Devolver Dig. S Share News (DEVO)

(Alliance News) - Devolver Digital Inc on Monday lamented a delay to the publication of video games originally scheduled for 2023 but now headed for release in 2024 as it reported lower interim revenue, albeit its loss narrowed amid cost cutting.

The Austin, Texas-based video game publisher said pretax loss in the six months to June 30 narrowed 25% to USD8.6 million from USD11.6 million a year before. Revenue fell 17% to USD43.9 million from USD53.0 million.

Administrative costs were reduced by 34% to USD18.4 million from USD27.9 million. The company also made USD897,000 in interest income, up sharply from USD26,000 a year before.

Looking ahead, Chair Harry Miller said that expected performance for 2023 will be hurt by delays to new title releases, a fall in revenue from subscription deals and relative weakness from its back catalogue, with the exception of a few outperforming titles such as 'Cult of the Lamb' and 'Inscryption'.

Miller highlighted four games that were previously aimed to be released in 2023 which will be out in 2024 — 'The Plucky Squire', 'Anger Foot', 'Pepper Grinder', and 'Stick It To The Stickman'.

Chair Miller added: "The board believes that we are well positioned for future success, and we look forward to reporting on our progress in the year ahead."

Devolver Digital shares were 2.1% higher at 24.90 pence each on Monday morning in London.

By Tom Budszus, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.