Global
Report
FY24 Interim Financial Results: 1 June 2023 to 30 November 2023
The interim financial results for the six‑month period ending 30 November 2023 demonstrate a mixed performance driven largely by strong back‑catalogue sales, particularly within the creative management simulation (CMS) segment. Total revenue fell 17 % to £47.7 million, with 72 % derived from pre‑period titles; CMS games contributed £26.3 million, representing 55 % of revenue and an 81 % sustain rate versus the previous year. New‑game launches underperformed, with F1 Manager sales down 34 % and Warhammer Age of Sigmar: Realms of Ruin missing launch targets. Gross profit declined 9 % to £33.0 million, while gross margin improved by six percentage points to 69 %. Operating costs rose modestly; research and development expense increased 1 % to £24.7 million, sales and marketing rose 21 %, and general & administrative costs grew 2 %. Adjusted EBITDA swung to a loss of £4.9 million from a £0.6 million profit in the prior period, largely due to higher operating costs and lower revenue. Cash balances stood at £17.1 million on 30 November, down from £19.9 million at year‑end, reflecting ongoing investment in development and restructuring. An organisational review announced in October targets a 20 % reduction in annual operating costs, with phase one completed and phase two slated for February. The company maintains FY24 revenue guidance of £80‑95 million and an adjusted EBITDA loss target of £9 million, achievable at the upper end of the revenue range. Geographically, the results cover the UK‑listed Frontier Developments plc; time coverage is H1 FY24 (June–November 2023). Methodology relies on standard IFRS accounting, with adjustments to derive adjusted EBITDA excluding restructuring, impairment and share‑based payments. The report underscores a strategic pivot toward CMS titles across FY25‑27, with planned console releases of two PC games and an own‑IP CMS title in FY25.
Frontier Developments
Report
FY 2020/21 Sales Results: Nacon
Nacon reported FY 2020/21 sales of €177.9 million, a 37.5 % increase over the previous fiscal year and surpassing the revised target of €160–170 million. Gaming revenue remained flat at €69.1 million, while accessories sales surged to €103.2 million, up 96.1 %. The accessories boom was driven by premium RIG® headsets, licensed controllers, and new Xbox Series X|S accessories launched late in the year. Back‑catalogue game sales tripled to €31 million, contributing high margins and offsetting a slight decline in overall game sales. Digital game sales rose to 75 % of Q4 revenue, up from 70 % the prior year. Quarterly performance highlighted a strong fourth quarter: €42.6 million in sales, a 68.7 % increase over Q4 2019/20, with gaming and accessories both outperforming. The company’s strategy, outlined during its March 2020 IPO, included acquisitions of Neopica, Passtech Games, and BigAnt Studios, expansion into the U.S. market with RIG® accessories, and a licensing agreement with Microsoft for Xbox Series X|S. These moves are expected to lift sales and operating margins in FY 2022/23 and 2023/24. Nacon confirmed a 18 % operating income rate for FY 2020/21 and plans to revise its 2023 guidance upward. The company operates globally, with a distribution network in 100 countries and over 510 employees across 17 subsidiaries.
Nacon
