Good afternoon, it's Paul here. I'm running late today, apologies. This article should be complete by tea time. See the header for the companies I'll be reviewing.

To start with, here are some comments on a company which reported interim results yesterday.

Frontier Developments (LON:FDEV)

Share price: 1000p (up 12.4% yesterday, at market close)
No. shares: 38.7m
Market cap: £387m

Interim results

Frontier Developments plc (AIM: FDEV, "Frontier", the "Company"), a leading developer and publisher of video games based in Cambridge, UK has published its interim results for the 6 months to 30 November 2018.

Clearly the market likes this announcement, as the share price has risen 12%.

I don't know where to start with this company, so am really just flagging what seem to be a fantastic set of results, and then readers can research more if it looks of interest to you.

Revenue growth of 240% - wow!

Revenue increased by 240% to £64.7 million for H1 FY19 (the 6 months ended 30 November 2018) compared to £19.0 million for H1 FY18.  The significant growth reflects the success of Jurassic World Evolution together with the ongoing performance of Elite Dangerous and Planet Coaster, in line with the Company's strategy.

From what I can gather, games have a short burst of high sales after launch, but the best games become "franchises" - with repeated releases of updated versions, giving multiple bites of the same cake.

Operating profit has gone through the roof;

Operating profit of £17.2 million at a margin of 27% (H1 FY18: £3.0 million, 16%), with the growth in the percentage margin reflecting the substantial growth in revenue, albeit at lower gross profit margins.

Current Trading and Outlook

All three game franchises continue to perform well, following good trading performance during the competitive Holiday period incorporating Black Friday and Christmas price promotions.  The Board is comfortable with analysts' revenue projections of £79 million to £88 million for the current financial year (FY19, the year ending 31 May 2019).
Frontier's strategy of continuing to grow its portfolio whilst supporting existing game franchises is delivering well. The development of Frontier's fourth game franchise, based on the Company's own un-announced IP, is on track, with release planned for later in calendar year 2019.

Balance sheet - no issues here, it…

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