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FY24 Interim Results: Frontier Developments
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 (...
Frontier Developments
Report
Interim Results: H1 FY26
Frontier Developments plc reported unaudited interim results for the six months to 30 November 2025, showing a 26 % increase in revenue to £59.6 million and a 76 % rise in adjusted operating profit to £9.7 million compared with the same period in 2024. The growth was driven primarily by the launch of Jurassic World Evolution 3, which contributed 90 % of total revenue in H1 FY26 and earned nominations at the Game Awards 2025 and BAFTA Games Awards 2026. Other titles such as Planet Zoo, Planet Coaster 2 and Elite Dangerous also performed strongly, with Planet Zoo becoming the Group’s highest‑grossing individual game. Cash profitability improved markedly; adjusted operating profit, which excludes non‑cash development capitalisation and includes tax and R&D credits, grew to £9.7 million from £5.5 million year‑on‑year. IFRS operating profit rose 73 % to £7.8 million. Gross margin fell to 64 % from 70 %, reflecting higher royalty‑bearing IP revenue. The Group’s cash balance increased to £40.1 million, up 47 % from the prior year, after a £10 million share buy‑back that raised earnings per share to 21.4 p. The Board upgraded FY26 guidance, now targeting revenue of approximately £100 million and adjusted operating profit of around £11 million, citing strong seasonal sales momentum. CEO Jonny Watts stepped down on 1 January 2026, succeeded by Jo Cooke, with Watts remaining as Executive Director until 31 May 2026 to ensure a smooth transition. The Group remains debt‑free, with no significant liabilities beyond lease obligations, and maintains a robust pipeline of CMS titles slated for release in FY27–FY28.
Frontier Developments
Report
Annual Report 2025
Annual Report 2025 details a landmark financial year for Games Workshop, characterized by record-breaking growth and the company’s promotion to the FTSE 100. For the 2024/25 period, total revenue rose to £617.5 million, with profit before taxation reaching £262.8 million. This performance was driven by a 14.2% increase in core sales—particularly within the trade channel and North American markets—and a near-doubling of licensing operating profit to £49.5 million, bolstered by the exceptional success of the *Space Marine 2* video game. The company continues to leverage a vertically integrated model, expanding its global footprint to 570 retail stores across 24 countries and an independent retailer network spanning 71 nations. To support this growth, significant capital investments are underway, including the construction of a fourth manufacturing facility by 2026 and a comprehensive IT systems overhaul slated for completion by 2029. While navigating macroeconomic challenges such as projected tariff impacts and supply chain disruptions, the Group maintained a robust liquidity position with £132.6 million in cash and distributed a record £20 million in profit-sharing to its workforce. Strategic priorities have shifted toward long-term value alignment, evidenced by a new remuneration policy that introduces share-based compensation for executives and a "Triennial Share Award" linked to revenue and profit targets. Sustainability remains a core focus; despite a rise in total emissions driven by global freight, the company surpassed its 2032 reduction targets for Scope 1 and 2 emissions through facility electrification. Looking forward, the Group is prioritizing internal talent development, digital engagement through Warhammer+, and a potential media partnership with Amazon to further scale the brand's global reach.
Games Workshop GroupAug 2025
Financial
Team17 Group PLC Annual Report and Accounts 2023
The 2023 fiscal year for Team17 Group was defined by a significant contrast between robust top-line growth and a transition to statutory losses. Revenue increased by 12% to £159.1 million, bolstered by 17 new releases and a resilient back catalogue that now accounts for 71% of total earnings. Performance was particularly strong in the StoryToys edutainment division, which saw a 26% revenue increase, and through third-party IP titles like *Dredge*. Despite these gains, the Group swung from a £28.7 million pre-tax profit in 2022 to a £1.1 million statutory loss in 2023. This financial downturn was primarily driven by £32.0 million in non-cash impairment charges, largely related to goodwill write-downs for the mobile-focused Team17 USA and underperforming development costs. In response to these challenges and rising operational risks, management initiated a comprehensive strategic restructuring. This included an 11% reduction in headcount, a shift toward an outsourced labor model, and a refocusing of the Games Label on its core indie gaming roots. Leadership also underwent a major transition with the appointment of a new Independent Chair and CEO to oversee tighter cost controls and a more rigorous "greenlight" process for future titles. The Group maintains a strong liquidity position with £42.8 million in cash and has successfully reduced contingent liabilities related to previous acquisitions. Beyond financial restructuring, the Group advanced its ESG initiatives, achieving high female representation in its StoryToys and astragon divisions while establishing a roadmap toward net-zero emissions. Moving into 2024, the Group aims to restore profitability through a disciplined release schedule and enhanced financial governance, supported by a transition to a new Group-wide finance system and a revised executive remuneration policy tied to strict financial targets.
Team17Jan 2024