StockMarketWire.com - Video game developer Frontier Developments posted a 63% drop in annual profit after revenue slumped, though it forecast the recent release of Jurassic World Evolution to boost its performance in the current financial year.

Pre-tax profit for the year through May dropped to £2.9m, down from £7.8m on-year.

Revenue fell 8.6% to £34.2m, which the company blamed on no new franchise releases during the financial year.

'The launch of Jurassic World Evolution in June 2018 has led a record trading performance during the period from the year end,' the company said.

'Digital sales of Jurassic World Evolution have been substantial across all three platforms -- PC, PlayStation 4 and Xbox One -- and physical disc sales on PlayStation 4 and Xbox One have also been significant.'

'Our first two franchises, Elite Dangerous and Planet Coaster, both supported by our strategy of ongoing development, continue to perform well, delivering a sustained revenue contribution during the period from 31 May 2018.'

'Although it is still early in terms of both Frontier's financial year and the life-cycle of Jurassic World Evolution, the board is comfortable with the current range of analyst revenue projections of £75m to £88m for FY19, a substantial increase over the £34 million achieved in FY18.'




At 2:59pm: [LON:FDEV] Frontier Developments Plc share price was -165p at 895p



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