REG - Frontier Developmnts - FY24 Financial Results
11/09/2024 07:00
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RNS Number : 6462D Frontier Developments PLC 11 September 2024
11 September 2024
Frontier Developments plc
FY24 FINANCIAL RESULTS - RESET AND BACK ON TRACK
Frontier Developments plc (AIM: FDEV, 'Frontier', the 'Company', or the
'Group'), a leading developer and publisher of video games based in
Cambridge, UK, publishes its full-year results for the 12 months ended 31 May
2024 ('FY24'). This announcement contains inside information.
FINANCIAL SUMMARY
FY24 FY23
(12 months to 31 May 2024) (12 months to 31 May 2023)
Revenue £89.3m £104.6m
EBITDA* £26.8m £33.0m
Adjusted EBITDA** £0.9m (£4.6m)
IFRS operating loss (£28.4m) (£26.6m)
Cash balance at year end £29.5m £28.3m
*Earnings before interest, tax, depreciation, and amortisation.
**Adjusted EBITDA is earnings before interest, tax, depreciation, amortisation
and impairment charges related to game developments and game technology, less
investments in game developments and game technology, and excluding
restructuring costs, share-based payment charges and other non-cash items.
FY24: RESET, REFOCUSED AND RESHAPED
· Strategic reset in H1 FY24 to focus on our core strength in creative
management simulation (CMS) games.
· Organisational Review during H2 FY24 supported our strategic reset,
reshaping our teams and reducing our annual operating costs by approximately
20%.
· Strong CMS back catalogue performance in H2 delivered FY24 revenue
ahead of expectations at £89.3 million (FY23: £104.6 million).
· These factors delivered a return to profitability in H2 on an Adjusted
EBITDA** basis, before the £4.9 million gain from the sale of the
RollerCoaster Tycoon 3 (RCT3) publishing rights.
· Adjusted EBITDA** profit of £0.9 million for FY24, including the gain
from the sale of the RCT3 publishing rights.
· IFRS operating loss of £28.4 million (FY23: loss of £26.6 million)
due to non-cash impairment charges for underperforming non-CMS games and
restructuring costs.
· The strong H2 trading performance, cost reductions, sale of the RCT3
publishing rights, and tax cash credits resulted in an increase in cash during
H2 of over £12 million, to £29.5 million at 31 May 2024 (30 November 2023:
£17.1 million; 31 May 2023: £28.3 million).
FY25 AND BEYOND: A STRONG PIPELINE
· Encouraging start for FY25, through the ongoing performance of the
CMS-led back catalogue.
· F1® Manager 2024 released as planned on 23 July 2024.
· Planet Coaster 2 was announced in July 2024 and the reaction and
engagement from the Planet Coaster community and beyond has been encouraging
ahead of its release in autumn 2024.
· Development is on track for a third Jurassic World game coming in FY26,
in collaboration with Universal Products & Experiences, alongside the
promotional support of Universal Pictures and Amblin Entertainment's all-new
film, Jurassic World Rebirth, currently scheduled for release on 2 July 2025.
· Another currently unannounced CMS game is in development for release in
FY27.
· The Board remains confident of delivering profit in FY25 as the next
step to improved financial performance and sustainable growth.
Jonny Watts, CEO, said:
"As we enter our 30(th) year in the industry, we have reset our portfolio
strategy and are refocussed, pulling on our wealth of experience to deliver
what we do best through our exciting CMS roadmap. This year has been a
challenging period for Frontier, so I'd like to thank our incredible team for
rising to the challenges following our strategic reset, and for their
dedication and commitment to getting us into a stronger and more sustainable
position.
I look forward to the release of our highly anticipated sequel, Planet Coaster
2, which brings a wave of all-new water park gameplay, innovative features and
creative possibilities. Our loyal players and community should be braced and
ready for a big splash this autumn as we build on our Planet Coaster
franchise!"
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as amended by The Market Abuse (Amendment) (EU Exit)
Regulations 2019. The person responsible for making this announcement on
behalf of the Company is Alex Bevis.
Enquiries:
Frontier Developments
+44 (0)1223 394 300
Jonny Watts, CEO
Alex Bevis,
CFO
Peel Hunt - Nomad and Joint Corporate Broker +44 (0)20 7418 8900
Neil Patel / Ben Cryer / Kate Bannatyne
Panmure Liberum - Joint Corporate Broker +44
(0)20 3100 2000
Max Jones / Matt Hogg / Nikhil Varghese
Teneo
+44 (0)20 7353 4200
Matt Low / Arthur Rogers
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.
Frontier's LEI number: 213800B9LGPWUAZ9GX18.
www.frontier.co.uk (http://www.frontier.co.uk/)
CHAIRMAN'S STATEMENT
The last twelve months have been one of the most difficult periods in
Frontier's 30-year history. However, following our strategy reset and
organisational reshaping, I'm pleased to report that the Board is confident
that we are now in an excellent position to deliver improved financial
performance and sustained growth.
During 2023, we refocused our strategy towards our core strengths and
expertise in creative management simulation (CMS) games. This followed past
plans to diversify Frontier's portfolio, which did not deliver the expected
revenues and financial returns.
During the second half of the financial year, we undertook an Organisational
Review to reshape Frontier to enable us to deliver more efficiently on our
project plans and to reduce annual operating costs by 20%. This was tough for
everyone in the Company, as we reduced our team size to just over 700
employees through a hiring freeze and a redundancy process.
We would like to thank all of our employees for their commitment and
dedication during this period.
The results of the Organisational Review have been immediate and the evidence
of our financial and commercial turnaround in the second half of the year is
encouraging. Now, with Frontier's strongest-ever lineup of CMS games set to
launch over the next three years supported by a rich plan of post-launch
content, the Board is confident that we are in a strong place to deliver for
all of our stakeholders. This is a testament to the talent and dedication of
our people, to the strength of our IP and to our long-term partnerships, as
well as to the millions of players around the world who continue to love and
support our games.
Our exciting future release schedule includes: Planet Coaster 2 coming in
autumn 2024 (FY25); a third Jurassic World game in FY26; and an as-yet
unannounced new CMS game in FY27.
