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Frontier Developments PLC - video game developer - Trading for the financial year-to-date is ahead of management expectations, with revenue for the six months to the end of November set to be GBP37 million, up 16% from GBP32.0 million the year before.
Revenue for December was stronger than expected across all four of Frontier's titles, with base games and downloadable content all selling ahead of expectations.
Following the switch to working from home, company admits that there are efficiency challenges, particularly for larger projects. For example, first person shooter Lemnis Gate is expected to be released in the 2022 financial year instead of the current financial year.
For the year ending May 31, Frontier Developments expects revenue to be between GBP90 million and GBP95 million, reflecting year-on-year growth of between 18% and 25%.
For the 2022 financial year, the analyst consensus forecasts revenue to be between GBP133 million and GBP153 million.
"2020 was a hard year for a great many people because of the challenges of Covid-19. Despite this, and doubtless helped by lockdown boosting demand for screen-based entertainment around the world, we had a successful year through the hard work and adaptability of our talented teams. Our four great franchises have really long play times and engaging social aspects to them, which make them well-suited to lockdown," said Chief Executive David Braben.
Current stock price: 3,248.05 pence, down 3.8% on Wednesday
Year-to-date change: up 5.5%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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