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27 Apr 2016 07:00
27 April 2016
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
Frontier recently updated its customers that it anticipates releasing the Beta version of the next major expansion of Elite Dangerous Horizons, 'The Engineers' (which adds new 'loot and crafting' gameplay) during the week ending 8 May 2016. The final release date will be determined once feedback from Beta testing is received. Total unit sales of Elite:Dangerous franchise products now exceeds 1.5 million, in line with the Board's expectations given the point in the release cycle.
Planet Coaster
The Board is encouraged by the reception to the first Alpha build of Planet Coaster, the Group's second self-published franchise. Released on schedule on 22 March 2016, the Alpha 1 build contained fundamental game systems including modular scenery, pathing and an early version of the coaster building system. Feedback to date has been very positive, with a total of over £1 million in customer receipts for the Alpha version and pre-orders. The Group has also announced the date of the Alpha 2 release of 24 May 2016.
Cash Position
The Group's balance sheet remains strong and, at 31 March 2016, the Group had net cash of approximately £8.9 million. This places the Group in a good financial position to support its continuing investment plans going forward. As a result, the Group has reviewed its funding requirements and decided not to renew its undrawn £1 million revolving credit facility with Barclays Bank plc which expires in May 2016.
David Braben, Chief Executive of Frontier Developments, said:
"Frontier has built its reputation based on the quality of its games and players rightly have high expectations of us. We announced a delay to the release of 'The Engineers' in our 2 March 2016 trading update, and the game has benefitted significantly from the additional development time, and progress is encouraging.
Planet Coaster is progressing to schedule and we have been highly encouraged by the feedback to date. The full release in the final quarter of 2016 will complete our transition to fully self-publishing our own output."
Enquiries:
Frontier Developments | +44 (0)1223 394 300 |
David Braben, CEO David Walsh, COO Neil Armstrong, CFO |
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Numis - Nomad and Joint Broker | +44 (0)20 7260 1000 |
Simon Willis/Jamie Lillywhite/Toby Adcock |
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Finncap |
+44 (0) 207 220 0500 |
Matt Goode/Giles Rolls |
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Tulchan Communications | +44 (0) 207 353 4200 |
James Macey White/Matt Low |
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Important Note
The information contained in this announcement about the sales of Elite: Dangerous and Planet Coaster 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.
About Frontier Developments plc
Frontier Developments plc, quoted on the AIM market of the London Stock Exchange (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.
Notes to Editors
Alpha and Beta are common terms used to describe pre-release versions of software. Alpha releases are typically focused on a limited feature set compared to the final version, whilst Beta releases approach full functionality with some aspects remaining work-in-progress.
www.frontier.co.uk
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