Robust second half forecast at video games developer, despite revenue drop
Video games developer everplay group has recorded a 16 per cent rise in pre-tax profits to £14.3m (2024: £12.4m).
Four new games were launched during the period (H1 2024: nine) with four existing games released on additional platforms (H1 2024: four). Revenues from new releases increased 40 per cent in the period, with a strong pipeline of new releases due for release in the second half.
Frank Sagnier, interim executive chair, said: “It has been a strong start to the year. The improved performance of our new releases shows the progress we have made continually enhancing our internal procedures, such as our greenlight process, the quality of our production, and our marketing approach.
“I am pleased with the strategic progress we have made across the business, with the group already benefiting from new revenue streams from our recent IP and back catalogue acquisitions.
“Looking ahead, we have a busy second half to deliver, but the team remains laser-focused on performance and delivering on our strategic priorities to ensure continued long-term growth for the group and our shareholders.”
Everplay says three acquisitions of intellectual property and back catalogue publishing rights were completed in the period, at a total cost of less than £8m, adding additional revenue streams.
The group explains this will support long-term growth and predictable return-on-investments, while further enhancing the strength of the back catalogue.
It adds that publishing rights for six further back catalogue titles have been acquired post period end.
In its outlook statement, the group’s Board says it expects full year adjusted EBITDA to be slightly ahead of current market expectations of of £46.9m. The business is currently forecasting FY25 revenues of £173.6m.
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