Frontier Developments PLC Trading Update and Jurassic World Evolution Launch (0090R)
12 June 2018 - 4:00PM
UK Regulatory
TIDMFDEV
RNS Number : 0090R
Frontier Developments PLC
12 June 2018
12 June 2018
Frontier Developments plc
Trading Update and launch of Jurassic World Evolution
Frontier Developments plc (AIM: FDEV; "Frontier" or the
"Group"), a leading independent developer and publisher of video
games, provides an update on trading for financial year 2018
("FY18" - the 12 months ended 31 May 2018) and confirms the launch
of Jurassic World Evolution(TM) today as planned.
Frontier's first two franchises, Elite Dangerous (launched in
2014) and Planet Coaster (launched in 2016), continue to perform
well, generating sustained revenue streams following the strong
performance delivered in the first half of FY18 (the six months to
30 November 2017). As a result, the Board expects to report
financial results for FY18 ahead of market expectations, with
revenue of approximately GBP34 million and operating profit (as
calculated under IFRS) of approximately GBP2 million. As the launch
date for Jurassic World Evolution falls into financial year 2019,
no pre-order revenue for the game has been recognised in FY18.
After an encouraging reaction to pre-launch marketing including
digital pre-order sales, Frontier's third franchise, Jurassic World
Evolution(TM) launches as planned today, on the first day of E3
Expo, the biggest games industry event of the year and within days
of the opening of the Jurassic World: Fallen Kingdom film. The game
is now available for digital download on Steam for PC, the
PlayStation(R)4 computer entertainment system, and the Xbox One
all-in-one games and entertainment system.
David Braben, Chief Executive, said:
"The launch of Jurassic World Evolution, our third franchise, is
another exciting milestone for Frontier. Today highlights the
ongoing success of our strategy to create long-term growth through
developing, operating and self-publishing multiple successful game
franchises.
I am very happy with the game and hope that players enjoy
building their own Jurassic World as much as we did developing it.
It is the culmination of outstanding work by the team and I would
like to thank everyone for their significant efforts.
I look forward to providing updates on our exciting future games
in due course, together with news on our three popular existing
franchises as we enhance their content further - for example, we
will release Elite Dangerous: Beyond - Chapter 2 on 28 June
2018."
Frontier is scaling up to build a broad portfolio of franchises,
each different to the last, and each with the capability to offer
sustained revenue streams as already seen with Elite Dangerous and
Planet Coaster. Releases of new franchises can be expected to drive
steps up in the Group's financial performance.
The Group's future franchise portfolio is likely to contain a
mixture of owned-IP (like Elite Dangerous and Planet Coaster) and
licensed-IP (like Jurassic World Evolution). Frontier already has
future franchises in different phases of development. Subject to
Frontier's disclosure obligations as an AIM company, it is the
Board's intention to make announcements about future franchises at
the optimum time for the success of that particular franchise. This
may be some time after the start of a particular project, and not
necessarily at the time of the signature of an agreement with a
development or IP partner.
As communicated in the Group's previous Annual Reports, in
addition to the current core model of using internal resources
supplemented by outsourced services, the Group will continue to
explore other models to accelerate its scale-up by further
leveraging existing expertise, intellectual property, publishing
presence, relationships and financial position. These models
include third party publishing (controlling the promotion and
distribution of other developers' games), commissioning
(outsourcing the majority of development of Frontier games to other
developers), and enhancing the Group's franchise portfolio or
capabilities via acquisitions.
Frontier expects to announce its audited full year results for
the 12 months ending 31 May 2018 on Wednesday 5 September 2018.
Enquiries:
Frontier Developments +44 (0)1223 394300
David Braben, CEO / David Walsh, COO / Alex Bevis, CFO
Liberum - Nomad and Joint Broker +44 (0)20 3100 2000
Neil Patel / Cameron Duncan
finnCap - Joint Broker +44 (0) 20 7220 0500
Matt Goode / Giles Rolls / Alice Lane
Tulchan Communications +44 (0) 20 7353 4200
James Macey White / Matt Low
About Frontier Developments plc
Frontier Developments plc, listed on the AIM stock market (AIM:
FDEV), is a leading independent creator of self-published videogame
franchises founded in 1994 by David Braben, co-author of the
seminal 'Elite' game. Based in Cambridge, UK, Frontier uses its
proprietary 'COBRA' game development technology to create
innovative videogames for home consoles and personal computers.
Frontier's LEI number: 213800B9LGPWUAZ9GX18.
www.frontier.co.uk
The information communicated in this announcement is inside
information for the purposes of Article 7 of Regulation
596/2014.
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END
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