FY23 Financial Results

The FY23 financial results show a contraction in revenue to £104.6 million, an 8 % decline from the previous year, driven largely by lower sales of the F1® Manager series. Adjusted EBITDA swung from a £6.7 million profit in FY22 to a £4.6 million loss, while the IFRS operating loss widened to £26.6 million. Non‑cash intangible charges of £28.7 million—primarily the closure of Foundry (£13.7 m) and a £15 million impairment on the F1® Manager franchise—were key contributors to the loss. Cash reserves fell from £38.7 million to £28.3 million, reflecting higher operating expenses and capitalised development costs.

The portfolio remains dominated by legacy titles, with 72 % of revenue generated from pre‑FY23 releases such as Jurassic World Evolution 2. New initiatives include the acquisition of Complex Games in November 2022 and the planned launch of Warhammer Age of Sigmar: Realms of Ruin, a real‑time strategy title slated for November 2023. The company has refocused on Creative Management Simulation games, closing Foundry and reallocating resources to two new CMS projects. Leadership reviews aim to improve return on investment.

For FY24, market consensus expects revenue of £108 million and an adjusted EBITDA loss of £9 million. The company anticipates that the new RTS release, alongside continued support for existing titles and undisclosed revenue streams, will offset the F1® Manager shortfall. The strategy shift toward core CMS titles and tighter cost management underpins confidence in returning to profitable performance over the medium term.