Frontier Developments

Game Co.31 documents

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

Documents

FY24 Interim Results: Frontier Developments

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 unaudited interim results for the 6 months to 30 November (6 months to 30 (6 months to 30 November 2023) November 2022) Revenue £47.7m £57.1m Adjusted EBITDA loss (£4.9m) (£0.6m) Operating (...

Frontier Developments experienced a significant financial downturn in H1 FY24 (6 months to 30 November 2023), reporting a £33.1 million loss after tax compared to a £6.7 million profit in H1 FY23, and an operating loss of £30.8 million versus a £6.9 million profit in H1 FY23.
Revenue decreased to £47.7 million in H1 FY24 from £57.1 million in H1 FY23, primarily due to lower-than-expected contributions from new game launches and a full impairment charge of £16.9 million for 'Realms of Ruin'.
The company's cash balance significantly reduced to £17.1 million at November 30, 2023, down from £42.6 million in H1 FY23, though it increased to £19.9 million by December 31, 2023, after receiving subscription fees.
Frontier is strategically refocusing on Creative Management Simulation (CMS) games, with three new CMS titles planned for release in FY25, FY26, and FY27, building on the strong performance of existing CMS games which generated £26.3 million (55% of total revenue) in H1 FY24.
An organizational review led to cost reduction efforts, targeting 20% savings in annual operating costs by the start of FY25, with a £2.5 million restructuring charge recorded in H1 FY24.

Frontier Developments

Report94 pages

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 ...

Frontier plans to release three self-published CMS (Creative Management Simulation) games in the next three consecutive financial years: Planet Coaster 2 in autumn 2024 (FY25), a new Jurassic World game in FY26, and a third unannounced CMS game in FY27.
Frontier reported a loss before taxation of £28.425 million for the 12 months ending May 31, 2024, an increase from £26.509 million in the previous year.
Net cashflows from operating activities decreased to £31.625 million in FY24 from £47.875 million in FY23, while net cashflows used in investing activities improved to (£27.868 million) from (£52.310 million).
The company incurred £1.4 million in costs from an Organizational Review in FY24, primarily due to redundancy costs, compared to £nil in FY23.
Frontier's total unrecognised tax losses increased to £109.5 million at May 31, 2024, from £80.2 million at May 31, 2023, with these losses having no expiry date.

Frontier Developments

Financial19 pages

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

FY25 INTERIM FINANCIAL RESULTS FOR THE PERIOD 1 JUNE 2024 TO 30 NOVEMBER 2024 PRIVATE AND CONFIDENTIAL RESERVED FY25 INTERIM FINANCIAL RESULTS 2 The information contained in this confidential the account or benefit of, U.S.

Planet Coaster 2, launched on November 6, contributed 22% of total revenue in H1 FY25 (June 1 to November 30, 2024).
The company achieved a profit of £4.4 million in H1 FY25.
F1® Manager 2024, released in July, met sales expectations.
The back catalogue, including Jurassic Park PDLC, generated significant revenue, with console sales reaching £100 million and mega-sale console sales reaching £80 million.
Total revenue for H1 FY25 was £47.3 million, with adjusted EBITDA at £4.4 million and total operating expenses at £28.5 million.

Frontier Developments

Financial22 pages

FY24 Financial Results: Reset and Back on Track

FY24 FINANCIAL RESULTS – RESET AND BACK ON TRACK 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 2024 (‘FY24’). This announcement contains inside information.

Frontier Developments plc reported FY24 revenue of £89.3 million, a decrease from £104.6 million in FY23, but exceeded expectations due to strong H2 performance from creative management simulation (CMS) back catalogue games.
The company implemented a strategic reset in H1 FY24 to focus on CMS games, followed by an Organizational Review in H2 FY24 that reduced annual operating costs by approximately 20% and led to a return to profitability on an Adjusted EBITDA basis in H2.
Despite the strategic shift, Frontier recorded an IFRS operating loss of (£28.4 million) in FY24, slightly worse than (£26.6 million) in FY23, largely due to impairment charges, including £16.9 million for Warhammer Age of Sigmar: Realms of Ruin.
Frontier's cash balance remained strong at £29.5 million at May 31, 2024, up from £28.3 million in FY23, and the company has no debt.
CMS titles generated 62% of Group revenue in FY24, up from 58% in FY23, with Planet Zoo and Jurassic World Evolution 2 being the strongest performers, and Planet Coaster maintaining a 96% annual revenue sustain rate.

