Frontier Dev PLC - IP Licence with Games Workshop and Trading Update
Frontier signs an IP Licence with Games Workshop Group PLC and provides an update on trading
· IP rights licenced from Games Workshop to develop and publish a real-time strategy game worldwide on PC, console and streaming platforms for release in FY23
· Game based within the globally popular world of Warhammer® Age of Sigmar®
· Two major releases from internal development teams are now confirmed for each of FY22 and FY23
· Lockdown-related demand for games is having a positive impact on sales globally
· Home working for all staff has been in place for over a month
Warhammer Age of Sigmar is Games Workshop's most recent iteration of the globally renowned fantasy setting in which the four Grand Alliances of Order, Chaos, Death and Destruction vie for control of the Mortal Realms. Unique and distinct in style, and endless in scope, this ever growing universe sits alongside the far future dystopia of Warhammer 40,000 as the most successful tabletop miniatures games in the world.
Under the terms of the Licence, Frontier has the exclusive rights to develop and publish a real-time strategy game worldwide on PC and console platforms, together with the rights for streaming services. The game is planned for release in Frontier's financial year ending
Frontier's development roadmap is now stronger than ever, with two major releases from internal development teams now confirmed for each of FY22 and FY23. FY22 will benefit from the multi-platform release of a game based on an as-yet unrevealed major global IP and the release of Frontier's first Formula 1 multi-platform management game alongside the 2022 F1 season. FY23 will see the release of the 2023 Formula 1 management game and the Warhammer Age of Sigmar multi-platform real-time strategy game.
For the financial year ending
FY21 and beyond will also benefit from releases from Frontier's third party publishing initiative. Two games have been signed for release in FY21, with a further three already signed for FY22 and scope for more. Five or six third party game releases per year are expected from FY23 onwards.
Trading Update and Covid-19
The safety of our team is Frontier's main priority and we acted quickly to transition the majority of our 500+ staff to home working during March, prior to the lock-down. It is testament to their dedication and positive attitude that we were able to release both the
Like many companies selling mainly online in the digital entertainment industry we have seen increases in demand for our products. This started in
Based on this increased demand, the Board now expects revenue to be towards the top of the previously stated range of
Our next major releases are Planet Coaster coming to PlayStation and Xbox and a major new paid-for release for
It is too early to judge the long-term effect of home working on efficiency, and there remains significant uncertainty regarding how long the lock-down may continue. We are continually assessing any potential impact on development. A small number of days were disrupted due to the transition in March, and while we anticipate some level of ongoing disruption, and thus potential delays to production schedules for content releases, including for
The company is in a strong position, and while the Board continues to monitor closely the impact of Covid-19, we do not currently expect to use Government employment support or apply for grants. We continue to recruit and we already have a number of new joiners who have started with us by working from home. The business has a strong, debt-free balance sheet with cash of approximately
"We are delighted to announce this licence with Games Workshop. I personally think it's great news that two such well-established and world-class creative
Our roadmap is looking stronger than ever, with two games from our internal developments for each of FY22 and FY23 and an exciting portfolio coming up from our third party publishing initiative, starting in FY21.
I am incredibly proud of the positive reaction of our staff to the challenges of Covid-19 and would like to thank them all for their dedication. We were delighted to release
"As Warhammer becomes an ever larger brand and our legions of fans around the world look for exciting ways to experience the splendour of our settings, we are always looking for the highest quality partners to work with. Frontier is just such a company, with an incredible heritage, and an innovative and highly polished development capability clearly demonstrated by their compelling vision for this game. This will be the first RTS set in the epic fantasy world of the Age of Sigmar, which is the kind of game that Warhammer and strategy fans have been clamouring for. We know that the team at Frontier are the perfect people to take on that great responsibility and do it justice."
This announcement contains inside information as defined in Article 7 of the Market Abuse Regulation (EU) 596/2014. The person responsible for making this announcement on behalf of the Company is
Frontier Developments +44 (0)1223 394 300
David Braben, CEO
Alex Bevis, CFO
Liberum - Nomad and Joint Broker +44 (0)20 3100 2000
Neil Patel / Cameron Duncan
Jefferies - Joint Broker +44 (0)20 7029 8000
Max Jones / William Brown
Tulchan Communications +44 (0)20 7353 4200
Matt Low / Deborah Roney / James Macey White
Frontier's LEI number: 213800B9LGPWUAZ9GX18.
Games Workshop Group PLC (LSE:GAW.L), based in Nottingham, UK, produces the best fantasy miniatures in the world.
This information is provided by RNS, the news service of the
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