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(Sharecast News) - Video games outfit Frontier Developments warned on Monday that it will now fall short of meeting full-year consensus forecasts in 2023.
Frontier Developments stated that based on a lower-than-expected sales contribution from its F1 Manager 2022 title, general sales underperformance across its whole portfolio during the holiday period, and an "uncertain contribution" from its Foundry offering in the remainder of the year, full-year revenues and operating profits will miss expectations of £135.0m and £19.0m, respectively.
The AIM-listed group highlighted that the outturn over the five remaining months of the financial year was dependent on "a number of variables", including the timing and contribution from the scheduled Foundry releases and the macroeconomic environment.
Frontier still believes it can surpass the prior year's record revenue performance of £114.0m, particularly if one of its Foundry titles is a success, but said its revised expectation was to deliver revenue of "not less than £100.0m".
Chief executive Jonny Watts said: "It is very disappointing to be resetting our financial expectations.
"As CEO, I am driving a change in emphasis to increase focus on our core strengths and skills, with particular attention to increasing the return on investment that we achieve from our world-class teams. We intend to grow the number of our development teams to increase the cadence of new releases, whilst continuing to nurture our existing portfolio, to achieve sustainable growth."
As of 0930 GMT, Frontier Developments shares had tumbled 39.94% to 600.0p.
Reporting by Iain Gilbert at Sharecast.com