Stepping up as Chairman this year, I am delighted to be working with a
collaborative and engaged Board, with each member bringing a different
perspective and expertise to our work. We take our responsibilities as
Directors seriously, devoting appropriate time to governance matters including
environmental, social and governance topics, risk assessment and stakeholder
engagement and management.
Finally, I'd like to thank all our stakeholders again - from our exceptionally
talented, creative and resilient teams, to our commercial partners, our
shareholders and, of course, our passionate players - for your continuing
support.
CHIEF EXECUTIVE OFFICER'S STATEMENT
In the two years since I stepped up to the role of CEO, we have released
multiple games, delivered engaging new content for our established franchises
and kicked-off a number of exciting new game developments. During that period,
player engagement with our CMS games has delivered the strongest revenue
performances, as our CMS games and additional content continue to resonate and
connect with both new and existing players. However, our non-CMS game launches
in the period did not deliver the financial returns we had expected.
As a result, during 2023 we undertook a strategic reset, focusing on our
proven success and experience in CMS games. This was underpinned by an
Organisational Review that we announced in October 2023 and completed in March
2024.
FY24, being the 12 months ended 31 May 2024, was very much a year of two
halves. The first half presented disappointing financial performance from
underperforming non-CMS game releases and the subsequent start of the
Organisational Review. The second half brought strong CMS performances,
including the release of Planet Zoo: Console Edition, and excellent
collaboration across the whole of Frontier, which have put us back in a strong
position for the future.
I'd like to highlight the hard work and support of our talented team of people
during the last 12 months. They rose admirably to the challenges created by
our strategic pivot and Organisational Review.
FIRST HALF OF FY24
Following the end of FY23 and our decision to close Frontier Foundry, the
first half of FY24 presented further challenges. July 2023 saw the launch of
our second F1® Manager game, F1® Manager 2023, which achieved sales below
our expectations and those of its predecessor, F1® Manager 2022. In November
2023, we released Warhammer Age of Sigmar: Realms of Ruin following its
showing at gamescom in August 2023, however, it did not resonate with enough
players and we missed our sales targets.
Having already determined our strategic pivot to CMS games ahead of the full
release of Warhammer Age of Sigmar: Realms of Ruin, in October 2023 we
confirmed the difficult but necessary decision to undertake an Organisational
Review to reshape our teams and reduce operational costs. The resulting tough
period of change included a number of redundancies across multiple teams,
which was understandably painful for our people.
SECOND HALF OF FY24
It's been encouraging to see the strength of our established game portfolio,
notably our CMS games, with Planet Coaster, Planet Zoo, Jurassic World
Evolution, and Jurassic World Evolution 2 all delivering pleasing material
revenue contributions. Planet Zoo benefitted from four new paid downloadable
content (PDLC) packs on PC across the financial year, and I was delighted with
its launch onto PlayStation and Xbox with Planet Zoo: Console Edition,
released in March 2024. Jurassic World Evolution 2 players also had the
opportunity to engage with four new PDLC packs during FY24. With these two
established games, Jurassic World Evolution 2 and Planet Zoo, ranking first
and second in FY24 by revenue contribution, it is clear that the CMS genre
remains an area of strength for us.
Our publishing relationships are stronger than ever and we have seen
particularly strong outcomes from promotional activity on Steam, the world's
largest distributor of PC games. Frontier participates in various seasonal,
publisher-specific, genre-specific and game-specific Steam promotions
throughout the year. Notably, Planet Coaster helped deliver a strong finish to
the financial year, with a special Steam-requested 95% promotion event, 'Mega
Sale', which saw over one million new players purchasing the game in May 2024,
increasing our customer base and creating an uptick in paid content purchased
after the end of the discount period. This further validation of the potential
audience for Planet Coaster 2 is encouraging ahead of its forthcoming release.
In H2 FY24, I was also pleased that our teams expanded the audience for
Warhammer 40,000: Chaos Gate - Daemonhunters with its release on consoles in
February 2024. Our Elite Dangerous players have also seen a number of exciting
developments, including the introduction of purchasable new ships and the next
phase of the ongoing Thargoid War.
FY25 TRADING
We have seen a good start to the new financial year. This has been headed by
the ongoing strength of the CMS-led back catalogue, with Planet Zoo and
Jurassic World Evolution 2 again the star performers.
Outside of the CMS genre, we were pleased to release F1® Manager 2024, our
third iteration in the F1® Manager Franchise, in July 2024. Our team
continues to develop and expand the experiences for Elite Dangerous players as
we head towards our tenth anniversary at the end of 2024.
THE FUTURE
The strong historical and ongoing performances of our CMS games give me great
confidence in our refocused portfolio strategy. It provides a solid
foundation, shaped by the successes, challenges and learnings of our 30-year
history.
We are committed to developing games which not only align to our existing
strengths and players' expectations for a Frontier CMS game, but that also
have strong potential to deliver the level of financial return that our
previous CMS games achieved. We are focused on player experience, quality and
innovation while keeping a close eye on our costs, and I am pleased with the
progress we are making.
We now have what I believe is Frontier's strongest-ever roadmap, with three
self-published CMS games planned for the next three consecutive financial
years, underpinning our realigned focus. These are backed by the expertise of
our talented teams, who have delivered repeated successes in this genre. We
will draw on this previous development and publishing experience, as well as
our core audience understanding, to deliver our roadmap.
Planet Coaster 2 launches in autumn 2024 (FY25) and our third Jurassic World
game is coming in FY26, alongside the promotional support of Universal
Pictures and Amblin Entertainment's all-new film, Jurassic World Rebirth,
currently scheduled for release on 2 July 2025. Our third, unannounced CMS
game is in development and scheduled for FY27, and I look forward to unveiling
our plans closer to its launch.
In the near term, I am very much looking forward to the launch of Planet
Coaster 2. To date, we have executed a successful marketing campaign which has
increased the addressable audience by introducing over one million new players
to the original game and it will benefit from launching across all platforms
simultaneously. The game is designed to be recognisable to existing players,
while adding exciting new key gameplay and technical features they have asked
for, including unparalleled customisation, water park attractions and the
'Frontier Workshop' which will allow creators to share their blueprints,
enabling even deeper community engagement.
We will continue to apply the proven success of our business model to nurture
our existing portfolio of games, including by releasing PDLCs, as we further
engage our audiences and help maximise the returns from our valuable and
established back catalogue.
