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22 Apr 2015 07:00
22 April 2015
Frontier Developments plc
Trading Update
Frontier Developments plc (AIM: FDEV, "Frontier", the "Group"), a leading developer of video games, announces the following trading update.
Elite: Dangerous
The Board continues to be pleased with the progress of Elite: Dangerous to date. Total unit sales now exceed 500,000. The retail price remains £40 (US$60, €50).
The Group continues to add new platforms and distribution channels to further expand the audience. In addition to the forthcoming availability on Apple's Mac computers next month, and Microsoft's Xbox One games console later this year, Elite: Dangerous was recently made available on the Steam digital distribution service, entering at number 1 in their sales charts just before Easter.
Cash Position
The Group's balance sheet remains strong and, at 31 March 2015, the Group had net cash of approximately £11.4 million. This places the Group in a good financial position to support its continuing investment plans going forwards. As a result, the Group has reviewed its cash resource requirements for the next 12 months and decided to lower its revolving credit facility with Barclays Bank plc from £3m to £1m. This facility expires in May 2016.
David Braben, Chief Executive of Frontier Developments, said:
"The team did a great job in delivering the full public release of Elite: Dangerous and its supporting technology as planned, driving our transition to the next stage. We are and will continue to support it going forwards and that has helped build a great community around the game, setting us up well for future expansion. We, as a Board, are hopeful that sales will continue to track higher than we expected in the January Trading Update, leading to Group revenues of over £22 million by the end of the current financial year ending 31 May 2015."
Enquiries:
Frontier Developments | +44 (0)1223 394 300 |
David Braben, CEO David Walsh, COO Neil Armstrong, CFO
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Canaccord Genuity | +44 (0) 207 523 8000 |
Simon Bridges/Cameron Duncan
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Finncap | +44 (0) 207 220 0506 |
Charlotte Stranner
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Tulchan Communications | +44 (0) 207 353 4200 |
James Macey White
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About Frontier Developments plc
Frontier Developments plc, listed on the AIM stock market (AIM: FDEV), is a leading independent game developer founded in 1994 by David Braben, co-author of the seminal 'Elite' game. Based in Cambridge, Frontier uses its proprietary 'Cobra' game development technology to create innovative games across videogame consoles, computers, smartphones and tablets.
The studio released Zoo Tycoon as a launch title for Microsoft's Xbox One console in 2013 and Tales from Deep Space for Amazon in 2014. It continues to work on ScreamRide for Microsoft and other unannounced titles in addition to expansion of Elite: Dangerous.
www.frontier.co.uk
Important Note
The information contained in this announcement about the sales of Elite: Dangerous relates solely to this game and does not constitute a profit estimate or profit forecast in respect of the Group or any guidance as to the likely profits of the Group. The scenarios contained in the announcement have been prepared by the directors based on their own industry knowledge and analysis and there are a number of factors which could or may cause the actual sales of the game and revenue generated from such sales to differ materially from those expressed or implied by such scenarios.
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