Key insights
6 slides
The bottom line
Frontier reported a £33.1 million loss after tax in H1 FY24.
The company recorded a loss after tax of £33.1 million in the six months to 30 November 2023.
Page 1 of the report£33.1 million
Loss after tax in H1 FY24
- Profit in H1 FY23
- £6.7 million
Revenue decline
Revenue decreased to £47.7 million in H1 FY24 from £57.1 million.
Revenue fell in the six months to 30 November 2023. The decrease was primarily due to lower-than-expected contributions from new game launches.
Cash position
Cash balance reduced to £17.1 million at November 30, 2023.
The company's cash balance was £17.1 million at November 30, 2023. This was down from £42.6 million in H1 FY23.
Page 4 of the report£17.1 million
Cash balance at November 30, 2023
- Cash balance in H1 FY23
- £42.6 million
- Cash balance at December 31, 2023
- £19.9 million
Cost reduction
An organizational review targets 20% savings in annual operating costs.
The company is targeting 20% savings in annual operating costs by the start of FY25. A £2.5 million restructuring charge was recorded in H1 FY24.
CMS refocus
Frontier is refocusing on Creative Management Simulation games.
Three new CMS titles are planned for release in FY25, FY26, and FY27. Existing CMS games generated £26.3 million in H1 FY24.
Page 4 of the report£26.3 million
Revenue from existing CMS games in H1 FY24
- Share of total revenue in H1 FY24
- 55%
R&D charges
R&D amortisation and impairment charges increased to £37.6 million.
Research and development expenses decreased slightly to £25.5 million in H1 FY24. However, R&D amortisation and impairment charges increased significantly to £37.6 million.
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Summary
Frontier Developments plc (AIM: FDEV, ‘Frontier’, the ‘Company’, or the ‘Group’), a leading developer and publisher of video games based in Cambridge, UK, publishes its unaudited interim results for the 6 months to 30 November (6 months to 30 (6 months to 30 November 2023) November 2022) Revenue £47.7m £57.1m Adjusted EBITDA loss (£4.9m) (£0.6m) Operating (...
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