We have started taking positive steps to build back trust from our employees.
This will take time, but I am confident that we can achieve this by delivering
against our updated plans and by further enhancing our employee experience. We
are now in a stronger and more sustainable position, having reshaped Frontier
for a better future.
I'd like to thank our people for their ongoing dedication and support, our
players for their community spirit, and our shareholders for their commitment
and investment in Frontier. I look forward to providing further updates on the
progress against our updated strategy in the future.
CHIEF FINANCIAL OFFICER'S STATEMENT
FY24 was a financially challenging year, characterised by underperforming game
launches in H1 that were partly offset by a strong back catalogue performance
and substantial cost reductions through the H2 Organisational Review.
Having taken decisive strategic and operational actions during the year, we
are now in a strong position to deliver improved financial performance and
sustainable growth through our strategic reset to focus on CMS games, our
reduced cost base and our talented teams.
REVENUE AND GROSS PROFIT
Solid performances from the established portfolio, particularly our
genre-leading CMS games, helped to deliver total revenue in FY24 of £89.3
million (FY23: £104.6 million). The reduction from the prior year resulted
from lower-than-expected contributions from the two new games released in the
year, Warhammer Age of Sigmar: Realms of Ruin and F1® Manager 2023. Among the
established portfolio, the strongest performers were Planet Zoo and Jurassic
World Evolution 2, with both games benefitting from multiple PDLC packs, and
Planet Zoo receiving a further boost from the successful launch of Planet Zoo:
Console Edition in March 2024. As a result, the proportion of Group revenue
generated by CMS titles grew to 62% in FY24 (FY23: 58%), which included the
ongoing contributions from Planet Coaster, which achieved a 96% annual revenue
sustain rate, and Jurassic World Evolution.
Gross profit, being revenue less distribution costs, IP royalties and other
cost of sales, decreased to £61.3 million in FY24 (FY23: £67.3 million)
due to the year-on-year reduction in revenue, which was partially offset by a
strong gross profit margin performance of 69% (FY23: 64%). The significant
increase in the gross profit margin percentage in FY24 versus FY23 was due to
a higher proportion of revenue being derived from own-IP games which do not
carry IP royalties and from subscription deals which do not attract
distribution commission.
OPERATING COSTS
Adjusted operating costs, excluding the impact of non-cash accounting
adjustments and restructuring costs, were reduced by 9% from £71.9 million in
FY23 to £65.3 million in FY24. The year-on-year decrease was due to the cost
reductions undertaken through the Organisational Review in the second half of
the financial year and the closure of Frontier Foundry in June 2023. Overall,
costs were reduced by 28% in H2 FY24 versus H1 FY24, with expenditure of
£37.9 million in H1 falling to £27.4 million in H2.
Adjusted research and development (R&D) costs fell by 12% in FY24 to
£45.0 million (FY23: £51.1 million). The reduction mainly resulted from
substantially lower external development funding following the closure of the
Frontier Foundry games label in June 2023. Frontier Foundry game funding was
reduced from £6.4 million in FY23 to £1.6 million in FY24, with the
remaining project milestones being completed during H1 FY24. R&D
people-related costs increased year-on-year by £2.3 million (6%), despite the
H2 cost reductions, due to continued recruitment up to the commencement of the
Organisational Review in October 2023 and the impact of the August 2023 pay
review. R&D people-related costs subsequently fell by 13% from H1 FY24 to
H2 FY24 through the Organisational Review. Other R&D costs, including
technology, licensing and outsource, were reduced by £3.6 million in FY24
compared with FY23, in part through the actions taken to reduce costs during
the Organisational Review.
Adjusted sales, marketing, and administrative costs fell by 3% to £20.3
million in FY24 (FY23: £20.9 million) with only modest year-on-year
reductions for both sales and marketing costs (3%) and administrative costs
(2%). For the full year of FY24, the impact of H2 cost reductions was
outweighed by the impact of a greater level of spending in H1 on the launch of
two new games before the commencement of the Organisational Review in October
2023. Sales and marketing costs were heavily weighted towards H1 (72% of the
costs for the full year), since both new games that launched in the year were
released in H1. Cost reductions in marketing in H2 also contributed to the H1
weighting. The Organisational Review also resulted in a 23% reduction in
administrative costs from H1 to H2.
IFRS ADJUSTING ITEMS
Whereas adjusted operating costs reduced year-on-year by 9%, total operating
expenditure in FY24, as recorded under IFRS, fell only slightly compared with
the prior year, dropping to £93.2 million (FY23: £93.9 million). The
difference is due to movements in the three most significant non-cash
accounting elements, all of which relate to intangible assets: capitalisation,
amortisation and impairments.
Costs related to the development of new chargeable content, or the development
of technology to support new content, are typically capitalised in accordance
with the requirements of accounting standard IAS 38 Intangible Assets, subject
to those costs meeting the criteria defined by the standard. Conversely,
development costs associated with the development or support of existing
products are generally expensed as incurred.
In FY24, the total cost capitalised fell substantially compared with the
previous year, with £26.5 million capitalised in FY24 (59% of adjusted
R&D expenditure) versus £37.6 million in FY23 (74% of adjusted R&D
expenditure). The reduction in the proportion of expenditure capitalised was
due to the strategic reset to refocus on CMS games and the resulting
adjustment in staff allocations across projects, combined with the impact of
closing Foundry.
As noted in the 2023 Annual Report and Accounts, steeper amortisation charge
profiles were adopted for new game and PDLC releases compared with the
previous default method of straight-line amortisation following a FY23 review
of our approach to intangible asset identification and amortisation. This
updated approach therefore brings forward non-cash amortisation charges
compared with the previous method. As a result of this change, amortisation
charges in both FY23 and FY24 were relatively high versus previous years at
£34.5 million and £31.0 million respectively (FY22: £26.5 million; FY21:
£14.9 million). The FY24 charge included £5.0 million of amortisation
charges for Warhammer Age of Sigmar: Realms of Ruin recorded in its month of
release, November 2023. A further non-cash intangible asset impairment was
recorded for Warhammer Age of Sigmar: Realms of Ruin due to its
lower-than-expected launch performance, which resulted in a total impairment
charge of £16.9 million in FY24. In FY23, total impairment charges of £18.1
million were recorded against some of the games published under the Frontier
Foundry games label and in respect to the F1® Manager Franchise. Amortisation
charges in future financial years are expected to be lower as a result of
these one-off impairment charges.
