Frontier Trading update.. >640K copies sold
http://www.iii.co.uk/research/LSE:FDEV/news/item/1539221/full-year-trading-update?context=LSE:FDEV
>640K copies sold.
"As a result, Frontier more than doubled headline revenue for the full year to over £22m and expects to report an operating profit of over £1.25m (unaudited). Net cash balances increased to £10.5m at 31 May 2015."
"The Board continues to be pleased with the progress of Elite: Dangerous to date. Total paid unit sales are currently in excess of 640,000.
Elite: Dangerous was made available on the Steam digital distribution service on 2 April 2015 in addition to Frontier's own online store, and reached number 1 in the Steam sales charts shortly after release, and again during the recent Steam Summer Sale."
"The Group's balance sheet remains strong and, at 31 May 2015, the Group had net cash of approximately £10.5 million after having repaid its interest free loan to the Atlantic Canada Opportunities Agency early, once again making the Group debt free and placing it in a strong financial position to support its continuing investment plans going forward. As a result, the Group has reviewed its cash resource requirements for the next 12 months and decided to lower its revolving credit facility with Barclays Bank plc from £3m to £1m. This facility expires in May 2016.
Frontier Developments expects to report its results in early September 2015.
David Braben, Chief Executive of Frontier Developments, said:
"We successfully achieved a major milestone by releasing Elite: Dangerous on 16 December 2014. Elite: Dangerous is being continually improved by regular game updates which creates publicity and stimulates demand. We are also increasing the addressable market by adding platforms and new distribution channels.
We are progressing well with our plans, and the reception of both the first video of our second franchise Planet Coaster and the Xbox One Elite: Dangerous game from the recent E3 trade show has been excellent. The outlook for the company is very strong."