Shares have risen more than 20% for video game giant Frontier Developments after games maker Jurassic World reported record sales of £114million this morning.
Revenue was up 26% year over year, which was dampened by new momentum from the Jurassic movie, as well as the upcoming F1 Manager game.
Sales of Jurassic World Evolution 2 exceeded 1.3 million units for the year.
In the medium term, the Cambridge-based company expects to continue to grow revenue by around 20% on average per year.
Commenting on the results, David Braben, CEO and Founder, said: “We had another year of solid growth. After launching in November 2021, our player base for Jurassic World Evolution 2 has continued to grow, as expected. We are now very well prepared for the future, with the Dominion expansion and bundles launching today for Jurassic World Evolution 2 and F1 Manager 2022 due later this summer.
The team has done a great job this year, overcoming many challenges and working tirelessly to support our games and players. Our games label, Frontier Foundry, also performed well, with Warhammer 40,000: Chaos Gate – Daemonhunters launching just at the end of the fiscal year and looking good for FY23 as well, with more exciting Foundry releases to come.
Jefferies and Liberum gave the stock a Buy rating, citing increased sales and a strong balance sheet.