tinyBuild on track to deliver strong growth for FY 2021

tinyBuild plc (LON:TBLD), a global video games label building franchises across multiple media, has provided a trading update for the twelve months ended 31 December 2021. The Company expects to publish FY2021 results on 29 March 2022.

Highlights

●    Performance ahead of expectations in the second half of FY 2021

●    Contribution from acquisitions is also ahead of expectations

●    Hello Neighbor franchise crossing 100 million downloads

Following a solid second half of trading, the Company is on track to deliver strong growth for FY 2021, building on the record results achieved in FY 2020. Progress in its strategy focused on own-IP also means the Company is on track to deliver EBITDA ahead of expectations for FY 2021.

Current trading

Overall, FY 2021 saw a substantial easing of restrictions related to Covid-19, with expectations that video games sales may be negatively impacted. Conversely, tinyBuild performed strongly in the second half of 2021, both in terms of back catalogue and new titles.

tinyBuild has continued to diversify its games portfolio into new genres (e.g. simulation, action, strategy), and diversify its revenue sources to benefit from platform competition and the growth in subscription services. This trend gives the Company greater visibility regarding its future revenue growth while helping de-risk ongoing investments.

Portfolio and pipeline

In the second half of 2021, tinyBuild released a number of new titles, including Potion Craft, which has had over 500,000 downloads after reaching number one on the Steam top sellers charts at launch in September 2021, and the critically-acclaimed Happy’s Humble Burger Farm (“a genius game”, according to Destructoid).

Recent announcements include the release date (25 January 2022) of version 1.0 for the critically acclaimed Not For Broadcast (over 300,000 downloads on early access) and the pre-order start date (7 April 2022) for Hello Neighbor 2, the next game in the best selling franchise (over 100 million downloads).

People

Overall, tinyBuild staff increased from 147 at the time of the IPO to over 400 currently, with most of the additions in strategic geographies such as Brazil (following the acquisition of VersusEvil and Red Cerberus). tinyBuild continues to carefully review the geopolitical situation in Eastern Europe and has plans in place to minimise any potential disruption and to support staff and their families.

tinyBuild aims to offer employees the best working conditions in the industry. For example, the Company has implemented clear policies against crunching, the industry practice by which developers overwork to meet certain targets. In December 2021, tinyBuild also gifted one extra week of holiday to all direct employees, following a similar move in June 2021, in a gesture of appreciation for everybody’s hard work.

As a result, tinyBuild continues to enjoy one of the lowest levels of staff turnover, low single-digit, compared to an estimated 15.5.% at an industry level (Wired).

Outlook

Early indicators of positive consumer traction across the Company’s pipeline, including Hello Neighbor 2, are very encouraging and we look ahead to FY 2022 with confidence.

Alex Nichiporchik, Chief Executive Officer of tinyBuild, commented:

“For ten years now, my main goal with tinyBuild was to create something sustainable. A business that will exist a generation from now. Achieving this requires a diversified business model and a  long-term strategy. The strength of 2021 shows the benefits of this approach: organic growth, strategic acquisitions, strong profitability. These are important building blocks as we move into 2022 with a record-setting year behind us.

“Ultimately, it’s all about the team and empowering great people to make quick decisions in this dynamic environment we all love.”

Click to view all articles for the EPIC: ,
Or click to view the full company profile:
    Share on facebook
    Facebook
    Share on twitter
    Twitter
    Share on linkedin
    LinkedIn
    tinyBuild plc

    More articles like this

    Fintel plc

    Fintel core revenue growth is higher than Zeus forecast

    Fintel plc (LON:FNTL), the leading provider of Fintech and support services to the UK retail financial services sector, has released a trading update for the six months to 30 June 2022, which reveals: Core revenue grew c.9% to

    Shoe Zone plc

    Shoe Zone analyst Zeus upgrades FY22 adjusted PBT forecast

    Shoe Zone plc (LON:SHOE) Better than expected demand and further strong margin performance leads to an upgrade in FY22E adjusted PBT from “no less than £8.5m” to “no less than £9.5m”. Zeus revenue forecasts increase by £1.5m (1.0%)

    OnTheMarket Plc

    OnTheMarket analyst Zeus confident in forecasts

    Foxtons, one of London’s leading estate agencies with more than 50 interconnected branches across London, has signed an agreement to advertise its UK residential sales and letting properties at OnTheMarket plc (LON:OTMP). Zeus view: Foxtons, the well-known London

    SpaceandPeople analyst Zeus restores estimates and valuation

    SpaceandPeople plc (LON:SAL) secures, sells, and manages flexible space for brand experiences, short term promotions and retailing in high footfall venues for its customers, including in shopping centres and travel hubs. The Group has issued a positive pre-close

    Lookers Plc

    Lookers shares are still undervalued says Zeus

    Lookers plc (LON:LOOK) has released an H1 trading update reporting a continuation of strong performance year to date. H1 2022 underlying PBT is expected to be c. £45m and Management anticipate full year PBT will also be ahead

    SysGroup plc

    SysGroup analyst Zeus forecast a 39.0% increase in revenue in FY23

    SysGroup plc (LON:SYS) is an award-winning provider of managed IT services, cyber security, cloud hosting and IT consultancy. The Group offers investors an attractive business model with high recurring revenue and a diversified customer base. SysGroup is competitively

    AFC Energy

    AFC Energy’s long term opportunity remains vast says Zeus

    AFC Energy plc (LON:AFC) has signed an agreement with another leading UK construction/infrastructure player, this time in Kier Group. We believe this further endorses our long term thesis that AFC will play an active role in encouraging the

    Inchcape

    Inchcape performance exceeding expectations says Zeus

    Inchcape plc (LON:INCH) has released another positive trading update, with performance exceeding expectations so far this year. This follows on from a positive Q1 update on 28 April. Through quarterly improvement in Distribution volumes and operating margin, the

    boohoo Plc

    Boohoo Group analyst Zeus sees a strong performance in Q1

    ¨ Q1 financial highlights: Boohoo Group plc (LON:BOO) revenue of £445.7m is -8.3% YOY vs. a strong comp (Q1 FY22 revenue +32.1%), in line with Zeus’s forecast and management’s previously stated guidance. Gross sales growth remained positive +9%

    No more posts to show