The restructuring charge from the Organisational Review in FY24 totalled £1.4
million (there was no charge in FY23), with redundancy costs making up the
majority of the cost.
SALE OF ROLLERCOASTER TYCOON 3 PUBLISHING RIGHTS
The publishing rights for RollerCoaster Tycoon 3 (RCT3), a game developed by
Frontier and released in 2004, returned to Frontier in 2018 under the
original development agreement. Since then, Frontier has been publishing the
game on PC, Mac, iOS and Nintendo Switch. On 15 March 2024, Frontier sold the
publishing rights for RCT3 to Atari Inc (Atari) to enable Atari to become the
sole publisher of all major titles within the RollerCoaster Tycoon Franchise.
Total consideration for the sale of the publishing rights was agreed at US$7.0
million, comprising US$4.0 million of upfront cash and US$3.0 million of
deferred cash consideration. A gain on sale of the publishing rights of £4.9
million, representing the upfront consideration received in the period and the
discounted net present value of future consideration, has been recorded in
other operating income in the consolidated income statement. No value had been
attributed to the publishing agreement on the consolidated statement of
financial position prior to the transfer.
FINANCIAL PERFORMANCE
Adjusted EBITDA*, which reflects cash profitability with game development
costs expensed as they are incurred, was a profit of £0.9 million in FY24
(FY23: loss of £4.6 million), which was generated on £15.3 million lower
revenue than in FY23. The £5.5 million year-on-year increase was achieved
through the strong trading performance in the second half of FY24, annual
operating costs being reduced by approximately 20% through the Organisational
Review that completed in March 2024, and the £4.9 million gain on sale of
RCT3 publishing rights in March 2024. H2 FY24 was profitable, excluding the
gain from the sale of the RCT3 publishing rights.
*Adjusted EBITDA is earnings before interest, tax, depreciation, amortisation
and impairment charges related to game developments and game technology, less
investments in game developments and game technology, and excluding
restructuring costs, share-based payment charges and other non-cash items.
Performance in FY24 as reported under IFRS was an operating loss of £28.4
million (FY23: £26.6 million). The losses in both years included the impact
of impairment charges, which were higher in FY23, with FY24 seeing an adverse
impact from a lower level of cost capitalisation and restructuring costs, but
benefitting from lower amortisation charges.
TAX
The enhanced tax deductions on expenditures from tax credit schemes, together
with tax adjustments for prior periods, generated a corporation tax credit of
£7.0 million in the consolidated income statement in FY24 (FY23: £5.6
million).
We continue to benefit strongly from UK and Canadian tax incentive schemes,
specifically Video Games Tax Relief (VGTR), R&D tax credits, Patent Box,
the Manitoba Interactive Digital Media Tax Credit and the Canada SR&ED
Program. We receive enhanced corporate tax deductions on certain expenditures
under these tax credit schemes, which help to reduce taxable profits.
LOSS AFTER TAX AND EARNINGS PER SHARE
Loss after tax for FY24 was £21.5 million (FY23: £20.9 million) and the
basic loss per share was 55.6p (FY23: 53.6p).
CASH POSITION AND CASHFLOW
We remain well capitalised, with £29.5 million of cash at 31 May 2024 (31 May
2023: £28.3 million) and £28.5 million at 31 August 2024. Frontier has no
debt. The increase in cash during FY24 reflected a strong trading performance
in the second half of FY24, cost reductions from the Organisational Review,
the sale of RCT3 publishing rights and receipt of tax credits of £9.2 million
covering two years' worth of tax returns (FY22 and FY23).
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
FY24 saw some significant changes in Frontier's consolidated statement of
financial position, with net assets decreasing by £19.1 million overall,
including through a £21.3 million reduction in intangible assets which
resulted from impairment charges of £16.9 million for Warhammer Age of
Sigmar: Realms of Ruin and amortisation charges of £31.0 million exceeding
costs capitalised (intangible asset additions) of £26.5 million.
Intangible assets include game developments, game technology, third-party
software and IP licences, and the overall asset value reduced to
£35.7 million at 31 May 2024 (31 May 2023: £57.0 million).
Other non-tax assets at 31 May 2024 included £7.0 million of goodwill related
to the acquisition of Complex Games Inc. in November 2022 (31 May 2023: £7.2
million), property, plant, and equipment of £4.7 million (31 May 2023:
£5.7 million), right-of-use assets totalling £19.7 million (31 May 2023:
£17.9 million) and trade and other receivables of £13.6 million (31 May
2023: £15.6 million).
Right-of-use assets relate to the lease of our headquarters in Cambridge and a
small studio occupied by our Complex Games team in Winnipeg, Canada. A similar
figure (the difference related to timing of actual rental payments) of
£21.3 million at 31 May 2024 (31 May 2023: £19.3 million) is reported in
lease liabilities and is split between current and non-current liabilities.
The majority of the value of trade and other receivables relates to gross
revenue due from digital distribution partners. The year-on-year £2.0 million
decrease primarily relates to a receivable recognised in May 2023 in respect
to Jurassic World Evolution 2 entering PlayStation Plus subscription service
and cash being received in June 2023, as well as lower prepayments and other
debtors as a result of cost reductions undertaken during the year.
Total liabilities of £40.6 million at 31 May 2024 (31 May 2023: £45.0
million) reduced by £4.4 million during FY24, with the significant movement
relating to the net effect of a reduction in trade and other payables of £6.6
million and an increase in lease liabilities of £2.0 million following an
increase in the underlying rent of the two studios during the year. The
decrease in trade and other payables resulted from the cost reductions
undertaken during H2, from the lower revenue related accruals and through the
final payment of the deferred consideration in respect to the acquisition of
Complex Games Inc.
The current tax asset balance at 31 May 2024 of £7.2 million relates to the
FY24 draft tax returns, including VGTR claims, with receipt expected during
FY25. The balance at 31 May 2023 of £9.4 million related to two years' worth
of tax returns (FY22 and FY23), with the cash receipts for these returns both
being received during FY24.