Frontier Developments

Report14 pages

FY25 Trading Update

FOR THE FINANCIAL YEAR 1 JUNE 2024 TO 31 MAY 2025 PRIVATE AND CONFIDENTIAL RESERVED STRONG RESULTS AND INCREASED MOMENTUM 2 FINANCIALS the account or benefit of, U.S.

Frontier Developments PLC's revenue increased by 1% to £90.6 million in FY25, with gross profit up 3% to approximately £63 million.
Planet Coaster 2 sold over 500,000 base game units in FY25 (approximately 7 months) and has received 5 free major updates since launch, with a 6th scheduled for later this month.
Jurassic World Evolution 3 is announced for release on October 21, 2025 (in FY26) on PC, PlayStation 5, and Xbox Series X|S, featuring breeding, juvenile dinosaurs, and Jeff Goldblum.
Elite Dangerous saw a nearly 150% growth in PDLC revenue due to monetisation improvements, including early access ship sales, and PDLC accounted for 36% of total revenue in FY25 (up from 35% in FY24).
Subscription revenue decreased significantly from 13% in FY24 to 5% in FY25, though underlying revenue, excluding subscription deals, grew by 11%.

Frontier Developments

Report13 pages

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.

Frontier Developments achieved a significant financial turnaround in H1 FY25, swinging from a £4.9 million EBITDA loss in the prior year to a £4.4 million profit.
Operating profit reached £4.5 million, a substantial recovery from the £33.3 million loss reported in H1 FY24, driven by aggressive cost-cutting measures and the closure of the Frontier Foundry division.
The November 6 launch of Planet Coaster 2 generated 22% of total H1 revenue, selling over 400,000 units across PC, PS5, and Xbox Series platforms within two months.
Disciplined cost management reduced adjusted operating costs by 25% to £28.5 million, with R&D expenses falling 21% and administrative/marketing costs dropping 32%.
Cash reserves strengthened to £30.5 million by December 31, 2024, up from £27.2 million at the end of November.

Frontier Developments

Report3 pages

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.

Frontier Developments achieved a significant increase in profitability, with projected Adjusted EBITDA rising to £8–£9 million from £0.9 million in FY24.
Revenue grew to £90.6 million, driven by a 25% year-on-year increase in Creative Management Simulation (CMS) titles, which now account for 77% of total revenue.
The launch of Planet Coaster 2 catalyzed a nearly 200% revenue increase for the Planet Coaster franchise.
The company’s cash position strengthened to £42.5 million, up from £29.5 million, enabling a proposed £10 million share buyback.
Profitability was bolstered by a £3.5 million gain from the sale of publishing rights to Stranded: Alien Dawn, alongside reduced operating costs.

Frontier Developments

Financial20 pages

FY25 Financial Results

The information contained in this confidential the account or benefit of, U.S. Persons (as defined in or advisers take any responsibility for, or will accept any shareholders, directors, officers, agents, employees or by Frontier Developments plc (the "Company"). from the registration requirements of the Securities This Presentation has not been approved by an authorised Act and applicable state securities laws.

Post-release downloadable content (PDLC) continues to be a significant revenue driver, accounting for 36% of total revenue in FY25, a slight increase from 35% in FY24.
The Jurassic World Evolution franchise was a major contributor to revenue, making up 27% of total revenue in FY25 and growing 76% year-over-year, with PDLC revenue increasing by almost 150%.
Underlying revenue, excluding subscription deals, grew by 11% in FY25.
The company's core franchises (Planet Zoo, Jurassic World Evolution, and Elite Dangerous) all experienced strong years, with Planet Coaster 2's player sentiment improving ahead of a planned monetization reboot.
The company has a strong roadmap with three future games: Jurassic World Evolution 3 (FY26) and two additional CMS games (FY27 & FY28).

