FinancialPullup Entertainment
Pullup Entertainment Annual Financial Report CSR Report 2023-2024
1 Jul 2024106 pages~325 min full read
PULLUP Entertainment reported a consolidated net loss of €19.9 million for the 2023-2024 fiscal year, a sharp decline from the previous year's €7.3 million profit, despite maintaining stable revenue of €187.3 million.
The financial downturn was primarily driven by the postponement of major titles like 'Warhammer 40,000: Space Marine 2' and a doubling of depreciation and amortization costs to €67 million.
The company's back-catalogue performance was a key stabilizer, surging 89% to account for 66% of total annual sales.
To fund expansion and the €40.2 million acquisition of Dovetail Games, the Group secured a €130 million syndicated loan and completed a €23 million capital increase in May 2024.
The Group has reorganized into three core pillars—Focus Entertainment Publishing, Dotemu, and PULLUP Studios—to manage a portfolio of seven internal studios and a pipeline of approximately 60 games.
The workforce grew to 614 employees, prompting a new CSR strategy that addresses a 4,778.6 TeqCO2 carbon footprint, of which over 98% is attributed to Scope 3 emissions.
Management anticipates a financial recovery in 2024/25, supported by a 'III-AA' title strategy intended to reduce reliance on seasonal market peaks.
PULLUP Entertainment, formerly known as Focus Entertainment, underwent a significant strategic and structural transformation during the 2023-2024 fiscal year. The Group reorganized into three core pillars—Focus Entertainment Publishing, Dotemu, and PULLUP Studios—to manage a portfolio of seven internal studios and a pipeline of approximately 60 games. This transition included a leadership consolidation under Chairman and CEO Fabrice Larue and a major rebranding effort to reflect a shift toward a publisher-developer model focused on owned intellectual property and recurring revenue streams.
Financially, the period ending March 31, 2024, was characterized by a transition from a €7.3 million profit to a consolidated net loss of €19.9 million, despite a relatively stable revenue of €187.3 million. This downturn was primarily driven by the postponement of major titles like *Warhammer 40,000: Space Marine 2*, a doubling of depreciation and amortization costs to €67 million, and significant investments in game development and acquisitions. However, the back-catalogue proved resilient, surging 89% to represent 66% of total sales. To support this aggressive expansion, including the €40.2 million acquisition of Dovetail Games, the Group secured a €130 million syndicated loan and completed a €23 million capital increase in May 2024.
The Group’s operational scope expanded to 614 employees, largely due to international acquisitions in the UK. This growth triggered the requirement for a formal Non-Financial Performance Declaration, highlighting a Corporate Social Responsibility (CSR) strategy focused on talent retention, carbon footprint reduction, and combating toxic behavior in multiplayer gaming. While Scope 3 emissions represent over 98% of the Group's 4,778.6 TeqCO2 carbon footprint, management has implemented new environmental policies and social surveys to maintain a 91% employee satisfaction rate. Moving forward, the Group expects a strong financial recovery in 2024/25, underpinned by a robust release schedule and a diversified "III-AA" title strategy designed to reduce reliance on seasonal market peaks.
