FinancialFocus Entertainment
Focus Entertainment Annual Financial Report & CSR Report 2022/23
1 Mar 202397 pages~317 min full read
Focus Entertainment achieved record-breaking fiscal 2022/23 results, with revenue growing 36.2% to €194.1 million and net income rising to €7.3 million.
See it on page 19The company is executing a strategy to transition into a vertically integrated 'federation of talent,' supported by a pipeline of 46 games planned for release over the next three years.
See it on page 5Investment in game development nearly doubled to €65.1 million, while net intangible assets grew to €118.3 million following the acquisitions of BlackMill Games, Black Soup GmbH, and Dovetail Games.
See it on page 9The Group maintains a strong liquidity position with €72.2 million in cash, despite increasing net debt to €27.3 million to fund its studio expansion and acquisition strategy.
See it on page 15Governance underwent a significant reorganization, resulting in Fabrice Larue assuming the consolidated role of Chairman and CEO following the resignation of Sean Brennan.
See it on page 32The company’s CSR initiatives included a 54.4% shift to renewable electricity, though the firm faces ongoing challenges regarding talent retention and a declining gender equality index.
See it on page 85Focus Entertainment achieved record-breaking financial results for the 2022/23 fiscal year, reporting a 36.2% increase in revenue to €194.1 million and a significant rise in net income to €7.3 million. This performance was driven by the commercial and critical success of major releases such as *A Plague Tale: Requiem*, *Atomic Heart*, and *Evil West*, alongside the steady performance of live-service titles. The Group’s strategic thesis centers on transitioning from a traditional publisher to a vertically integrated "federation of talent," marked by a 95% international sales mix and a goal to release 46 games over the next three years.
To support this expansion, the Group nearly doubled its investment in game development to €65.1 million and aggressively expanded its internal studio capacity. Key structural milestones included the acquisition of majority stakes in BlackMill Games, Black Soup GmbH, and simulation specialist Dovetail Games, as well as the launch of Focus Production. These moves increased the Group’s net intangible assets to €118.3 million and expanded its workforce to nearly 400 employees. While net debt rose to €27.3 million to fund these acquisitions, the Group maintains a strong liquidity position with €72.2 million in cash and substantial undrawn credit lines.
The period was also defined by a significant governance reorganization. Following the transition to a Board of Directors structure and the subsequent resignation of CEO Sean Brennan, Fabrice Larue assumed the consolidated role of Chairman and CEO. Alongside financial growth, the Group formalized its Corporate Social Responsibility (CSR) framework, focusing on player safety, environmental impact—highlighted by a 54.4% shift to renewable electricity—and employee engagement. Despite challenges such as talent retention and a declining gender equality index, the Group remains focused on diversifying its portfolio through owned intellectual property and "Games as a Service" (GaaS) projects to ensure long-term stability.