Our tax arrangements concerning income streams under VGTR and Patent Box
enhancements can be complex, and at 31 May 2024 there was insufficient
certainty concerning the utilisation of other tax losses to create any other
deferred tax assets related to accumulated losses. Our total unrecognised tax
losses as at 31 May 2024 were £109.5 million (31 May 2023: £80.2 million).
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 MAY 2024
Notes 12 months to 12 months to
31 May 2024 31 May 2023
£'000
£'000
Revenue 3 89,270 104,575
Cost of sales (27,954) (37,230)
Gross profit 61,316 67,345
Research and development expenses (67,881) (67,857)
Sales and marketing expenses (11,635) (12,012)
Administrative expenses (13,659) (14,056)
Other operating income 4,851 -
Operating loss before restructuring (27,008) (26,580)
Restructuring costs (1,405) -
Operating loss (28,413) (26,580)
Net finance (costs)/income (12) 71
Loss before tax (28,425) (26,509)
Income tax credit 4 6,953 5,604
Loss for the year attributable to shareholders (21,472) (20,905)
12 months to 12 months to
31 May 2024 31 May 2023
p p
Loss per share
Basic loss per share 5 (55.6) (53.6)
Diluted loss per share 5 (55.6) (53.6)
All the activities of the Group are classified as continuing.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2024
12 months to 12 months to
31 May 2024 31 May 2023
£'000
£'000
Loss for the year (21,472) (20,905)
Other comprehensive income
Items that will be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations (277) (578)
Total comprehensive loss for the year attributable to the equity holders of (21,749) (21,483)
the parent
The accompanying accounting policies and notes form part of this financial
information.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2024
(REGISTERED COMPANY NO: 02892559)
31 May 2024 31 May 2023
£'000
£'000
Notes
Non-current assets
Goodwill 6,954 7,160
Other intangible assets 6 35,702 56,987
Property, plant and equipment 4,739 5,696
Right-of-use assets 19,661 17,860
Total non-current assets 67,056 87,703
Current assets
Trade and other receivables 13,590 15,558
Current tax assets 7,216 9,438
Cash and cash equivalents 29,523 28,311
Total current assets 50,329 53,307
Total assets 117,385 141,010
Current liabilities
Trade and other payables (11,096) (16,521)
Lease liabilities (1,748) (1,505)
Deferred income (4,351) (4,355)
Total current liabilities (17,195) (22,381)
Net current assets 33,134 30,926
Non-current liabilities
Provisions (85) (71)
Lease liabilities (19,535) (17,773)
Other payables (3,101) (4,235)
Deferred income (256) (163)
Deferred tax liabilities (390) (419)
Total non-current liabilities (23,367) (22,661)
Total liabilities (40,562) (45,042)
Net assets 76,823 95,968
Equity
Share capital 197 197
Share premium account 36,547 36,547
Equity reserve (13,283) (14,553)
Foreign exchange reserve (873) (596)
Retained earnings 54,235 74,373
Total equity 76,823 95,968
The accompanying accounting policies and notes form part of this financial
information.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
Share capital £'000 Share premium account £'000 Equity reserve £'000 Foreign exchange reserve £'000 Retained earnings £'000 Total equity £'000
At 31 May 2022 197 36,468 (12,769) (18) 94,492 118,370
Loss for the year - - - - (20,905) (20,905)
Other comprehensive income:
Exchange differences on translation of foreign operations - - - (578) - (578)
Total comprehensive loss for the year - - - (578) (20,905) (21,483)
Issue of share capital net of expenses - 79 - - - 79
Share-based payment charges - - 3,340 - - 3,340
Share-based payment transfer relating to option exercises and lapses - - (2,357) - 2,357 -
Employee Benefit Trust cash outflows from share purchases - - (3,000) - - (3,000)
Employee Benefit Trust net cash inflows from option exercises - - 233 - - 233
Deferred tax movements posted directly to reserves - - - - (1,571) (1,571)
Transactions with owners - 79 (1,784) - 786 (919)
At 31 May 2023 197 36,547 (14,553) (596) 74,373 95,968
Loss for the year - - - - (21,472) (21,472)
Other comprehensive income:
Exchange differences on translation of foreign operations - - - (277) - (277)
Total comprehensive loss for the year - - - (277) (21,472) (21,749)
Share-based payment charges - - 2,778 - - 2,778
Share-based payment transfer relating to option exercises and lapses - - (1,508) - 1,508 -
Deferred tax movements posted directly to reserves - - - - (174) (174)
Transactions with owners - - 1,270 - 1,334 2,604
At 31 May 2024 197 36,547 (13,283) (873) 54,235 76,823
The accompanying accounting policies and notes form part of this financial
information.
CONSOLIDATED STATEMENT OF CASHFLOWS
FOR THE YEAR ENDED 31 MAY 2024
12 months to 12 months to
31 May 2024 31 May 2023
£'000
£'000
Loss before taxation (28,425) (26,509)
Adjustments for:
Depreciation and amortisation 36,892 41,438
Impairment of other intangible assets 16,930 18,117
Movement in unrealised exchange gains on forward contracts (37) (239)
Share-based payment expenses 2,778 3,340
Interest received (832) (677)
Payment of interest element of lease liabilities 844 607
Other operating income (4,851) -
Working capital changes:
Change in trade and other receivables 3,661 11,084
Change in trade and other payables (4,557) (3,114)
Change in provisions 14 15
Cash generated from operations 22,417 44,062
Taxes received 9,208 3,813
Net cashflows from operating activities 31,625 47,875
Investing activities
Purchase of property, plant and equipment (960) (1,335)
Expenditure on other intangible assets (29,419) (42,046)
Acquisition of subsidiaries (net of cash acquired) - (9,606)
Payments for contingent consideration on business acquisitions (1,516) -
Sale of RollerCoaster Tycoon 3 publishing rights 3,195 -
Interest received 832 677
Net cashflows used in investing activities (27,868) (52,310)
Financing activities
Proceeds from issue of share capital - 79
Employee Benefit Trust cash outflows from share purchases - (3,000)
Employee Benefit Trust cash inflows from option exercises - 233
Repayment of loans - (1,260)
Payment of principal element of lease liabilities (1,665) (1,461)
Payment of interest element of lease liabilities (844) (607)
Net cashflows used in financing activities (2,509) (6,016)
Net change in cash and cash equivalents from continuing operations 1,248 (10,451)
Cash and cash equivalents at beginning of year 28,311 38,699
Exchange differences on cash and cash equivalents (36) 63
Cash and cash equivalents at end of year 29,523 28,311
The accompanying accounting policies and notes form part of this financial
information.
