Last checked at 8 Jun 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 a scheduled update on trading for the financial year ended 31 May 2020 ("FY20").
Following the trading update on 20 May 2020 which confirmed a strong finish to the financial year, Frontier expects to report revenue of approximately £76 million for FY20 when full financial results are announced in September 2020. Operating profit, as reported under IFRS, is anticipated to be at least £16 million, subject to audit, which would equate to an operating profit margin of approximately 21%.
We start FY21 (the financial year ending 31 May 2021) confidently, based on our attractive portfolio of existing titles, our exciting development and publishing roadmaps, and our skilled, passionate and growing team of people who are doing a terrific job during these challenging times, continuing to work from home.
On 3 June 2020 we unveiled Elite Dangerous: Odyssey, which is our major new paid-for update for Elite Dangerous, coming in Q1 calendar 2021 (in FY21). Elite Dangerous: Odyssey marks the birth of a highly anticipated new era for the long running definitive space simulation, allowing players to touch down on countless new planets powered by stunning new tech, and explore with unrestricted freedom from a first person, feet-on-the-ground perspective, something we know many players are keen to see.
FY21 will also see the release of genre leading Planet Coaster on the PlayStation and Xbox consoles, and the first two game releases from Frontier's third party publishing initiative. A further three third party games have already been signed for FY22 and there is scope for more. Five or six third party game releases per year are expected from FY23 onwards.
Full financial results for FY20 are expected to be announced on Wednesday 9 September 2020.
David Braben, Frontier's Chief Executive, said:
"I'd like to thank our fantastic team for their achievements during the last financial year, particularly through the ongoing challenges of the Covid-19 situation.
We are well positioned going forward with great visibility of a fantastic range of projects over the next few years, both internal and external. We've started FY21 strongly with our current portfolio of games continuing to do very well. In this financial year we also have Planet Coaster coming to consoles and we plan to announce and release two great third party games. In addition, we have Elite Dangerous: Odyssey putting boots on the ground in Q1 calendar 2021.
Our future is more exciting than ever and we look forward to working with all our great partners over the coming years."
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