Tinybuild Inc Share News (TBLD)

(Sharecast News) - Video games developer and publisher tinyBuild described a first-half performance "slightly ahead" of expectations in a trading update on Tuesday.

The AIM-traded firm, which was holding its annual general meeting, said its catalogue performance was "strong", including the Deadside, Potion Craft and Not For Broadcast titles.

It added that it announced a record number of new titles in the first six months of 2022, adding that it anticipated delivering full-year 2022 results "at least in line" with expectations.

TinyBuild said that, while it continued to "carefully review" the impact of Russia's ongoing invasion of Ukraine and the "fluid" macroeconomic situation, early indicators of consumer traction across its pipeline, including key performance indicators for Hello Neighbor 2, were "very encouraging".

The board said it remained confident the company was on track to deliver full-year results at least in line with expectations, plus accretive acquisitions.

"We are really excited about tinyBuild's progress in terms of organic growth, with new titles in our pipeline showing strong key performance indicators ahead of launch and back catalogue games such as Potion Craft reaching the largest number of Steam wishlists in our portfolio," said chief executive officer Alex Nichiporchik.

"The changing economic situation imposes caution, but it also offers interesting opportunities that we are working hard to capitalise on as we continue to evaluate new games at different stages of development and a number of merger and acquisition targets to help accelerate growth.

"2022 started well, and we look at the future confidently."

At 1502 BST, shares in tinyBuild were up 4.16% at 126.55p.

Reporting by Josh White at Sharecast.com.