(Alliance News) - Frontier Developments PLC on Tuesday said confidence in its financial 2022 outlook has been strengthened as it announced the signing of a multi-year game licence and two third-party publishing deals.
Frontier Developments' current financial year ends in May.
The video game developer has signed a multi-year exclusive licence with Formula One Management to develop and publish games annually for the FIA Formula One World Championship.
The company will publish games for PC and consoles and will have streaming services rights from 2022 until 2025, subject to the achievement of certain financial conditions.
"We are delighted to announce this multi-year licence deal with F1. We believe the combination of the F1 brand together with our extensive experience in management games will deliver fantastic game experiences to a wide and varied audience around the world," said Frontier Chief Executive David Braben.
Frontier also said its Frontier Publishing business has signed two further deals, taking the number of signed deals to five. No other details regarding the two new deals was disclosed. The company added it is in talks other partners regarding additional opportunities.
The Frontier Publishing initiative is expected to start earning revenue in financial 2021.
"We have achieved great success with our own IP and are proven development and publishing partners for the highest profile third-party IP. Both original and licensed IP will continue to be important as we grow and nurture our portfolio," Braben added.
Shares in Frontier were trading 15% higher at 1,294.00 pence on Tuesday in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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Frontier Dev (FDEV)