its expectations, and reiterated confidence in meeting expectations for its full year.

For the half year to the end of June, the video games studio reported a pretax profit of GBP3.6 million, more than eight times the GBP440,000 it reported the prior year, as revenue jumped to GBP18.1 million from GBP10.9 million.

Revenue growth was bolstered by the launch of its second franchise 'Planet Coaster' in November, as well as the continued strengthening of its first franchise, 'Elite Dangerous'.

Going forward, Frontier said that it will continue to strengthen and develop the two franchises whilst investing in the development of future franchises.

"I am delighted that, as planned and on schedule, Frontier is now self-publishing multiple franchises. This marks the end of the transition in our business model and the beginning of a new phase of growth," said Chief Executive David Braben in a statement.

"Our strong financial position enables us to further our investment across the business as we scale for long-term growth. We made another important step toward that goal by recently choosing to licence a globally-renown IP from a major Hollywood studio to develop as our third franchise. I look forward to revealing more details later this year," Braben added.

Shares in Frontier were untraded Thursday morning, last closing at 277.00 pence.

By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews

Copyright 2017 Alliance News Limited. All Rights Reserved.


Frontier Developments Interim Profit Jumps Eightfold As Revenue Rises - Alliance News

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