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Frontier Developments delivers 'strong' H2 performance
(Sharecast News) - Video games publisher Frontier Developments said on Wednesday that it had delivered a "strong" second half performance following its strategy reset to refocus on creative management simulation games. Frontier Developments said it had delivered a "strong back-catalogue performance" in the six months ended 31 May, while the release of its Planet Zoo: Console Edition title in March delivered FY24 revenues of approximately £89.0m.
Annual operating costs were reduced by approximately 20% through an organisational review, which completed as planned in March, meaning Frontier was profitable in H2 on an adjusted underlying earnings basis, even without the gain from the sale of the RollerCoaster Tycoon 3 publishing rights in March.
The AIM-listed group stated full-year adjusted underlying earnigns as a whole were also expected to be in profit, with a provisional profit of approximately £500,000, a marked improvement from its loss of £4.6m in the prior year..
Chief executive Jonny Watts, said: "I am pleased to confirm an improvement in our financial performance for the second half of the financial year. It has enabled us to report an adjusted EBITDA profit for the financial year and an increase in our cash position.
"We have started the new financial year reset and refocussed, with a clear strategy and sustainable cost base. We have a game portfolio that continues to deliver pleasing results and an exciting CMS-led roadmap ahead. I look forward to the launch of F1 Manager 2024 next month, and to revealing the details of our own-IP CMS game coming later in the financial year".
As of 0855 BST, Frontier Developments shares were up 9.33% at 303.0p.
Reporting by Iain Gilbert at Sharecast.com
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