Business
Full year trading update
Full year trading update.
About this update from Frontier Developments Plc
[{"type":"text","content":"\n \nRNS Number : 9810J Frontier Developments PLC 19 June 2014 \n \n\n19 June 2014\n \nFrontier Developments plc\n \nFull year trading update \n \nFrontier Developments plc (AIM: FDEV, \"Frontier,\" the \"Group\"), a leading developer of video games with studios in Cambridge, UK and Halifax, Nova Scotia, today announces the following trading update for the financial year ended 31 May 2014.\n \nThe business has performed well and Frontier continues to deliver high quality, entertaining games. In the financial year the Group successfully completed Zoo Tycoon for Microsoft Game Studios in time for the launch of XBox One and released Coaster Crazy Deluxe on both WiiU and iOS, each sharing the same cloud-based server using Frontier's Cobra technology.\n \nThe Group continues to make good progress in its transition from being primarily a developer of video games for major external publishers into a business which leverages its proven skills via an increased proportion of self-published projects and the further development and exploitation of its proprietary Cobra enabling technology. As planned, Frontier is experiencing a reduction in headline revenue and EBITDA whilst it invests in Elite: Dangerous and other key elements that will facilitate this transition, but the Group is confident that the continued delivery of this plan will result in much greater returns and further opportunity.\n \nFrontier has raised in excess of £3.0m from over 50,000 backers of Elite: Dangerous to add to its own significant investment in the project, and has recently started, on schedule, the Premium Beta Phase which sees over 10,000 more of the backers now participating by playing the game. The Group demonstrated Elite: Dangerous to US media at the E3 computer game trade show in Los Angeles at the start of June. Response to the game has been very positive, and the game picked up an award for the 'Best of E3'. \n \nThe Group continues to manage its mix of revenue streams and is working on three further as yet unannounced projects for major external publishers at a combined value of $12m (just over £7.0m at today's exchange rates), as announced on 20 February 2014 and 19 May 2014. All three are new IP, and two of these came from Frontier's internal 'Game of the Week' game incubation process. These are currently ...