Devolver Digital, Inc. Trading Update (0583A)
January 31 2022 - 1:59AM
UK Regulatory
TIDMDEVO
RNS Number : 0583A
Devolver Digital, Inc.
31 January 2022
31(st) January 2022
Devolver Digital, Inc.
("Devolver Digital" or the "Company")
Trading Update
Devolver Digital, an award-winning digital publisher and
developer of indie video games, announces an update for the
financial year ended 31st December 2021 ("FY2021") (1) .
Devolver Digital completed its IPO in November 2021 to support
investment in its organic growth strategy, talent and pipeline of
games.
The Company expects FY2021 revenue to be slightly ahead of
market expectations, with year-on-year revenue growth from
continuing operations of more than 40% to at least c.$99.5m. It
also expects normalised adjusted EBITDA to be slightly ahead of
market expectations with growth of more than 55% to at least
c.$25.0m (2) .
The Company launched eight new titles in FY2021, including
Death's Door, Inscryption, Loop Hero and Olija, across a variety of
platforms and geographies.
Devolver Digital's diversity of revenue is reflected in the
Company's normalised back catalogue revenue of c.70% in FY2021
(2020: 61%).
The Company's pipeline for 2022 is healthy and diverse in terms
of titles, developers, platforms and geography. This includes
existing IP such as Shadow Warrior 3, and several new titles that
have not yet been announced. The Company's confidence in the
outlook for 2022 has been reinforced by the success of the first
release of the year, Serious Sam: Siberian Mayhem, which is
profitable from pre-orders alone.
Devolver Digital will provide further details in its 2021 full
year results announcement, which is expected to be released in
early April 2022.
Harry Miller, Executive Chairman of Devolver Digital, said:
"2021 was an exciting year for Devolver Digital. Twelve years
ago, five founders launched a new video game label to keep the fun
alive in gaming. Today we have 200 people spread across 22
countries, two publishing brands and five development studios. Our
evolution is a testament to more than a decade of multi-title
developer relationships, and strong distribution partnerships.
I was proud to see Devolver Digital recognised as Publisher of
the Year(3) and so many of the games we work with nominated for
awards. In 2022 we will continue working hand-in-glove with
developers we know and trust, to launch interesting and unusual
games."
Douglas Morin, Chief Executive Officer of Devolver Digital,
said:
"Devolver Digital has a unique culture. This is why we are able
to bring wonderful games to the forefront. This also explains the
diversification of our revenues - by title, developer, platform and
geography. We have a strong back catalogue and pipeline of titles
and look forward to sharing more exciting news in 2022."
-ENDS-
About Devolver Digital
Devolver is an award-winning video games publisher in the indie
games space with a balanced portfolio of third-party and own-IP.
Devolver has an emphasis on premium games and has published more
than 90 titles, with more than 30 titles in the pipeline scheduled
for release over the next two years and beyond. Devolver has
in-house studios developing first-party IP titles and a
complementary publishing brand. Devolver is registered in
Wilmington, Delaware, USA.
Enquiries
Devolver Digital, Inc. ir@devolverdigital.com
Harry Miller, Executive Chairman
Douglas Morin, Chief Executive Officer
Daniel Widdicombe, Chief Financial Officer
Zeus Capital (Nominated Adviser and ECM)
Richard Darlington, Daniel Harris (Corporate
Finance)
Benjamin Robertson (Equity Capital Markets) +44 (0)20 3829 5000
FTI Consulting (Communications Adviser) devolver@fticonsulting.com
Jamie Ricketts / Dwight Burden / Valerija Cymbal +44 ( 0)20 3727 1000
/ Usama Ali
Notes
1. Financial numbers contained within this Trading Update are
based on preliminary unaudited 2021 results.
2. Revenues from continuing operations excludes the
out-performance from the Fall Guys franchise. The publishing rights
for Fall Guys were disposed of in April 2021. Normalized adjusted
EBITDA excludes the out-performance from Fall Guys, and any
one-time costs related to Fall Guys and the November 2021 IPO.
3. Devolver Digital was named Best Publisher of the Year in the
Shacknews Awards 2021.
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END
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