Updated Jun 25, 2026 by Frontier Developments
Frontier Developments reported a 17% revenue decline to £47.7 million for H1 FY24, with adjusted EBITDA swinging to a £4.9 million loss compared to a £0.6 million profit in the prior period.
The company is pivoting its strategy toward Creative Management Simulation (CMS) titles, which accounted for 55% of total revenue and maintained an 81% sustain rate year-over-year.
Financial performance was heavily reliant on back-catalogue sales, which generated 72% of total revenue, while new launches underperformed, specifically F1 Manager (down 34%) and Warhammer Age of Sigmar: Realms of Ruin.
To address rising costs and declining profitability, the company initiated an organisational review targeting a 20% reduction in annual operating costs, with the second phase scheduled for February 2024.
Gross profit fell 9% to £33.0 million, though gross margin improved by six percentage points to 69% despite increased sales and marketing expenses.
Cash reserves decreased to £17.1 million from £19.9 million at the previous year-end, driven by ongoing development investments and restructuring activities.
Management maintains FY24 guidance of £80–95 million in revenue and an adjusted EBITDA loss target of £9 million, contingent on achieving the upper end of the revenue range.
Frontier Developments reported a 17% revenue decline to £47.7 million for H1 FY24, with adjusted EBITDA swinging to a £4.9 million loss compared to a £0.6 million profit in the prior period.
The company is pivoting its strategy toward Creative Management Simulation (CMS) titles, which accounted for 55% of total revenue and maintained an 81% sustain rate year-over-year.
Financial performance was heavily reliant on back-catalogue sales, which generated 72% of total revenue, while new launches underperformed, specifically F1 Manager (down 34%) and Warhammer Age of Sigmar: Realms of Ruin.
To address rising costs and declining profitability, the company initiated an organisational review targeting a 20% reduction in annual operating costs, with the second phase scheduled for February 2024.
Gross profit fell 9% to £33.0 million, though gross margin improved by six percentage points to 69% despite increased sales and marketing expenses.
Cash reserves decreased to £17.1 million from £19.9 million at the previous year-end, driven by ongoing development investments and restructuring activities.
Management maintains FY24 guidance of £80–95 million in revenue and an adjusted EBITDA loss target of £9 million, contingent on achieving the upper end of the revenue range.