PULLUP Entertainment (formerly FOCUS ENTERTAINMENT) reported a consolidated net loss of €19,244K for the financial year ended March 31, 2024, a significant decrease from the €10,261K net profit in the previous year, representing a 288% decline.
02
Revenue decreased by 3% to €187,334K as of March 31, 2024, from €194,104K in the prior year, while game development costs nearly doubled, increasing by 99% to €64,726K from €32,509K.
03
The company acquired UK studio Dovetail Games, known for simulation franchises like Train Simulator Classic and Train Sim World, with the acquisition consolidated into PULLUP Entertainment's accounts from April 20, 2023, and expected to have a slightly accretive impact on profit margin.
04
PULLUP Entertainment drew an additional €20M on its credit line for the Dovetail Games acquisition and pledged 50.1% of Dotemu shares and 98% of Dovetail Games Holding shares to creditors.
05
The company's net debt increased significantly from €27,260K to €132,646K as of March 31, 2024, primarily due to new bank loans totaling €70,500K.
06
PULLUP Entertainment implemented a share buyback program with a maximum allocation of €32,475,000 and a maximum purchase price of €99 per share, authorized by the Mixed General Meeting on September 12, 2023.
07
Fabrice Larue assumed the role of Chairman and Chief Executive Officer on May 16, 2023, following the resignation of Sean Brennan, and became the sole Chairman and CEO after Christophe Nobileau resigned as Deputy CEO on January 31, 2024.
Insights
01
PULLUP Entertainment (formerly FOCUS ENTERTAINMENT) reported a consolidated net loss of €19,244K for the financial year ended March 31, 2024, a significant decrease from the €10,261K net profit in the previous year, representing a 288% decline.
02
Revenue decreased by 3% to €187,334K as of March 31, 2024, from €194,104K in the prior year, while game development costs nearly doubled, increasing by 99% to €64,726K from €32,509K.
03
The company acquired UK studio Dovetail Games, known for simulation franchises like Train Simulator Classic and Train Sim World, with the acquisition consolidated into PULLUP Entertainment's accounts from April 20, 2023, and expected to have a slightly accretive impact on profit margin.
04
PULLUP Entertainment drew an additional €20M on its credit line for the Dovetail Games acquisition and pledged 50.1% of Dotemu shares and 98% of Dovetail Games Holding shares to creditors.
05
The company's net debt increased significantly from €27,260K to €132,646K as of March 31, 2024, primarily due to new bank loans totaling €70,500K.
06
PULLUP Entertainment implemented a share buyback program with a maximum allocation of €32,475,000 and a maximum purchase price of €99 per share, authorized by the Mixed General Meeting on September 12, 2023.
07
Fabrice Larue assumed the role of Chairman and Chief Executive Officer on May 16, 2023, following the resignation of Sean Brennan, and became the sole Chairman and CEO after Christophe Nobileau resigned as Deputy CEO on January 31, 2024.