TIDMTBLD
RNS Number : 4531Z
tinyBuild, Inc.
25 January 2022
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25 January 2022
tinyBuild, Inc
("tinyBuild" or the "Company")
Pre-Close Trading Update
"On track to deliver EBITDA ahead of expectations"
tinyBuild, a global video games label building franchises across
multiple media, is pleased to provide a trading update for the
twelve months ended 31 December 2021 ("FY 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.
"
Enquiries :
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
Zeus Capital (Nominated Adviser and Joint
Broker)
Nick Cowles, Richard Kauffer (Corporate
Finance); Benjamin Robertson (Equity Capital
Markets) +44 (0)20 3829 5000
Berenberg (Joint Broker)
Ben Wright, Mark Whitmore, Alix Mecklenburg-Solodkoff,
Milo Bonser +44 (0)20 3207 7800
SEC Newgate (Financial PR) tinybuild@secnewgate.co.uk
Robin Tozer, Bob Huxford, Megan Kovach +44 (0)7540 106 366
About tinyBuild:
Founded in 2013, tinyBuild (AIM: TBLD) is a global video games
label building franchises across multiple media. tinyBuild
strategically secures access to IP and partners with developers to
establish a stable platform on which to build multi-game and
multimedia franchises. tinyBuild has a strong portfolio of over 70
titles, and its upcoming pipeline includes c. 30 new titles
currently in development.
Headquartered in Seattle, Washington, USA, the Company has key
operations worldwide, with employees, contractors or partners in
strategic locations. tinyBuild's geographic diversity enables it to
source high-potential IP, cost-effective development resources and
a loyal customer base through 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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