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Share Name Share Symbol Market Type Share ISIN Share Description
Devolver Digital Inc. LSE:DEVO London Ordinary Share COM SHS USD0.0001 (DI) REG S CAT 3/144A
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 67.00 65.00 69.00 67.00 66.00 67.00 65,413 08:00:18
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Software & Computer Services 157.3 57.1 0.0 - 296

Devolver Digital, Inc. Trading Update

13/06/2022 7:00am

UK Regulatory (RNS & others)


Devolver Digital (LSE:DEVO)
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RNS Number : 5637O

Devolver Digital, Inc.

13 June 2022

13(th) June 2022

The information contained within this announcement is deemed by the company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of the domestic law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018 (as amended) ("UK MAR"). Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

Devolver Digital, Inc.

("Devolver Digital" or the "Company")

Trading Update

The Board of Devolver Digital (AIM: DEVO), an award-winning digital publisher and developer of indie video games, releases updated guidance for the current financial year ending 31(st) December 2022 ("FY22").

Sales from new games released in the first five months of FY22 have been slower than expected, reflecting a competitive release window and specific factors for each title which are being actively addressed for future titles. At the same time there has been an expected step-up in amortisation costs related to these heavier-investment games upon release, as well as increases in general operating expenses due to inflation, headcount and marketing.

As a result, 2022 revenues are expected to range between US$130 million and US$140 million, implying year-on-year growth of over 30%, while adjusted EBITDA is expected to range between US$27 million and US$32 million, implying year-on-year growth of c.15%. The Board expects a continuation of Devolver's track record of growth, driven by a diversified business model, where the majority of revenues come from a back catalogue of more than 90 proven titles. Devolver has a robust balance sheet with c.US$75m net cash on hand as at end May 2022.

The Board expects revenues and profit to be weighted towards the second half of FY22, supported by highly anticipated new title releases, strong demand from subscription platforms and continued evergreen back catalogue sales at year-end. Adjusted EBITDA is expected to be higher in the second half of the year, as a result of increasing revenues, improved gross margins and operational leverage.

Harry Miller, Founder and Executive Chairman of Devolver, said:

"Our founders and employees are majority shareholders in the company, fully committed to publishing and developing creative and exciting titles and delivering our long-term growth strategy. This reflects Devolver's diversified business model, based on a proven back catalogue of over 90 titles across varied platforms and regions. Looking forward, Devolver's pipeline of titles is as strong as it has ever been, with visibility well into 2024."

The Company will hold its Annual Meeting on 24 June 2022 at 4.30pm UK time.

Enquiries

 
 Devolver Digital, Inc.                            ir@devolverdigital.com 
  Harry Miller, Executive Chairman 
  Douglas Morin, Chief Executive Officer 
  Daniel Widdicombe, Chief Financial Officer 
 Zeus (Nominated Adviser and Broker) 
  Richard Darlington, Daniel Harris (Investment 
  Banking) 
  Benjamin Robertson (Equity Capital Markets)      +44 (0)20 3829 5000 
 
 FTI Consulting (Communications Adviser)           devolver@fticonsulting.com 
  Jamie Ricketts / Dwight Burden / Valerija         +44 ( 0)20 3727 1000 
  Cymbal / Usama Ali 
 

About Devolver Digital

Devolver Digital 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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

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June 13, 2022 02:00 ET (06:00 GMT)

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