People Can Fly Group reported a 19.1% year-over-year revenue increase to 30.9 million PLN in Q1 2021, with development services accounting for 30.2 million PLN of that total.
See it on page 3Net cash flow surged by 2,390% to 106.1 million PLN during the quarter, primarily fueled by capital activities and the company's public market presence.
See it on page 3Net profit declined by 10% to 7.8 million PLN compared to Q1 2020, despite a 6.6% increase in adjusted EBITDA to 10.4 million PLN.
See it on page 8The company expanded its international footprint by May 2021 with the addition of Game On Creative in Canada and People Can Fly Chicago, contributing to a 7.1% increase in total workforce to 301 employees.
See it on page 4The Board of Directors recommended a dividend payout of 0.19 PLN per share (5.6 million PLN total) from 2020 profits, while allocating 23.5 million PLN to reserve capital for future development.
See it on page 11Following the acquisition of Game On Creative and private subscriptions, the company's shareholder structure shifted, leaving the majority stake at approximately 65.9%.
See it on page 10People Can Fly Group experienced steady financial growth during the first quarter of 2021, characterized by a 19.1% year-over-year increase in total revenue to 30.9 million PLN. While adjusted EBITDA rose by 6.6% to reach 10.4 million PLN, net profit saw a 10% decline to 7.8 million PLN compared to the same period in 2020. A significant highlight of the quarter was a dramatic surge in net cash flow, which jumped by 2,390% to 106.1 million PLN, largely driven by capital activities and the company's public market presence.
The group’s operational footprint expanded significantly through international growth and strategic acquisitions. By May 2021, the corporate structure evolved to include new entities such as Game On Creative in Canada and People Can Fly Chicago in the United States, adding to existing studios in the UK and Poland. This expansion is reflected in the workforce growth, which increased by 7.1% to 301 employees and associates. Revenue remains heavily concentrated in development services, which accounted for 30.2 million PLN of the quarterly total, while external outsourcing activities contributed a smaller portion of the overall financial mix.
Strategic financial management during this period involved complex accounting adjustments related to subscription warrants for Square Enix and the forgiveness of a PPP loan. Following the acquisition of Game On Creative and private subscriptions, the shareholder structure shifted, with the majority stake remaining at approximately 65.9%. Additionally, the Board of Directors recommended a dividend payout of 0.19 PLN per share from the 2020 net profit, totaling 5.6 million PLN, while allocating the remaining 23.5 million PLN to reserve capital to support continued development.