NOTES TO THE FINANCIAL INFORMATION
1. CORPORATE
INFORMATION
Frontier Developments plc (the 'Group' or the 'Company') develops and
publishes video games for the interactive entertainment sector. The Company is
a public limited company and is incorporated and domiciled in the United
Kingdom.
The address of its registered office is 26 Science Park, Milton Road,
Cambridge CB4 0FP.
The Group's operations are based and headquartered in the UK, with
subsidiaries based in Canada and the US.
2. BASIS OF PREPARATION AND STATEMENT OF COMPLIANCE
The financial information contained in this preliminary announcement of
audited results does not constitute the Group's statutory accounts for the
years ended 31 May 2024 and 31 May 2023. The accounts for the year ended 31
May 2023 have been delivered to the Registrar of Companies. The statutory
accounts for the year ended 31 May 2024 have been reported on by the Company's
auditors. The report on these accounts was unqualified, did not draw attention
to any matters by way of emphasis and did not contain any statement under
section 498(2) or (3) of the Companies Act 2006 or equivalent preceding
legislation.
The statutory accounts for the year ended 31 May 2024 are expected to be
posted to shareholders in due course and will be delivered to the Registrar of
Companies after they have been laid before the shareholders in a general
meeting on 30 October 2024. Copies will be available from the registered
office of the Company, 26 Science Park, Milton Road, Cambridge CB4 0FP and
will be accessible on the Frontier Developments website,
https://www.frontier.co.uk. The registered number of Frontier Developments plc
is 02892559.
The basis of preparation and going concern policies applied in the preparation
of these financial statements are set out below. These policies have been
consistently applied to all the periods presented, unless otherwise stated.
Basis of preparation
The consolidated financial statements of the Group have been prepared in
accordance with International Accounting Standards (IASs) in conformity with
the requirements of the Companies Act 2006 and in accordance with UK-adopted
IASs. The financial information has been prepared on the basis of all
applicable IFRSs, including all IASs, Standing Interpretations Committee (SIC)
interpretations and International Financial Reporting Interpretations
Committee (IFRIC) interpretations issued by the International Accounting
Standards Board (IASB) that are applicable to the financial period.
The financial information has been prepared on a going concern basis under the
historical cost convention, except for financial instruments held at fair
value. The financial information is presented in Sterling, the presentation
and functional currency for the Group and Company. All values are rounded to
the nearest thousand pounds (£'000) except when otherwise indicated.
Going concern basis
The Group and Company's forecasts and projections, taking account of current
cash resources and reasonably possible changes in trading performance, support
the conclusion that there is a reasonable expectation that the Group and
Company have adequate resources to continue in operational existence for the
period to 30 September 2025. The Group and Company therefore continue to adopt
the going concern basis in preparing their financial statements.
The Group's day-to-day working capital requirements are expected to be met
through the cash and cash equivalent resources (including treasury deposits)
at the balance sheet date of 31 May 2024 of £29.5 million along with expected
cash inflows from current business activities. Cash and cash equivalent
resources (including treasury deposits) at 31 August 2024 were £28.5 million.
The Annual Budget approved by the Board of Directors, which has been used to
assess going concern, reflects assessments of current and future market
conditions and the impact this may have on cash resources.
The Group has also performed stress testing on the Annual Budget in respect of
potential downside scenarios to identify the break point of current cash
resources and to identify when current liquidity resources may fall short of
requirements.
The scenarios both consider a reduction in predicted revenues; however, the
reduction would need to be severe in order to prevent the Group from
continuing as a going concern and is considered to be highly unlikely to
occur. The Group has also identified mitigating actions that could be
reasonably taken, if required, to offset the reduction of cash inflows, to
enable it to continue its operations for the period to 30 September 2025.
Consideration has also been made over the impairment charges (as disclosed in
note 6); however, given these are accounting charges as opposed to cash
outflows, these do not materially change the forecasts for going concern
purposes. The forecasts reflect the latest expectation of revenues across all
key titles, including those which were subject to impairment in FY24.
The sensitivities included in the stress testing include a significant
reduction of revenue for the Group from both the existing portfolio and future
game launches, including factoring in delays to major game launches.
As expected, the scenarios resulted in an accelerated use of current cash
resources; however, in all scenarios tested the current cash resources were
sufficient to support the Group's activities. This is due to a variety of
factors:
· the Group currently has significant cash reserves to maintain the
current level of operations;
· the development and publishing of titles has progressed as expected;
and
· should a more extreme downside scenario occur, the Group could take
further mitigating actions by reducing discretionary spend.
Having considered all the above, including the current strong cash position,
no current impact on debtor recoverability and the continued strong trading
performance for the Group, the Directors are satisfied that there are
sufficient resources to continue operations for the period to 30 September
2025. The financial statements for the year ended 31 May 2024 are therefore
prepared under the going concern basis.
3. SEGMENT INFORMATION
The Group identifies operating segments based on internal management reporting
that is regularly reviewed by the chief operating decision maker and reported
to the Board. The chief operating decision maker is the Chief Executive
Officer.
Management information is reported as one operating segment, being revenue
from publishing games and revenue from other streams such as royalties and
licencing.
The Group does not provide any information on the geographical location of
sales as the majority of revenue is through third-party distribution platforms
which are responsible for the sales data of consumers. The cost to develop
this information internally would be excessive.
The majority of the Group's non-current assets are held within the UK.
All material revenue is categorised as either publishing revenue or other
revenue.
The Group typically satisfies its performance obligations at the point that
the product becomes available to the customer and payment is received upfront
by the
distributors.
Other revenue mainly related to royalty income in both years.
