Last checked at (Sharecast News) - Video games developer and publisher Frontier Developments reported a year-on-year drop in first-half revenues on Wednesday, with its newest title contributing just 26 days-worth of sales before the end of the period.
Frontier recorded total revenues of £32.0m, up on the £25.0m recorded over the preceding half-year period but down by more than half when compared to the £64.7m brought in during the six months ended 30 November 2018.
The AIM-listed group highlighted that revenue in the half included just 26 days of sales from Planet Zoo, which launched on 5 November 2019, plus pre-order sales recognised at launch.
Frontier said all four of its game franchises, including Elite Dangerous Arena, performed well, as expected, over the Christmas period and added that it continues to expect sales for the full year to be within the range of analyst projections of £65m-73m.
Chief executive David Braben said: "We are pleased with the successful launch of Planet Zoo and the continuing performance of Elite Dangerous, Planet Coaster and Jurassic World Evolution.
"It is great to see how many players have actively engaged with Planet Zoo - sharing their intricately constructed habitats and the animals they have nurtured. I believe Planet Zoo has already become the genre-defining zoo simulation, just as Planet Coaster is the leader in coaster park simulations."
As of 1100 GMT, Frontier shares were down 0.48% at 1,259.94p.
28 Nov 2023 09:33
Berenberg cuts target price on Frontier Developments
(Sharecast News) - Analysts at Berenberg lowered their target price on video games developer Frontier Developments from 210.0p to 170.0p on Tuesday on the back of news that sales of its Realms of Ruin title had been "underwhelming and materially lower" than many of its other franchises.
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