(Alliance News) - Frontier Developments PLC on Wednesday said its profit fell in its most recently ended financial year but it is set to hit new records going forward.
The publisher of videogames reported revenue down to GBP76.1 million for the year to the end of May from GBP89.7 million generated a year earlier, with pretax profit down to GBP16.2 million from GBP19.7 million.
Frontier Developments said that, as expected, the lower level of revenue year-on-year reflected the timing of games releases and that Planet Zoo launched on the PC platform only.
Planet Zoo, which released almost halfway through its financial 2020, in November 2019, is Frontier's biggest selling game to-date on PC during an equivalent time period.
In comparison, the company said its major new game release in financial 2019 and its biggest selling game to date, Jurassic World Evolution, benefited from a major existing global IP franchise and launched simultaneously on multiple platforms.
Frontier Developments said cash balances increased by to GBP45.8 million during the year from GBP35.3 million the year prior.
Going forward, Chief Executive David Braben said: "We have started the financial year well and are on track to deliver record revenue in line with our expectations."
"Our future looks bright with multiple major releases confirmed for financial 2021 and an exciting roadmap for financial 2022 and beyond," added Braben.
AIM-listed Frontier Developments shares were trading 0.6% higher in London on Wednesday at 2,400.00 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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