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Frontier Developments Bullish On 'Elite: Dangerous' Performance

Wed, 22nd Apr 2015 07:15

LONDON (Alliance News) - Video game studio Frontier Developments PLC said Wednesday that it is hopeful sales of its newly released 'Elite: Dangerous' title will continue to track higher than expectations, helping it to deliver revenue of more than GBP22 million by the end of its current financial year.

In the previous year to end-May the company had posted revenue of GBP9.5 million.

'Elite: Dangerous' was fully released to the public last December, and Frontier Developments said that total sales now exceed 500,000. The price of the title has remained at GBP40. It is adding new platforms to expand the audience for the title, including making it available on Apple Inc's Mac computers next month and Microsoft Corp's Xbox One console later in the year.

It said it had cash of GBP11.4 million at the end of March, which places it well to support its investment plans going forward. As a result, it has lowered its revolving credit facility with Barclays Bank PLC to GBP1 million from GBP3 million.

Shares in Frontier Developments are trading up 3.3% at 219.55 pence Wednesday morning.

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