StockMarketWire.com - Video games developer and publisher Frontier Developments reported a fall in profit on lower revenue.

The company, however, said it remained on track to deliver record revenue for the current fiscal year.

For the 12 months to 31 May 2020, pre-tax profit fell to £$16.6m from £19.4m on-year as revenue fell to 15% to £76m.

'As expected the lower level of revenue year-on-year reflected the timing of releases during the two financial years and that Planet Zoo launched on the PC platform only,' the company said.

Commenting on its start to the new fiscal year, Frontier Developments said sales across all its games in fiscal 2021 to date had been consistent with expectations.

The company also said it remained on track to deliver record revenue in FY21 within the range of £90m to £95m.

'We have started the financial year well and are on track to deliver record revenue in line with our expectations. Our future looks bright with multiple major releases confirmed for FY21 and an exciting roadmap for FY22 and beyond, adding great relationships with Formula 1 and with Games Workshop to an already rich portfolio,' it added.

At 9:51am: [LON:FDEV] Frontier Developments PLC share price was -17.5p at 2367.5p



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