Tomb Raider owner Embracer's CFO to step down as Q4 profit meets forecast (updated)

Embracer AB

23/05/2024 06:39

(Adds CFO departure in paragraphs 1-3, context in paragraph 6)
       May 23 (Reuters) - Swedish games developer Embracer
 EMBRACb.ST  said on Thursday its finance chief would step down
for personal reasons, after the owner of the Tomb Raider
franchise posted fourth-quarter operating profit in line with
market expectations.
    Embracer said in a statement that Chief Financial Officer
Johan Ekström would be replaced by deputy CFO Müge Bouillon on
Sept. 1, but would remain with Embracer until March 31, 2025. 
    Following the CFO transition, Ekström will focus on
Embracer's planned separation into three separate companies, the
group said.
    Embracer, which is also developing a multiplayer online game
based on fantasy series The Lord of The Rings, said its adjusted
operating profit rose 56% to 1.4 billion Swedish crowns ($130.6
million) in the quarter through March. That matched analysts'
average forecast provided by the company.
    The results were driven by better product mix and growth in
Embracer's Tabletop Games segment, it said.
    Embracer, like other gaming groups, benefited from growing
demand for video games during COVID-related lockdowns, but has
since been hit by development delays, falling demand and poor
reception for some of its titles. 
($1 = 10.7191 Swedish crowns)

 (Reporting by Jesus Calero in Gdansk; editing by Milla Nissi)
 ((Jesus.calero@thomsonreuters.com))