Frontier Developments

Report92 pages

Annual Report and Accounts 2025

ANNUAL REPORT AND ACCOUNTS 2025 ANNUAL REPORT AND ACCOUNTS 2025 Frontier is a leading independent developer and CONTENTS publisher of video games for PC and consoles, HEADLINES STRATEGIC REPORT creating immersive and fun gameplay with high See a summary of the headlines for FY25, 01 Headlines production values.

Frontier Developments PLC achieved significant profitability and cash generation uplift in FY25, driven by a sharpened focus on CMS (Content Management System) games and a sustainable cost base.
Revenue increased year-on-year in FY25, and gross profit rose to £63.3 million (up from £61.3 million in FY24), with an improved gross margin of 70% (up from 69% in FY24) due to a greater share of own-IP game revenue.
Elite Dangerous, a long-standing space exploration title outside the CMS portfolio, saw 76% year-on-year revenue growth in FY25, supported by new content and increased player engagement.
Cash expenditure on CMS games represented 72% in FY25, a significant increase from 58% (£26.5 million) in FY24, reflecting a strategic refocus and reallocation of employees to capitalisable projects.
Frontier will adopt Adjusted Operating Profit as its primary financial performance measure from FY26, replacing Adjusted EBITDA, to provide a more accurate reflection of Group performance.

Frontier Developments

Financial21 pages

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.

Frontier Developments plc reported a significant financial turnaround in FY25 (ended May 31, 2025), moving from an operating loss of £28.4 million in FY24 to an operating profit of £12.7 million. Adjusted Operating Profit also substantially increased to £13.2 million from £4.6 million in FY24.
Revenue saw a slight increase to £90.6 million in FY25 from £89.3 million in FY24, while the cash balance at year-end grew significantly to £42.5 million from £29.5 million.
The improved financial performance was largely driven by a 42% reduction in total operating expenditure, which fell to £54.6 million in FY25 from £94.6 million in FY24, primarily due to a £28.2 million decrease in amortisation and impairment charges.
The company's 'Creative Management Simulation' (CMS) strategy delivered, and outside of CMS, Elite Dangerous saw excellent revenue growth of 76% year-on-year.
Frontier established a new Executive Board in June 2025, creating three new senior roles (Chief People Officer, Chief Development Officer, Chief Marketing Officer) to enhance strategic delivery and improve leadership structure.

Frontier Developments

Report17 pages

FY26 H1 Results Presentation

The information contained in this confidential the account or benefit of, U.S. Persons (as defined in or advisers take any responsibility for, or will accept any shareholders, directors, officers, agents, employees or document ("Presentation") has been prepared liability whether direct or indirect, express or implied, advisers.

Frontier Developments plc's H1 FY26 financial results show an Adjusted Operating Profit of approximately £11 million.
CMS (Content Management System) games grew 52% in H1 FY26, contributing 90% of the total revenue.
Jurassic World Evolution 3 (JWE3) has been a significant success.
The company's FY27 CMS title will be a sequel to Planet Zoo, their most successful individual game.
A new game is being developed by Frontier's Canada team for release in FY27.

Frontier Developments

Report12 pages

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.

Frontier Developments reported a 26% revenue increase to £59.6 million and a 76% rise in adjusted operating profit to £9.7 million for H1 FY26, driven primarily by the launch of Jurassic World Evolution 3.
Jurassic World Evolution 3 accounted for 90% of total revenue in H1 FY26, while Planet Zoo became the company's highest-grossing individual title.
The Board upgraded full-year FY26 guidance to approximately £100 million in revenue and £11 million in adjusted operating profit, supported by strong seasonal sales momentum.
Cash reserves grew 47% year-on-year to £40.1 million, even after executing a £10 million share buy-back that increased earnings per share to 21.4p.
Gross margin declined from 70% to 64% due to a higher proportion of revenue generated from royalty-bearing intellectual property.

Frontier Developments