Frontier Developments plc, a UK-based video game developer and publisher, released its financial results for the fiscal year ended May 31, 2024. The company underwent a strategic reset and organizational review during this period, refocusing on its core strength in creative management simulation (CMS) games. Despite lower revenue compared to the previous year, the companys CMS back catalog performed well, resulting in a return to profitability in the second half of the fiscal year. The company also reduced its annual operating costs by approximately 20%. For the full year, Frontier Developments reported an adjusted EBITDA profit of £0.9 million and an IFRS operating loss of £28.4 million. The companys cash balance increased to £29.5 million at the end of the fiscal year. Looking <mark style="background-color:yellow">ahead</mark>, Frontier Developments has a strong pipeline, including the upcoming release of "Planet Coaster 2" and a third "Jurassic World" game, as well as an unannounced CMS game planned for release in FY27. The Board remains confident in delivering profit in FY25 and beyond.
| Financial Item | FY24 | FY23 |
|---|---|---|
| Revenue | £89.3m | £104.6m |
| EBITDA | £26.8m | £33.0m |
| Adjusted EBITDA | £0.9m | £(4.6)m |
| IFRS Operating Loss | £(28.4)m | £(26.6)m |
| Cash Balance at Year End | £29.5m | £28.3m |