(CercleFinance.com) – Pullup reported on Thursday evening a turnover higher than analysts’ expectations for the January-March period, which led to an increase in its stock on Friday on the Paris Stock Exchange.
The former Focus Entertainment indicates that the turnover for the 4th quarter of its delayed 2023/24 financial year amounted to 59 million euros, compared to 52.6 million euros a year earlier, i.e. an growth of 12%.
In its press release, the video games group emphasizes that this growth was mainly driven by the solidity of its ‘back catalogue’, that is to say by the titles released during previous years.
At its threshold, this portfolio contributed 35.4 million euros to quarterly revenues, a figure multiplied by 3.4 from one year to the next, to represent 60% of total turnover.
Over the entire financial year, annual turnover fell by 4% to 187.3 million euros, a figure again made up two-thirds by the back-catalogue which includes games like ‘Teenage Mutant Ninja Turtles’, ‘Evil West’ or ‘Atomic Heart’.
For comparison, Euroland analysts expected a figure of 184.6 million euros.
Regarding its outlook, Pullup said it expected growth in its turnover as well as a rebound in its results for the 2024/25 financial year.
The group has also formalized the appointment of Ahmed Boukhelifa, a former Ubisoft executive, as deputy general manager in charge of the studios.
Following all these announcements, the stock rose by more than 2% Friday afternoon on the Paris Stock Exchange.
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