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20 May 2020 07:00
Frontier Developments plc
Trading Update
Frontier Developments plc (AIM: FDEV, "Frontier", the "Company"), a leading developer and publisher of videogames based in Cambridge, provides an update on trading for the financial year ending 31 May 2020 ("FY20").
In recent months demand for Frontier's immersive and creative games has increased as a result of Covid-19 lockdowns around the world. Demand during May has continued to be high, which is providing a strong finish to the financial year. The Board now expects operating profit for FY20, as reported under IFRS, to be materially ahead of the top of the previous guidance range of £11-13 million, as a result of revenue being above the top of the previous guidance range of £65-73 million.
All four games, Elite Dangerous, Planet Coaster, Jurassic World Evolution and Planet Zoo, have each provided significant revenue contributions in FY20 through both base game sales and paid-downloadable content ("PDLC"). Frontier's most recent game, Planet Zoo, which was released in November 2019 and is Frontier's biggest PC launch to date, has been particularly well received. In early May 2020 cumulative base game unit sales of Planet Zoo crossed the 1 million mark, less than six months after release and several months ahead of any of Frontier's previous game releases on PC.
Our other games have also recently crossed sales milestones. During April Elite Dangerous exceeded the 3.5 million base game unit threshold and in March Jurassic World Evolution passed 3 million base game units sold. In January, Planet Coaster crossed 2.5 million base game units.
The Company expects to provide a financial year end trading update for FY20 on Monday 8th June 2020.
David Braben, Frontier's Chief Executive, said:
"Lockdown is a challenge for many people, and is going on for longer than most of us expected, but it is great to see so many more people joining our communities during these difficult times across all our games.
We continue to be delighted by the engagement, passion and feedback from our players, and look forward to a bright future post-lockdown, as we believe many of our new players will stay with us for the long term."
This announcement contains inside information as defined in Article 7 of the Market Abuse Regulation (EU) 596/2014. The person responsible for making this announcement on behalf of the Company is Alex Bevis.
Enquiries:
Frontier Developments +44 (0)1223 394 300
David Braben, CEO
Alex Bevis, CFO
Liberum - Nomad and Joint Broker +44 (0)20 3100 2000
Neil Patel / Cameron Duncan
Jefferies - Joint Broker +44 (0)20 7029 8000
Max Jones / William Brown
Tulchan Communications +44 (0)20 7353 4200
Matt Low / Deborah Roney / David Allchurch
About Frontier Developments plc
Frontier Developments plc (AIM: FDEV) is a leading independent developer and publisher of videogame franchises founded in 1994 by David Braben, co-author of the seminal Elite game. Based in Cambridge, UK, Frontier's world-class team of over 500 staff create innovative games using the Company's own proprietary 'COBRA' game development technology to entertain global communities of players on video game consoles and personal computers.
Frontier's LEI number: 213800B9LGPWUAZ9GX18.
www.frontier.co.uk
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