Video game developer maintains record-breaking performance
Video game developer Frontier Developments has published its half-year financial results, revealing an increase in revenue following a record year.
The Cambridge company, which is listed on the AIM market of the London Stock Exchange, grew revenue to £19m for the six-month period to 30 November 2017, up from £18.1m a year earlier.
It said that both its Elite Dangerous and Planet Coaster franchises continue to perform well. S
ales of Elite Dangerous in the six-month period benefitted from its release on Sony PlayStation 4 and the launch of physical disc sales on both Sony PlayStation 4 and Microsoft Xbox.
Trading through the holiday period, including Thanksgiving and Christmas, was in line with expectations.
"Our strategy of supporting and nurturing our game franchises continues to deliver, with sales in the first half of the year sustaining last year's record breaking levels," said chief executive David Braben.
Braben added that Frontier is now gearing up to release Jurassic World Evolution, its third franchise, in summer 2018.
"Beyond this we are working on plans to further scale up our business to accelerate the frequency of our major releases," he said.
Despite the increase in revenue, profit before tax for the six months fell from £3.6m to £3m due to higher research and development costs, as well as sales and marketing expenses.