Financial profile · FY2026

Franchise-led game sales support lumpy earnings and development spending

Revenue depends on the performance and release timing of owned game franchises, making annual growth uneven. Game development requires substantial cash investment, while capitalization and amortization affect reported operating results; operating cash generation has nevertheless remained positive across profitable and loss-making years.

What is developing

The latest results showed renewed revenue growth and higher reported profit and free cash flow, but operating profit included substantial expenditure-credit income and a one-off transitional credit. This is a marked recovery within the same franchise-led, development-intensive model rather than clear evidence that its underlying earnings pattern has changed.

What matters next

Whether operating cash flow continues to cover development spending as expenditure-credit receivables convert and the one-off transitional credit passes.

GBP
Metric FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026
37.4m 34.2m 89.7m 76.1m 90.7m 114m 104.6m 89.3m 90.6m
(10m) (10.1m) (35m) (24.5m) (27.5m) (40.4m) (37.2m) (28m) (27.3m) (34.9m)
27.4m 24.1m 54.6m 51.6m 63.2m 73.6m 67.3m 61.3m 63.3m 69.9m
(19.6m) (21.3m) (35.3m) (34.9m) (43.2m) (64.7m) (75.8m) (71.4m) (50.7m) (44.8m)
(11.9m) (12.7m) (19.9m) (18.3m) (20.7m) (23.4m) (24m) (23m) (20.2m) (24.1m)
R&D
(7.4m) (8.2m) (14.5m) (15.6m) (21.3m) (10.9m) (11.8m) (18m) (11m) (32m)
(241k) (390k) (883k) (1.1m) (1.2m) (30.5m) (40.1m) (35.2m) (23.4m) —
— — — — — — — 4.9m 3.9m 11.3m
7.8m 2.8m 19.4m 16.6m 19.9m 8.9m (8.5m) (10.1m) 12.7m
21k 81k 289k (401k) (731k) (592k) 71k (12k) (232k) 310k
— — — — — (7.4m) (18.1m) (18.3m) 0 —
7.8m 2.9m 19.7m 16.2m 19.2m 944k (26.5m) (28.4m) 12.4m 25.3m
(102k) 713k (1.7m) (329k) 2.4m 8.7m 5.6m 7m 4m 1.9m
7.7m 3.6m 18m 15.9m 21.6m 9.6m (20.9m) (21.5m) 16.4m 27.3m
7.7m 3.6m 18m 15.9m 21.6m 9.6m (20.9m) (21.5m) 16.4m
0.22 0.09 0.45 0.39 0.53 0.24 (0.54) (0.56) 0.41