Remedy Entertainment FY2019 Financial Statement Release: Presentation

Key insights

6 takeaways

01
Remedy Entertainment reported 31.6 million euros in revenue for 2019, a 57% increase over the previous year, with an operating profit of 6.5 million euros.See it on page 4
02
The company’s financial growth was primarily driven by the successful launch of its internally owned intellectual property, Control.See it on page 13
03
Workforce capacity grew by 50% year-on-year, reaching 248 full-time employees by the end of 2019.See it on page 12
04
Development operations are supported by the proprietary Northlight engine, which facilitates a multi-project strategy including the CrossfireX single-player campaign and the pre-production of the multiplayer title Vanguard.See it on page 11
05
Management aims for consistent annual output, targeting at least one game or major expansion release per year.See it on page 22
06
The 2020 outlook projects revenue and profit growth concentrated in the second half of the year, supported by two paid expansions for Control and the launch of the CrossfireX single-player campaign.See it on page 22

Summary

Remedy Entertainment’s 2019 financial performance reflects the successful completion of the first phase of its multi-project growth strategy. The company achieved significant financial expansion, reporting revenue of 31.6 million euros, a 57% increase over the previous year, and an operating profit of 6.5 million euros, representing 21% of revenue. This growth was primarily driven by the successful launch of the internally owned intellectual property Control, alongside ongoing development work on multiple projects, including the single-player campaign for the CrossfireX franchise.

The company’s operational model centers on a multi-project approach supported by its proprietary Northlight game engine, which enables specialized development workflows and high-quality graphics. By the end of 2019, Remedy had scaled its workforce to 248 full-time employees, representing a 50% year-on-year increase. The firm’s strategic focus remains on creating long-lasting, service-based games and expanding its influence within the industry value chain. Two additional projects, including the service-based multiplayer title Vanguard, have progressed into the pre-production phase.

Looking toward 2020, the company anticipates continued growth in both revenue and operating profit, with the majority of these gains expected in the second half of the year. The outlook includes the release of two paid expansions for Control and the launch of the CrossfireX single-player campaign. Management maintains a long-term objective of consistent output, aiming to launch at least one game or major expansion annually. While the introduction of the next new game brand is scheduled for beyond 2020, the company remains positioned for sustained financial performance through its diversified development pipeline and continued investment in proprietary technology.