- Frontier Developments - a leading independent creator of video games - expects revenues for the year ended 31 May to be 75% on last time and operating profits to be up by 500%.

The group said the good trading performance had continued since the last trading update on 19 April and it expected to report full-year revenue of approximately £37.3m, slightly ahead of previous guidance and a 75% increase over the prior year (FY16: £21.4 million).

It said operating profit margin for FY17 is was expected to be towards the top of the 15-20% guidance range and it expected to report an operating profit (as calculated under IFRS) of at least £7.2m - a 500% increase over the £1.2 million reported for the prior year.

It said: "he step-up in financial performance over the prior year reflects the launch of Planet Coaster, Frontier's second game franchise, in November 2016.

"This marks the completion of a successful business model transition to multi-franchise self-publishing."

Frontier said its first game franchise, Elite Dangerous, continued to perform well, and would shortly be available to a new audience with its release on PlayStation 4 later this month.

Chief executive David Braben said: "I am delighted with our progress in the last 12 months and would like to thank everyone for their continued creativity, hard work and dedication.

"We now have two strong franchises in the market and have successfully transitioned to a self-publishing business model, proving our ability to launch franchises.

"Our ambition now is to build on this success, continue to invest in our franchises and scale up to create a self-publishing multi-franchise success story.

"Our third franchise, which is based on an enduring Hollywood movie IP of global renown, is scheduled for release in calendar 2018, and we will provide more details about this exciting project later this year."

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