Frontier Developments shares (LON: FDEV) jumped over 8% on Friday morning, as the group announced it was set to reach the top end of its sales forecasts.
The developer said that full-year revenue is expected to reach analyst expectations of £83m and £95m – helped by three new video game titles the group revealed on Thursday.
A popular game, Planet Zoo, was released in November 2019 After a highly successful pre-launch marketing strategy, the game achieved the global number one and number two bestseller spots on Steam.
David Braben, Frontier Developments’ chief executive, said: “Planet Zoo’s successful launch and subsequent performance is testament to the superb efforts of our growing team. We now have four successful games in the market each with a clear roadmap of additional content in line with our proven strategy.”
“We have started calendar 2020 in a great position. We’re bringing Planet Coaster to console players and significantly expanding the Elite galaxy this year, and developing two major games for release in the same financial year (FY22) for the first time as a self-publisher. I am also very pleased with the progress with Frontier Publishing, both in growing our internal team, and with the exciting external relationships we are building, helping others make their great games.”
“We have now signed three excellent developers already, and are close to signing more. Working together, we expect to start earning revenue in the next financial year,” he added.
The AIM-listed company is based in Cambridge and has over 400 employees.
Frontier Developments shares (LON: FDEV) surged 8% on Friday’s opening. They are currently trading +8.17% at 2,250.00 (1022GMT).