Frontier Dev PLC - Trading Statement
Frontier Developments plc
Frontier Developments plc (AIM: FDEV, 'Frontier', the 'Group' or the 'Company'), a leading developer and publisher of videogames based in
· Trading in the current financial year to date is ahead of the Board's original expectations
· Extended home working has created additional development challenges
· Frontier Foundry title Lemnis Gate is now planned for release in FY22
· Notwithstanding the decision to move these releases to FY22, the Board continues to expect that revenue for FY21 will be in the range of
Trading in the first six months of the current financial year ('H1 FY21' -
Revenue in December, which is typically the biggest month of the year for videogames sales, was stronger than expected across all four titles, with both base games and paid downloadable content ('PDLC') selling ahead of expectations. As a result, trading in the current financial year to date is ahead of the Board's original expectations.
We successfully transitioned to working from home prior to the official lock-down in
Our next major internally developed release is
As always we are committed to delivering a high quality experience through the release of Odyssey, to a large and engaged player community with high expectations. Odyssey is coming together well, despite Covid-related challenges with collaborative working on such a large project, which are resulting in some inevitable minor delays.
Having reviewed project timelines to take into account the renewed need to continue with remote working for the near future, as well as our commitment to release only when we are certain that the experience for our players, on all platforms, will be as enjoyable as possible, our launch plans for Odyssey have now been updated.
Covid-19 remote working has also adversely impacted some of our development partners under Frontier Foundry, our games label for third party publishing. Lemnis Gate, the awarding winning FPS game with an intriguing time-based strategic element, will now release in FY22 versus the original plan for a FY21 launch. We have a number of other exciting partner titles planned for FY22 release, and remain confident that Frontier Foundry will continue to grow and so become a material part of our business.
Our existing portfolio, including both base games and PDLC products, continues to sell ahead of our original expectations for FY21, and based on all currently available information the Board's projections for FY21 remain in-line with the previously guided revenue range of
The current range of analysts' revenue projections for FY22 is
"2020 was a hard year for a great many people because of the challenges of Covid-19. Despite this, and doubtless helped by lockdown boosting demand for screen-based entertainment around the world, we had a successful year through the hard work and adaptability of our talented teams. Our four great franchises have really long play times and engaging social aspects to them, which make them well-suited to lockdown.
We know that our
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 / William Booth / Tom Blundell / David Allchurch
About Frontier Developments plc
Frontier is a leading independent developer and publisher of videogames founded in 1994 by David Braben, co-author of the iconic Elite game. Based in Cambridge, Frontier uses its proprietary COBRA game development technology to create innovative genre-leading games, primarily for personal computers and videogame consoles. As well as self-publishing internally developed games, Frontier also publishes games developed by carefully selected partner studios under its Frontier Foundry games label.
Frontier's LEI number: 213800B9LGPWUAZ9GX18.
Quick facts: Frontier Developments
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