Actualización de Trading
31 de enero de 2024
Devolver Digital, Inc.
("Devolver", el "Grupo" o la "Compañía")
Actualización de Trading
Revenue in line with consensus expectations
Return to positive EBITDA in the second half of 2023
Devolver Digital, Inc. (AIM: DEVO), an award-winning digital publisher and developer of indie video games, announces a trading update for the financial year ended 31st Diciembre 20231. All financial figures relate to that period unless otherwise stated.
Performance recovered steadily in the second half of 2023, which delivered a positive Normalised Adjusted EBITDA2 in 2H. Full year 2023 revenues are expected to be in line with consensus expectations at not less than US$90 million and Normalised Adjusted EBITDA is expected to breakeven excluding non-cash title impairments of up to US$2.5m, of which US$0.9m was already reflected in 1H 2023. Q4 new releases Mago con una pistola y El principio de Talos 2 have good momentum, supported by continued strength in back catalogue (over 15% year-on-year growth) including titles Culto del Cordero, Inscryption y Stronghold: Definitive Edition. This back catalogue strength is ongoing and weighs revenues towards lower margin third party sales.
Devolver has a robust balance sheet with c.US$42 million net cash as at 31 December 2023, including the c.US$22m cash cost of acquiring System Era in November 2023 and related costs.
The Company confirms a number of board changes today, as outlined in a separate announcement:
· Douglas Morin has stepped down as CEO to be succeeded by Harry Miller, Executive Chairman.
· Kate Marsh, Senior Independent Director, has been appointed as Non-Executive Chair.
· Graeme Struthers, COO, has been appointed to the Board.
The Group will announce its results for the year ended 31 December 2023 in early April 2024.
Harry Miller, CEO of Devolver Digital, said:
"Devolver recovered strongly in the second half of 2023 to deliver revenues in line with expectations, supported by excellent demand for our back catalogue and return to positive EBITDA in the second half. After a quiet year in 2023 for major title releases, we enter 2024 with a release schedule featuring wonderful titles such as Pepper Grinder, The Plucky Squire, Anger Foot and NEVA, with releases more evenly balanced throughout the year. In addition, we will enjoy a full year of contribution from recently acquired System Era which takes us into the exciting area of expandable games and has performed in line with expectations since acquisition. As a result of this momentum for our strategy heading into 2024, we expect Normalised Adjusted EBITDA to return to growth in 2024 and accelerate in 2025."
-FIN-
Notas
1. Financial numbers contained within this Trading Update are based on preliminary unaudited 2023 results and will include impairments which are currently being reviewed. The second half 2023 impairment relates to one title published by Good Shepherd.
2. El EBITDA Ajustado Normalizado ("EBITDA") realiza los siguientes ajustes: excluye: 1) gastos de compensación de acciones (pago basado en acciones) y revaluación de la contraprestación contingente; 2) gastos únicos y otros elementos no recurrentes; 3) amortización de IP (pero no excluye la amortización de los costos de desarrollo de software capitalizados), y; 4) deterioro del fondo de comercio y la propiedad intelectual adquirida.
Acerca de Devolver Digital
Devolver es un editor de videojuegos galardonado en el espacio de los juegos independientes con una cartera equilibrada de propiedad intelectual propia y de terceros. Devolver se centra en los juegos premium y ha publicado más de 100 títulos, con más de 30 títulos programados para su lanzamiento en los próximos años. Devolver tiene estudios internos que desarrollan títulos de propiedad intelectual propios y una marca editorial complementaria. Devolver está registrada en Wilmington, Delaware, EE. UU.
Consultas
Devolver Digital, Inc. | |
Kate Marsh, presidenta no ejecutiva Harry Miller, director ejecutivo Daniel Widdicombe, director financiero
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Zeus (Asesor Designado y Único Broker) | 44 0 20 3829 5000 |
Nick Cowles, Jamie Peel, Alexander Craig (Banca de inversión) Ben Robertson (Mercados de capital accionario)
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FTI Consulting (Asesor de comunicaciones) | |
Jamie Ricketts / Dwight Burden / Platillo Valerija / Usama Ali | 44 0 20 3727 1000 |
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