12 months to 31 May 2024 12 months to 31 May 2023
£'000
£'000
Publishing revenue 88,096 104,084
Other revenue 1,174 491
Total revenue 89,270 104,575
Cost of sales (27,954) (37,230)
Gross profit 61,316 67,345
Research and development expenses (67,881) (67,857)
Sales and marketing expenses (11,635) (12,012)
Administrative expenses (13,659) (14,056)
Other operating income 4,851 -
Operating loss before restructuring (27,008) (26,580)
Restructuring costs (1,405) -
Operating loss (28,413) (26,580)
Net finance (costs)/income (12) 71
Loss before tax (28,425) (26,509)
Income tax credit 6,953 5,604
Loss for the year attributable to shareholders (21,472) (20,905)
4. TAXATION ON ORDINARY ACTIVITIES
The major components of the income tax credit are:
12 months to 31 May 2024 12 months to 31 May 2023
£'000
£'000
Consolidated income statement
Current tax:
Credit in respect of current year (5,868) (4,749)
Adjustments in respect of prior years (894) (68)
Total current tax (6,762) (4,817)
Deferred tax:
Credit in respect of current year (185) (610)
Adjustments in respect of prior years (6) (9)
Relating to changes in tax rates - (168)
Total deferred tax (191) (787)
Total taxation credit reported in the consolidated income statement (6,953) (5,604)
Consolidated equity 12 months to 31 May 2024 12 months to 31 May 2023
£'000
£'000
Deferred tax related to items recognised in equity during the year:
Net change in share option exercises 174 1,571
Reconciliation of total tax credit at statutory tax rates:
12 months to 31 May 2024 12 months to 31 May 2023
£'000
£'000
Loss on ordinary activities before taxation (28,425) (26,509)
Tax on loss on ordinary activities at standard statutory tax rate of 25% (7,106) (5,302)
(2023: 20%)
Factors affecting tax expense for the year:
Expenses not deductible for tax purposes 63 73
Adjustments in respect of prior years (900) (77)
Tax rate benefit on surrender of tax losses - (972)
Video Games Tax Relief enhanced deductions on which credits claimed (7,290) (4,963)
Benefit of Patent Box - (234)
Deferred tax not recognised 8,259 6,163
Effect of changes in tax rate - (168)
Effect of higher tax rates in Canada 21 (124)
Total taxation credit reported in the consolidated income statement (6,953) (5,604)
In the Spring Budget 2021, the Government announced that from 1 April 2023 the
corporation tax rate increased to 25%. On 31 May 2024, tax on profit on
ordinary activities was therefore being measured at the rate of 25% and the
deferred taxes have been measured using the tax rate at the date that the
deferred tax asset or liability unwinds of 25% (31 May 2023: 20-25%).
For FY24, the Group has recorded a total corporation tax credit of £7.0
million (FY23: £5.6 million). The Group benefits from the enhanced tax
deductions available from the Video Games Tax Relief (VGTR) scheme. The Group
did not benefit from the Patent Box relief in FY24 as the Group did not
generate sufficient profit from patented income. In FY23, the Group benefitted
from the Patent Box relief that reduced the taxable profit for Jurassic World
Evolution 2.
The Group recognised a prior year adjustment of £900k during FY24 due to
additional core expenditure in the F1® Manager Franchise VGTR claim. During
FY23, the Group recognised a prior year adjustment of £77k due to additional
core expenditure in the Elite Dangerous VGTR claim and brought forward
balances on Complex Games Inc.
Effective from 1 April 2023, the corporation tax rate of 25% is aligned with
the VGTR tax credit and therefore is no tax rate benefit on surrender of
losses for the VGTR tax credit. The tax rate benefit on surrender of tax
losses of £972k during FY23 is the additional 5% tax benefit received in
respect of surrendering the current year losses for the VGTR tax credit at 25%
for the following trades: Elite Dangerous, F1® Manager Franchise, Warhammer
Age of Sigmar: Realms of Ruin, and Planet Coaster 2.
The Group benefits from VGTR and can claim an additional (enhanced) deduction
from its taxable profit relating to the video game trades. In FY24, the
additional deduction in respect of VGTR was £7.3 million, being £29.2
million of qualifying expenditure at a tax rate of 25% (FY23: £5.0 million
being £24.1 million of qualifying expenditure at a tax rate of 20%). The
£2.3 million year on year increase in the enhanced deduction was due to the
increase in core development expenditure in respect of video games that are
subject to VGTR.
During FY24, deferred tax not recognised of £8.3 million comprises the tax
effected saving on the employee share scheme deduction of £1.3 million, a
temporary difference arising on the deferred income in respect of the Research
and Development Expenditure (RDEC) grant of £0.1 million and unrecognised tax
losses movement of £6.9 million.
The unrecognised deferred tax asset in respect of tax losses of £6.9 million
is the additional £27.5 million of tax losses in the year, at a tax rate of
25%. The additional tax losses are in respect of £23.4 million of current
year losses, plus £4.1 million of losses that have been derecognised in FY24
to bring the deferred tax asset to £nil due to the unlikelihood of the Group
having taxable profits in the foreseeable future to utilise the additional
losses.
The losses do not have an expiry date.
5. EARNINGS/(LOSS) PER SHARE
The calculation of the basic earnings/(loss) per share is based on the
profits/(losses) attributable to the shareholders of Frontier Developments plc
divided by the weighted average number of shares in issue during the year.
12 months to 31 May 2024 12 months to 31 May 2023
Loss attributable to shareholders (£'000) (21,472) (20,905)
Weighted average number of shares 38,608,645 39,025,746
Basic loss per share (p) (55.6) (53.6)
The calculation of the diluted earnings/(loss) per share is based on the
profits/(losses) attributable to the shareholders of Frontier Developments plc
divided by the weighted average number of shares in issue during the year as
adjusted for the dilutive effect of share options.
12 months to 31 May 2024 12 months to 31 May 2023
Loss attributable to shareholders (£'000) (21,472) (20,905)
Diluted weighted average number of shares 38,608,645 39,025,746
Diluted loss per share (p) (55.6) (53.6)
The reconciliation of the average number of Ordinary Shares used for basic and
diluted earnings/(loss) per share is as follows:
12 months to 31 May 2024 12 months to 31 May 2023
Weighted average number of shares 38,608,645 39,025,746
Dilutive effect of share options - -
Diluted average number of shares 38,608,645 39,025,746
For the 12 months to 31 May 2024, there are 1,293,134 options that have not
been included in the table above as they would be anti-dilutive, however could
potentially dilute basic earnings per share in future years.
