Investor Presentation
$'M
PROFIT & LOSS – STATUTORY REPORTING
-
FY20
FY21
1H 2021
1H 2022
FY20
Statutory Normalised
Net revenue
212.7
71.1
98.2
46.4
53.0
Cost of Sales
(121.0)
(48.0)
(58.9)
(30.7)
(34.7)
Gross profit
91.7
23.1
39.2
15.7
18.3
Gross margin
43.1%
32.5%
40.0%
33.8%
34.5%
Operating expenses
(13.9)
(10.1)
(105.3)
(27.4)
(29.9)
Other Income
(0.6)
116.1
115.3
Operating Profit
77.2
12.3
50.0
103.6
(11.6)
Pre tax Profit/(Loss)
77.2
12.3
50.0
103.6
(11.6)
Taxation
(13.1)
(11.5)
(19.4)
(24.1)
Profit/Loss for the period
64.1
0.8
30.6
79.5
(5.0)
(16.6)
Normalised Adjusted EBITDA
80.5
15.8
25.7
12.6
6.8
Adj. EBITDA margin
37.9%
22.2%
26.2%
27.1%
12.9%
Basic Earnings Per Share ($)
Diluted Earnings per Share ($)
0.081
0.224
(0.037)
0.075
0.207
(0.037)
Devolver Digital
Investor Presentation
COMMENTARY
D
Semi-annual net revenues up 14.1% to
record high in 1H 2022 (not including Fall
Guys windfall in 2020).
Revenue growth driven by new title
releases and Back Catalogue strength.
Gross margin slightly higher than 1H 2021
despite large step-up in amortisation
expenses.
EBITDA margin compression due to:
1) higher payroll costs (excluding 1H 2021
Fall Guys-related bonus), reflecting the
22% increase in headcount versus 1H 2021;
2) Increases in professional fees for various
work streams including audit, accounting,
tax and legal fees, and;
3) Listed PLC-related costs (Director's fees,
NOMAD fees and D&O insurance).
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