Fresh odyssey for soaraway Frontier Developments
Cambridge videogames developer Frontier Developments plc has beaten its own forecasts for the year to May 31 according to a trading update. And CEO Dave Braben is forecasting a future that is “more exciting than ever” as new games start to woo world markets.
Following a trading update on May 20 which confirmed a strong finish to the financial year, Frontier now expects to report revenue of approximately £76 million for FY20 when full financial results are announced in September.
Operating profit, as reported under IFRS, is anticipated to be at least £16 million subject to audit, which would equate to an operating profit margin of approximately 21 per cent.
Braben said Frontier started FY21 confidently based on an attractive portfolio of existing titles, exciting development and publishing roadmaps, and what he called “a skilled, passionate and growing team of people who are doing a terrific job during these challenging times, continuing to work from home.”
On June 3, Frontier unveiled Elite Dangerous: Odyssey, which is its major new paid-for update for Elite Dangerous, coming in Q1 calendar 2021. Elite Dangerous: Odyssey marks the birth of a highly anticipated new era for the long running definitive space simulation, allowing players to touch down on countless new planets powered by stunning new tech, and explore with unrestricted freedom from a first person, feet-on-the-ground perspective.
FY21 will also see the release of genre leading Planet Coaster on the PlayStation and Xbox consoles and the first two game releases from Frontier's third party publishing initiative. A further three third party games have already been signed for FY22 and there is scope for more. Five or six third party game releases per year are expected from FY23 onwards.
Braben said: “I'd like to thank our fantastic team for their achievements during the last financial year, particularly through the ongoing challenges of the COVID-19 situation.
“We are well positioned going forward with great visibility of a fantastic range of projects over the next few years, both internal and external. We've started FY21 strongly with our current portfolio of games continuing to do very well.
“In this financial year we also have Planet Coaster coming to consoles and we plan to announce and release two great third party games. In addition, we have Elite Dangerous: Odyssey putting boots on the ground in Q1 calendar 2021.
“Our future is more exciting than ever and we look forward to working with all our great partners over the coming years.”