6. OTHER INTANGIBLE ASSETS
The Group's other intangible assets comprise game technology, game
developments, third-party software and IP licences. Game technology includes
Frontier's COBRA game engine and other technology which supports the
development and publication of games. The game developments category includes
capitalised development costs for base game and PDLC assets for both
internally developed games and games developed by partners within the Frontier
Foundry third-party publishing games label. Third-party software includes
subscriptions to development and business software. Intangible assets for IP
licences are recognised at the execution of the licence, based on the minimum
guarantees payable by Frontier to the IP owner.
Game technology £'000 Game developments £'000 Third-party software £'000
IP licences Total
£'000 £'000
Cost
At 31 May 2022 19,733 129,393 2,390 11,185 162,701
Additions 3,449 34,182 429 - 38,060
Acquisition of a subsidiary - 3,910 58 - 3,968
Exchange rate movement - (300) - - (300)
At 31 May 2023 23,182 167,185 2,877 11,185 204,429
Additions 4,558 21,963 436 1,839 28,796
Disposals - (490) - - (490)
Exchange rate movement - (150) (1) - (151)
At 31 May 2024 27,740 188,508 3,312 13,024 232,584
Amortisation and impairment
At 31 May 2022 9,173 77,970 1,651 3,074 91,868
Amortisation charges 3,869 31,898 421 1,341 37,529
Acquisition of a subsidiary - - 58 - 58
Impairment charges 3,919 12,474 - 1,724 18,117
Exchange rate movement - (130) - - (130)
At 31 May 2023 16,961 122,212 2,130 6,139 147,442
Amortisation charges 3,014 27,951 443 1,702 33,110
Impairment charges - 15,502 - 1,428 16,930
Disposals - (490) - - (490)
Exchange rate movement - (109) (1) - (110)
At 31 May 2024 19,975 165,066 2,572 9,269 196,882
Net book value at 31 May 2024 7,765 23,442 740 3,755 35,702
Net book value at 31 May 2023 6,221 44,973 747 5,046 56,987
Amortisation charges for other intangible assets that relate to game
technology, game developments and third-party software are expensed within
research and development expenses. Amortisation charges for IP licences are
typically charged to cost of sales, which reflects the IP licence royalties
which the minimum guarantees relate to.
The recoverable amount of each of the assets at 31 May 2024 is determined from
the value in use. The key assumption in calculating the value in use was the
expected future cashflows. A five-year bottom up forecast for FY25 to FY29
inclusive has been created as a basis of the expected future cashflows, with a
pre-tax discount rate of 10% (31 May 2023: 10%) being applied to the future
cashflows. The Directors have assessed the sensitivity of the impairment test
to incorporate reasonable possible changes in the key assumptions and noted
that no material impairment exists in any cases. Climate change is not
expected to have a material impact on future cashflows. The Group recognised
an impairment charge of £16.9 million in FY24 in respect of intangible assets
relating to Warhammer Age of Sigmar: Realms of Ruin as a result of the
impairment tests at 31 May 2024.
Accumulated cost and amortisation of £490k has been disposed of in respect to
RollerCoaster Tycoon 3 intangible assets included within game developments as
a result of the sale of the RollerCoaster Tycoon 3 publishing rights on 15
March 2024.
After 31 May 2024 and before the signing of the accounts on 10 September 2024,
commercial discussions with an IP partner resulted in the voluntary
termination of a contract for a future game before full development started.
This resulted in the derecognition of £1.92 million of other intangible
assets and £1.96 million of non-current liabilities related to minimum
guarantees. The resulting net gain of approximately £40k will be credited to
the FY25 consolidated income statement.
7. KEY PERFORMANCE INDICATORS - NON-STATUTORY MEASURES
In addition to measures of financial performance derived from IFRS-reported
results - revenue, operating profit, operating profit margin percentage,
earnings per share, and cash balance - we have published and provided
commentary on our financial performance measurements, derived from
non-statutory calculations. We believe these supplementary measures, when read
in conjunction with the measures derived directly from statutory financial
reporting, provide a better understanding of our overall financial
performance.
EBITDA
EBITDA, being earnings before tax, interest, depreciation, and amortisation,
is commonly used by investors when assessing the financial performance of
companies. It attempts to arrive at a 'cash profit' figure by adjusting
operating profit for non-cash depreciation and amortisation charges. In our
case, EBITDA does not provide a clear picture of our cash profitability, as it
adds back amortisation charges relating to game developments, but without
deducting the investment costs for those developments, resulting in a profit
measure which does not take into account any of the costs associated with
developing games. Since EBITDA is a commonly used financial performance
measure, it has been included below for the benefit of readers of the accounts
who may value that measure of performance.
12 months to 12 months to
31 May 2024 31 May 2023
£'000
£'000
Operating loss (28,413) (26,580)
Restructuring costs 1,405 -
Depreciation and amortisation 36,892 41,438
Impairment of other intangible assets 16,930 18,117
EBITDA 26,814 32,975
Adjusted EBITDA
Our Adjusted EBITDA measure, in our view, provides a better representation of
'cash profit' than EBITDA. We define Adjusted EBITDA as earnings before
interest, tax, depreciation, amortisation and impairment charges related to
game developments and game technology, less investments in game developments
and game technology, and excluding restructuring costs, share-based payment
charges and other non-cash items. This effectively provides the cash profit
figure that would have been achieved if we expensed all game development
investment as it was incurred, rather than capitalising those costs and
amortising them over several years.
12 months to 12 months to 31 May 2023
£'000
31 May 2024
£'000
Operating loss (28,413) (26,580)
Add back non-cash intangible asset amortisation charges for game developments 30,965 34,490
and game technology
Add back non-cash intangible asset impairment charges 16,930 18,117
Deduct capitalised investment costs in game developments and game technology (26,520) (37,632)
Add back non-cash depreciation charges 3,782 3,909
Deduct non-cash movements in unrealised exchange gains on forward contracts (37) (239)
Add back non-cash share-based payment expenses 2,778 3,340
Add back restructuring costs 1,405 -
Adjusted EBITDA profit/(loss) 890 (4,595)
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