Frontier Developments

Game Co.

24 documents

UK game developer. Planet Coaster/Zoo, Elite Dangerous, Jurassic World Evolution. Founded by David Braben (Elite).

Documents

Report

Annual Report and Accounts 2024

ANNUAL REPORT AND ACCOUNTS 2024 30 YEARS OF HEADLINES CONTENTS CREATIVITY, STRATEGIC REPORT See a summary of the headlines for FY24, 01 Headlines INNOVATION AND ...

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Frontier Developments

Report

FY25 Financial Results: Creating Momentum

FY25 FINANCIAL RESULTS – CREATING MOMENTUM Frontier Developments plc (AIM: FDEV, ‘Frontier’, the ‘Company’, or the ‘Group’), a leading developer and publisher of video games based in Cambridge, UK, publishes its full-year results for the 12 months ended 31 May 2025 (‘FY25’). This announcement contains inside information.

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Frontier Developments

Report

FY25 Trading Update: Strong Results and Increased Momentum

Frontier Developments plc reports a modest revenue rise to £90.6 million for FY25, up from £89.3 million in FY24, driven by a 25 % year‑on‑year increase in its Creative Management Simulation (CMS) titles. The three flagship CMS franchises—Planet Coaster, Planet Zoo and Jurassic World Evolution—accounted for 77 % of total revenue in FY25, a jump from 62 % the previous year. Planet Coaster alone grew almost 200 % following the launch of Planet Coaster 2, while Planet Zoo and Jurassic World Evolution maintained near‑stable sales levels. Profitability improved sharply; Adjusted EBITDA is projected between £8 million and £9 million, compared with a £0.9 million profit in FY24, thanks to higher gross margins, reduced operating costs and a £3.5 million gain from selling publishing rights to Stranded: Alien Dawn. Adjusted Operating Profit, a new metric effective FY26 that incorporates tax credits and reliefs, is expected to reach £11 million‑£12 million in FY25. Cash position strengthened, with cash on hand rising to £42.5 million from £29.5 million at the end of FY24, supporting a planned share buyback up to £10 million pending shareholder approval. The board also announced the creation of an Executive Board to streamline decision‑making and highlighted the upcoming release of Jurassic World Evolution 3 on 21 October 2025 as a key growth driver.

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Frontier Developments

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.

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Frontier Developments

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.

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Frontier Developments

Report

FY25 H1 Results: A Strong Turnaround

Frontier Developments plc reported a robust turnaround in its first half of FY25, with revenue of £47.3 million nearly matching the prior year’s £47.7 million and an adjusted EBITDA profit of £4.4 million, a swing from a £4.9 million loss in H1 FY24. Operating profit rose to £4.5 million from a £33.3 million loss, driven by significant cost reductions following an organisational review and the closure of Frontier Foundry. Cash reserves strengthened to £27.2 million at 30 November, rising to £30.5 million by 31 December after the November launch of Planet Coaster 2. Planet Coaster 2, released on 6 November, dominated the period by contributing 22% of total revenue and selling over 400,000 base‑game units across PC, PS5, and Xbox Series platforms within two months. The game’s launch reinforced the company’s CMS strategy, supported by strong sales of existing titles such as Planet Zoo and Jurassic World Evolution 2. Elite Dangerous also saw revenue growth through new story content, while F1® Manager 2024 added a fresh title to the portfolio. Cost efficiencies were evident: adjusted operating costs fell 25% to £28.5 million, R&D expenses dropped 21% to £19.5 million, and marketing and administrative costs declined 32%. Gross profit margin improved to 70% from 69%, reflecting a favourable revenue mix. The company maintains a positive outlook for FY25, citing continued momentum from the CMS lineup and upcoming releases. Management expressed confidence in sustaining profitability and capitalising on planned content updates, while acknowledging subscription deal timing as a variable factor. Overall, the interim results demonstrate that Frontier’s strategic reset and disciplined cost management have restored profitability and positioned the firm for continued growth in the competitive video‑game market.

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Frontier Developments

Report

Interim Results: H1 FY26

Frontier Developments plc reported unaudited interim results for the six months to 30 November 2025, showing a 26 % increase in revenue to £59.6 million and a 76 % rise in adjusted operating profit to £9.7 million compared with the same period in 2024. The growth was driven primarily by the launch of Jurassic World Evolution 3, which contributed 90 % of total revenue in H1 FY26 and earned nominations at the Game Awards 2025 and BAFTA Games Awards 2026. Other titles such as Planet Zoo, Planet Coaster 2 and Elite Dangerous also performed strongly, with Planet Zoo becoming the Group’s highest‑grossing individual game. Cash profitability improved markedly; adjusted operating profit, which excludes non‑cash development capitalisation and includes tax and R&D credits, grew to £9.7 million from £5.5 million year‑on‑year. IFRS operating profit rose 73 % to £7.8 million. Gross margin fell to 64 % from 70 %, reflecting higher royalty‑bearing IP revenue. The Group’s cash balance increased to £40.1 million, up 47 % from the prior year, after a £10 million share buy‑back that raised earnings per share to 21.4 p. The Board upgraded FY26 guidance, now targeting revenue of approximately £100 million and adjusted operating profit of around £11 million, citing strong seasonal sales momentum. CEO Jonny Watts stepped down on 1 January 2026, succeeded by Jo Cooke, with Watts remaining as Executive Director until 31 May 2026 to ensure a smooth transition. The Group remains debt‑free, with no significant liabilities beyond lease obligations, and maintains a robust pipeline of CMS titles slated for release in FY27–FY28.

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Frontier Developments

Report

FY23 Financial Results

The FY23 financial results show a contraction in revenue to £104.6 million, an 8 % decline from the previous year, driven largely by lower sales of the F1® Manager series. Adjusted EBITDA swung from a £6.7 million profit in FY22 to a £4.6 million loss, while the IFRS operating loss widened to £26.6 million. Non‑cash intangible charges of £28.7 million—primarily the closure of Foundry (£13.7 m) and a £15 million impairment on the F1® Manager franchise—were key contributors to the loss. Cash reserves fell from £38.7 million to £28.3 million, reflecting higher operating expenses and capitalised development costs. The portfolio remains dominated by legacy titles, with 72 % of revenue generated from pre‑FY23 releases such as Jurassic World Evolution 2. New initiatives include the acquisition of Complex Games in November 2022 and the planned launch of Warhammer Age of Sigmar: Realms of Ruin, a real‑time strategy title slated for November 2023. The company has refocused on Creative Management Simulation games, closing Foundry and reallocating resources to two new CMS projects. Leadership reviews aim to improve return on investment. For FY24, market consensus expects revenue of £108 million and an adjusted EBITDA loss of £9 million. The company anticipates that the new RTS release, alongside continued support for existing titles and undisclosed revenue streams, will offset the F1® Manager shortfall. The strategy shift toward core CMS titles and tighter cost management underpins confidence in returning to profitable performance over the medium term.

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Frontier Developments

Annual Report and Accounts 2024

FY25 Financial Results: Creating Momentum

FY25 Trading Update: Strong Results and Increased Momentum

FY25 Financial Results

FY25 Interim Financial Results: 1 June 2024 to 30 November 2024

FY24 Financial Results: Reset and Back on Track

FY24 Financial Results

FY24 Interim Financial Results: 1 June 2023 to 30 November 2023

FY25 H1 Results: A Strong Turnaround

Interim Results: H1 FY26

FY24 Interim Results: Frontier Developments

FY23 Financial Results

Frontier Developments

Documents