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I expect Jonny to be in the office 6 days a week getting this sorry ship back on track and kicking a lot of asses to make a good game that gets good reviews and actually makes some money.
I can’t see myself ever getting back in here - I was tempted at £2, and now look what they did to the price.
It’s like playing Russian roulet.
They’ve been treating the company finances like it’s one of their CMS games, with no consequences. Like they finish playing it, say “oh well never mind”, and then just press New Game.
I lost a fortune on this share and I suspect other PI’s still are.
The 25/26/27 CMS releases … are they F1 Manager games?! It’s really unclear if it is or if it’s something no new, or rehashes of old IP.
Beginning to look interesting.
Nothing like a hostile takeover couldn't solve
What happened is horrendous failure of what FDEV promoted as "our biggest game ever". Lanched last week. Presently at 931 in the Steam global sales chart, and dropping.
A good recovery started last month but now we are back below 200p. What happened?
Taken it off games console? It's designed for console, that's one of the main problems for PC users, it's fruitless and the UI is horrendous.
Imo, they chose the wrong games engine for this title, potential for improvement & added content is seriously restricted. FD would need to spend a similar budget as F1M22 to bring in the required fixes, the game needs redesigning from scratch but we already know that's not going to happen.
CEO needs removing from position.
Worst thing they did was take it off games console, someone should step down
Ripe for take over imo
Did they went out due to too many shorters? Or had enough of AIM behaviour?
Hmm, your digging does bring up some questionable behaviour. Have you thought about taking action yourself, or just posting about it? What is your position on FDEV? Would it be easier if you just posted under YH?
Berenberg reinitiates Frontier Developments with ’hold’ - price target 210 pence
Good advice, but I do suspect anyone waiting for the last Holdings RNS will be waiting a very long time. Invesco's own statutory filings show it has made major divestment of FDEV since the calamitious trading update of January, yet Frontier has issued none of the many expected Holdings RNSes on this. Frontier's NOMAD should be asking questions as a matter of utmost urgency.
It would have been a reason to celebrate, he was awful. However, reviews for new Warhammer sing a similar song to F1M, the problem is much deeper than just community managers, CEO is out of his depth imo.
Would not touch this until major restructuring, then maybe sit on it for a few years as a gamble.
Nobody touch this until last holding RNS...
Elite Dangerous Community Manager too.
It does seem logical. These are the two worst performing franchises.
F1 Manager Community Manager has been let go, what does that say for the future of that franchise?
Keep digging YH!
Working Capital Partners, Ltd. Overview
Fund Type: hedge Working Capital Partners, Ltd. is a hedge fund
Private Fund ID: 805-5352520038 Working Capital Partners, Ltd. has a private fund ID of 805-5352520038
Fund Manager: Working Capital Management (Crd# 285121)
Registered Location: Cayman Islands
Total Assets: $66.3 million
Minimum Investment: $100000
Private Funds Managed by Working Capital Management (2): High Street Partners Ltd , Working Capital Partners Ltd
Who is the buyer indeed.
Frontier's most recent TR-1 purchase notification identifies High Street Partners, Ltd and Working Capital Parners, Ltd. as aquiring 5% of the company - the largest acquisition since 2017.
Yet both entities are recorded at Companies House as having been dissolved prior to the purchase.
The interesting thing is that Swedbank have sold quite a few shares without pushing the SP down. So who is the buyer? Maybe we'll get a TR1 shortly?
The reason is surely obvious. Underperforming product, questionable accounting and stubborn refusal to acknowledge let alone act upon the fundamental failures.
They clearly have a reason.
Why?
AAA… you did incredibly well on your short all the way down and everyone that’s been following this story for a while can see that. If you’re a pro or retail don’t make the mistake though of getting emotional involved, know when to take a win. This is coming from a short also mate who plays it the same way all the time too. Peel, shore and Zeus have all signalled upgrade and a turning point so enjoy your profits and happy to join you on next one :)
Zeus bullish? "Company's trading momentum may be turning". Not what I call bullish.
Shame the report credibility is mired by reliance on fairytale measures such as "Adjusted EBITDA margin" and Zeus custom-defined "Adjusted EBIT". And blaming COVID for the headcount explosion.
But the big issue is Zeus's forecast FY revenue - miraculously still £108m, a rise on last year. No recognition of the projected £18m underperformance of F1 Manager 2023 nor the inevitable fall due to cutting to Warhammer marketing and development, and staff generally.
Factoring in the dire Warhammer sales performance so far v. the £27m forecast, this FY looks headed for a shortfall of £30m at least. Largest ever for the company, by far.
Basically Peel, shore and Zeus all getting more bullish here. This was an excerpt from Zeus which they titled “Road to Recovery”
We are encouraged by Frontier Developments' announcement of an Organisational Review. We believe many video games companies inflated their expense bases during 2020 and 2021 and reduced focus on return on investment. Frontier now plans to reduce annual operating costs by up to 20% by the beginning of FY25. Frontier's Organisational Review returns the business' focus to optimising returns, leading us to forecast a recovery in adjusted EBIT margins to 5.3% in FY25 and 9.4% in FY26. We believe the company is starting on a long path to again be a premium-rated video game vendor. Shares trade at only 4.8x FY26 Adjusted EBIT, which is below the UK peer average of 7.9x 2025.
I’m a short typically but from what I gather there’s a few shorts trying to cover here. Don’t be surprised if a few get a bit angry on this forum ;-)