TIDMTBLD
RNS Number : 0893S
tinyBuild, Inc.
12 July 2022
12 July 2022
tinyBuild, Inc
("tinyBuild" or the "Company")
AGM Trading Update and Notice of Results
tinyBuild, a premium video games publisher and developer with
global operations, is pleased to provide an update on trading ahead
of its AGM later today. The Company expects to publish its interim
results for the six months ended 30 June 2022 ("H1 2022") on
Tuesday 27 September 2022.
Highlights
-- First-half performance slightly ahead of expectations for H1 2022
-- Strong catalogue performance, including Deadside, Potion Craft and Not For Broadcast
-- Record number of new titles announced in the first half of 2022
-- The Company expects to deliver full-year 2022 results at least in line with expectations
Current trading
In contrast with some industry commentary that video games sales
are suffering from a crowded release schedule and difficult
comparables due to the lifting of Covid restrictions, the Board is
pleased to confirm that tinyBuild sales are expected to be at least
in line with expectations for the financial year 2022.
tinyBuild continues to benefit from platform competition and is
also well positioned for subscription services growth. Development
advances received from distribution partners were in line with
expectations and continue to provide the Company with greater
visibility on future revenue growth, while helping de-risk the
development process for new games.
As in 2021, the release schedule for the current year is
weighted towards the second half of the year. The Board is pleased
to report catalogue titles are performing strongly, alongside new
game launches, and the Company's first half performance is slightly
ahead of expectations for H1 2022.
Portfolio and pipeline
In the first half of 2022, tinyBuild released Startup Panic
(Steam), a reality-inspired management game, Expedition Zero (early
access on Steam), a survival horror, and Not for Broadcast (v1.0 on
Steam), a dystopian, darkly comedic TV propaganda simulator, that
added another 100k downloads since the beginning of the year.
The Company continues to extract value from its back catalogue
titles with new monetisable events planned in the second half for
Potion Craft, an alchemist simulator, Cartel Tycoon, a survival
business sim inspired by the eighties narco trade, Black Skylands,
a skypunk Open World action-adventure, Kill it with Fire, an
arachnophobic first-person action shooter, Deadside, a hardcore
survival shooter, and Despot's Game, a rogue-like game with
turbocharged battles.
t inyBuild has recently announced a record number of new titles
for future release, including Hello Neighbor 2, the highly
anticipated sequel currently available on pre-order. Other titles
include SpiderHeck, Tinykin, The Fridge is Red, Rawmen, Asterigos,
Nitro Kid, and I am Future.
People
tinyBuild has worked to support all its staff (employees and
independent contractors) and their families in areas affected by
the war in Ukraine and it continues to carefully monitor the
situation. All staff have moved out of the riskiest areas with
plans to welcome anybody fleeing the conflict to the Company's
studios across Europe.
As part of its effort to secure talent at a competitive cost,
the Company continued to hire staff in strategic geographies and is
planning to open a new permanent studio in Europe. The number of
staff has increased from 166 a year ago to over 400, primarily due
to the acquisition of Red Cerberus (November 2021) that added over
200 staff in Brazil.
tinyBuild aims to offer staff the best working conditions in the
industry. The Company is currently trialling unlimited paid leave
across its publishing team and two internal studios with a view to
expanding this across the majority of the business. In June 2022,
tinyBuild has also given one extra week of holiday to all direct
employees as a gesture of appreciation for everybody's hard
work.
As a result of these policies, tinyBuild enjoys one of the
lowest levels of staff turnover: low single-digit compared to an
estimated 15.5.% at an industry level ( Wired ).
Outlook
While tinyBuild continues to carefully review the impact of the
conflict in Ukraine and the fluid macroeconomic situation, early
indicators of consumer traction across the Company's pipeline,
including KPIs for Hello Neighbor 2, are very encouraging.
The Board remains confident the Company is on track to deliver
full-year results at least in line with expectations, plus
accretive acquisitions.
Alex Nichiporchik, Chief Executive Officer of tinyBuild,
commented:
"We are really excited about tinyBuild's progress in terms of
organic growth, with new titles in our pipeline showing strong KPIs
ahead of launch and back catalogue games such as Potion Craft
reaching the largest number of Steam wishlists in our
portfolio."
"The changing economic situation imposes caution, but it also
offers interesting opportunities that we are working hard to
capitalise on as we continue to evaluate new games at different
stages of development and a number of M&A targets to help
accelerate growth. 2022 started well, and we look at the future
confidently."
For further information, please contact:
tinyBuild, Inc investorrelations@tinybuild.com
Alex Nichiporchik - Chief Executive Officer
and co-founder
Luke Burtis - Chief Operating Officer and
co-founder
Antonio Jose Assenza - Chief Financial Officer
Giasone (Jaz) Salati - Head of M&A and IR
Berenberg (Nominated Adviser and Sole Broker)
Ben Wright, Mark Whitmore, Ciaran Walsh,
Milo Bonser +44 (0) 20 3207 7800
SEC Newgate (Financial PR) tinybuild@secnewgate.co.uk
Robin Tozer, Bob Huxford, George Esmond +44 (0)7540 106366
About tinyBuild:
Founded in 2013, tinyBuild (AIM: TBLD) is a global video games
publisher and developer, with a catalogue of more than 70 premium
titles across different genres. tinyBuild's strategy is to focus on
its own intellectual property (IP) to build multi-game and
multimedia franchises, in partnership with developers.
tinyBuild is headquartered in the USA with operations stretching
across the Americas and Europe. The Group's broad geographical
footprint enables the Company to source high-potential IP, access
cost-effective development resources, and build a loyal customer
base through its innovative grassroots marketing.
tinyBuild was admitted to AIM, a market by the London Stock
Exchange, in March 2021.
For further information, visit: www.tinybuildinvestors.com .
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END
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July 12, 2022 02:00 ET (06:00 GMT)
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