Global
Report
FY24 Financial Results
The FY24 financial results demonstrate a strategic pivot toward core creative management simulation (CMS) titles, yielding a 15 % revenue decline to £89.3 million but an improved gross margin of 69 %. Cost‑of‑sales fell by 25 % to £28.0 million, while research and development spending dropped 12 % to £45.0 million, supporting a 9 pp increase in gross margin versus FY23. Operating expenses were trimmed by 9 % to £65.3 million, largely through a 20 % reduction in annual operating costs following an organisational review that re‑shaped teams and eliminated redundant functions. The sale of the RollerCoaster Tycoon 3 publishing rights generated a £4.9 million gain, contributing to an adjusted EBITDA of £0.9 million for the year and a return to profitability in H2, where adjusted EBITDA rose from a loss of £4.0 million (H1 FY23) to a profit of £5.8 million (H2 FY24). Cash balance increased from £28.3 million to £29.5 million, reflecting stronger cash flow generation. Geographically the portfolio remains UK‑centric with releases across PC, PlayStation 5 and Xbox Series X/S platforms. The fiscal period covers FY24 (April 2023‑March 2024) and includes a detailed half‑year comparison. Methodology relies on adjusted EBITDA, excluding non‑cash items such as IAS 38 amortisation and impairment charges, restructuring costs, and share‑based payments. The report highlights a robust pipeline featuring Planet Coaster 2 (autumn 2024) and a third Jurassic World game slated for FY26, underpinning confidence in achieving £88 million revenue and profitability targets for FY25.
Frontier Developments
Report
Q1 2020/21 Sales Results: 24.5% Sales Increase Despite a Strong Comparison Basis
Nacon reported a 24.5 % rise in first‑quarter sales for FY 2020/21, reaching €38.0 million against €30.5 million in the same period a year earlier, confirming its annual financial targets. The growth was driven primarily by accessories and digital game sales. Accessories surged 134.9 % to €22.5 million, propelled by the launch of the RIG premium headset line and a new U.S. subsidiary. Digital game sales, which accounted for 80.7 % of total game revenue, offset a decline in new releases; back‑catalogue sales jumped 340 % to €10.8 million, matching the entire previous year’s back‑catalogue volume. Game sales fell to €14.5 million from €20.0 million due to a strong comparison base of major titles released in the prior fiscal year, but the accelerated digital channel and successful releases such as *Hunting Simulator 2* and *Pro Cycling Manager/Tour de France 2020* mitigated the impact. Other revenue categories remained flat. Geographically, Nacon operates through 16 subsidiaries and a distribution network spanning 100 countries, with recent expansion into the United States. The company’s outlook for Q2 and the remainder of FY 2020/21 remains positive, citing upcoming releases (*WRC 9*, *Tennis World Tour 2*, *Monster Truck Championship*), continued digital momentum, and a new partnership with Microsoft for console‑compatible controllers. Nacon projects FY 2020/21 sales between €140–€150 million and a 18 % operating margin, while maintaining its 2023 plan targets of €180–€200 million sales and over 20 % margin for FY 2022/23.
Nacon
