Thunderful Group Interim Report: Q1 2021

Key insights

7 takeaways

01
Thunderful Group revenue increased by 8.0% to 568.3 MSEK in Q1 2021, while adjusted EBITA rose 11.7% to 54.5 MSEK compared to the same period in 2020.See it on page 1
02
The Games segment experienced significant growth, with net revenue increasing 125.6% to 67.9 MSEK, while the Distribution segment saw a 3.9% decline to 470.9 MSEK.See it on page 2
03
On 15 March 2021, Thunderful Group acquired the German game publisher and developer Headup GmbH to expand its portfolio.See it on page 25
04
Following the end of the quarter, subsidiary Coatsink Software Ltd signed new game development agreements valued at more than 20 MUSD.See it on page 3
05
Operating profit (EBIT) for the quarter declined by 10.4% to 35.4 MSEK, resulting in an operating margin of 6.2% compared to 7.5% in Q1 2020.See it on page 7
06
Total headcount for the group increased to 348 employees by the end of the quarter, up from 173 in the prior-year period.See it on page 5
07
Operating cash flow for Q1 2021 was -42.8 MSEK, impacted by 49.1 MSEK in acquisition-related investments.See it on page 8

Summary

• Revenue increased by 8.0% to 568.3 MSEK (526.3). • Adjusted EBITA rose by 11.7% to 54.5 MSEK (48.8), corresponding to an adjusted EBITA margin of 9.6% (9.3). • Adjusted EBITDA increased by 15.5% to 62.7 MSEK (54.3), • corresponding to an adjusted EBITDA margin of 11.0% (10.3). HEADUP Operating profit (EBIT) declined by 10.4% to 35.4 MSEK (39.5), corresponding to an operating margin of 6.2% (7.5). • Profit for the quarter amounted to 13.2 MSEK (21.6).