Europe Reports: Curated Collection | Game Industry Library

Cover of Annual Financial Report and CSR Report: 2022/2023

Pullup Entertainment

Annual Financial Report and CSR Report: 2022/2023

Focus Entertainment experienced a transformative 2022/2023 fiscal year, characterized by record-breaking financial performance and significant structural evolution. The company reported a 36.2% increase in revenue to €194.1 million, bolstered by the successful release of titles such as Atomic Heart and A Plague Tale: Requiem. This growth trajectory is supported by a robust development pipeline of 46 games scheduled for release over the next three years, reflecting a strategic shift toward owning intellectual property and expanding production capabilities. Financial stability remains a core strength, with the company maintaining a solid cash position of €72.2 million and successfully managing leverage ratios within bank covenants despite substantial investments in studio acquisitions, including BlackMill Games, Black Soup GmbH, and Dovetail Games. Governance and leadership underwent notable changes during this period, most prominently the transition to Fabrice Larue as Chairman and CEO. The organization has focused on refining its corporate structure, ensuring compliance with the Middlenext Code of Corporate Governance, and formalizing succession planning. While the company navigated executive departures and leadership restructuring, it maintained operational continuity through a digital-first distribution model and sophisticated hedging strategies designed to mitigate foreign exchange risks and market volatility. Beyond financial metrics, the company integrated a comprehensive Corporate Social Responsibility strategy into its core operations. This framework prioritizes player safety, workplace inclusivity, and environmental sustainability, guided by a materiality analysis aligned with United Nations Sustainable Development Goals. While the company faces ongoing challenges regarding gender representation and carbon footprint management, it has implemented formal ethics reporting systems and accessibility initiatives to enhance its industry standing. By balancing aggressive external growth with a commitment to employee well-being and sustainable development, the company has positioned itself as a resilient player in the global PC and console markets.