Shares are up over 20 per cent for video game giant Frontier Developments after the Jurassic World game maker posted record revenue of £114m this morning.
Revenue was up 26 per cent from the previous year, which was buffered by the new Jurassic film momentum, as well as the forthcoming F1 Manager game.
Sales for Jurassic World Evolution 2 exceeded 1.3 millions units over the year, as the gaming firm carves its post-pandemic path
Commenting on the results, David Braben, CEO and Founder, said:”We’ve had another year of solid growth. Following its launch in November 2021, our player base for Jurassic World Evolution 2 has continued to expand, as expected. We are now very well set up for the future, with the Dominion expansion and bundles launching today for Jurassic World Evolution 2, and F1 Manager 2022 due later this summer.
The team has done a great job this year, overcoming many challenges and working tirelessly to support our games and our players. Our games label, Frontier Foundry, has performed well too, with Warhammer 40,000: Chaos Gate – Daemonhunters launching right at the end of the financial year and looking good for FY23 too, with further exciting Foundry releases to come.”
Over the medium term, the Cambridge based firm expects to continue to grow revenue by around 20 per cent on average per annum.
Both Jefferies and Liberum gave the stock a buy rating, citing boosting sales and a strong balance sheet.
Braben is often seen as the god father of UK gaming, having set and his upbeat results contrast to Devolver’s slower than expected sales growth yesterday.
The American games publisher behind Fall Guys: Ultimate Knockout saw shares tumble by about 50 per cent.