FOCUS HOME INTERACTIVE (EPA:ALFOC) Focus Home Interactive : H1 2018/2019 Results (April to Sept. 2018) : Excellent performance.
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24/01/2019 17:43
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FOCUS HOME INTERACTIVE
H1 2018/2019 Results (April to Sept. 2018): Excellent performance
Operating income: EUR7.0m ;16% of revenue
A record Q3 2018/2019 revenue (Oct. to Dec. 2018): EUR57.2m
Revenue target of EUR100m for 2018 reached in only nine months
Group outlook
Revenue over 110MEUR for this FY
Revenue of EUR130m to EUR150m by end-March 2022
FOCUS HOME INTERACTIVE (FR0012419307 ALFOC), releases its H1 2018/2019 results
(April to September) and Q3 2018/2019 revenue (October to December 2018).
Published
H1 2018-19 H1 2017-18 H1 2017
In EURm April to Comparative Jan. to
Consolidated financial Sept. 2018 half-year** June 2017
statements under Limited April to Limited
French GAAP* review Sept. 2017 Change review
Revenue 44.3 33.3 +33% 37.2
Studio royalties (23.1) (17.7) (18.8)
Manufacturing and ancillary costs (4.8) (4.5) (6.0)
Gross margin 16.4 11.1 +48% 12.4
% of revenue 37.0% 33.4% 33.4%
Personnel expenses (3.8) (3.3) (3.4)
Other operating costs (5.6) (4.0) (4.8)
Operating income (expense) 7.0 3.8 +84% 4.2
% of revenue 15.8% 11.6% 11.2%
Group net income 3.3 2.6
% of revenue 7.5% 6.9%
*: The interim financial statements for the period ended 30 September 2018,
were subject to a limited review.
**: The Group changed its fiscal reporting calendar in 2017 and presented its
financial statements at 31 March, num- bers are presented with a comparable
6-month period (period from 1/4/2017 to 30/9/2017) which, for 30/09/2017 has
not been the subject of an audit or limited review
Acceleration of sales growth in H1 2018/2019
After the successful launch of Vampyr, which topped the charts in France, the
UK, Germany and in many other countries, Dontnod's game enjoyed huge success
throughout the second quarter. Recognized for the quality of its production and
script, Vampyr is a further illustration, after MudRunner and The Surge in
2017, of the Group's ability to introduce original titles that combine
innovative game concepts and high-potential universes.
Interim revenue was also driven by the strength of the back catalogue,
showcasing the diversity and depth of the video game catalogue. Overall,
interim revenue amounted to
EUR44.3m. On a comparative basis (April to September 2017), revenue climbed
33%.
At end-September 2018, digital sales accounted for 65% of revenue for the
period and international sales for more than 90%.
Excellent interim results
The Group's solid sales momentum was reflected in its results. The gross margin
came out at EUR16.4m or 37% of revenue, it was EUR12.4m at 30 June 2017.
Drawing on sales growth and OPEX discipline with operating expenses totalling
EUR9.4m, Focus Home Interactive posted operating income of EUR7.0m at September
2018, operating income was EUR4.2m in H1 2017. This progression further
demonstrates the Group's growth momentum.
With interest income of EUR0.3m, a non-recurring expense of -EUR1.9m (related
essentially to severance for the former president), and a corporate tax expense
of EUR1.6m, Group net income rose to EUR3.3m at 30 September 2018.
Equity was stable overall at EUR43.5m. The Group's cash position stood at
EUR19.9m.
Q3 2018/2019: a record quarter
Sales remained high in Q3 2018/2019 (October to December 2018) with the release
of several highly-anticipated games. Revenue for the period totalled EUR57.2m
(+78% like-for-like, i.e. October to December 2017), exceeding the EUR100m
revenue target set for fiscal year 2018/2019. Total sales for the first nine
months, at end-December, amounted to EUR101.5m.
MudRunner, the million-seller out on consoles and PC in late 2017, got a boost
on 23 October from the release of a major extension: American Wilds. In
addition to offering a richer off-road driving experience in unique American
settings, the franchise has for the first time included prestigious vehicle
brands, with partners such as Ford, General Motors, Hummer, Chevrolet, etc.
Ranked in the Top 10 bestseller on the Steam platform at launch: Call of
Cthulhu, another major title released on consoles and PCs on October 30 was
praised for its unique atmosphere and narration.
Farming Simulator 19 confirmed its status as a simulation phenomenon by selling
over one million copies worldwide, both in stores and online, just 10 days
after launch. Despite the highly competitive release window, competing with
several blockbusters, Farming Simulator 19 soared to the top of the sales
charts at the time in multiple countries, such as the US, the UK, France,
Germany and many more!
Insurgency: Sandstorm beat the historic record of pre-orders generated by a
Focus game on PC. Its release on December 12 was a highly rated and commercial
success, great news since the title will be launched on PlayStation 4 and Xbox
One in 2019.
Focus and Saber (MudRunner) are continuing their successful partnership on the
release of World War Z, a cooperative third-person shooter inspired by the
Paramount Pictures block- buster. Focus Home Interactive will head up global
digital distribution of World War Z on PlayStation(r)4 and Xbox One.
In addition to its strong sales performance, the Group optimised its internal
organisation with appointments to key positions and the launch of a management
package. New "Green Light" procedures were also implemented to ensure that game
selection is a more collective process.
Perspectives
The forthcoming release of BattleFleet Gothic: Armada 2 from Tindalos
Interactive and the con- tinuation of good sales of our games should allow the
Group to achieve a turnover of over EUR110m in the 2018-2019 financial year.
The upcoming 2019/2020 launches with A Plague Tale (Asobo Software), The Surge
2 (Deck 13), Greedfall (Spiders) and MudRunner 2 (Saber Interactive), will
further fuel the Group's sales momentum.
Drawing on the momentum of market growth, the Company's expanding influence and
future deals, FOCUS is targeting revenue of EUR130m to EUR150m by end-March
2022, (organic growth).
About Focus Home Interactive
FOCUS HOME INTERACTIVE is a French publisher of video games. Its mission is to
support development studios in overseeing the production, marketing, sales and
financing of their projects. The publisher of successful original titles such
as Vampyr, Mudrunner, The Surge and Farming Simulator, the Group recorded 2017
revenues of EUR89.9m, generated over a period of 15 months. FOCUS HOME
INTERACTIVE generates more than 90% of its sales internationally.
Upcoming events:
FY 2018/2019 revenue
25 April 2019
FY 20182019 results
27 June 2019
Get all the latest financial information on FOCUS HOME INTERACTIVE at
www.focus-home.com
Financial Communication contacts
FOCUS HOME INTERACTIVE
Deborah Bellangé
Tel.: + 33 (0) 1 55 26 85 00
mail : dirgen@focus-home.com
Investor Relations - ACTIFIN
Benjamin Lehari
Tel.: + 33 (0) 1 56 88 11 25
mail : blehari@actifin.fr
Press Relations - ACTIFIN
Jennifer Jullia
Tel.: + 33 (0) 1 56 88 11 19
mail : jjullia@actifin.fr