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GROWING
OUR PORTFOLIO
FRONTIER DEVELOPMENTS PLC
ANNUAL REPORT AND ACCOUNTS 2018
STRATEGIC REPORT
HIGHLIGHTS
A MULTI-FRANCHISE WE CONTINUE Operational highlights
• Frontier’s strategy of sustaining and nurturing its franchises
TO SCALE UP
SUCCESS STORY
continues to deliver, as both Elite Dangerous and Planet Coaster
continue to thrive.
• Elite Dangerous, which launched in December 2014, delivered
its fourth year of sustained substantial revenue generation in FY18.
In June 2017 the franchise’s addressable audience was further
expanded with its release on the Sony PlayStation 4 platform,
and we launched the Beyond season of free updates to continue
to appeal to new and existing players by providing additional
gameplay features and further narrative.
Frontier Developments plc (‘Frontier’), listed on the AIM stock Financial KPIs • Planet Coaster, which launched in November 2016, continues
its genre-leading popularity. During the year we started to
market (AIM: FDEV), is a world-class video game developer Total revenue (£m) Operating profit (£m) release chargeable themed expansion packs, each of which
and publisher with multiple revenue generating franchises. adds substantial features and content for players and generates
£34.2m £2.8m additional sales for the franchise beyond the initial game purchase.
Founded in 1994 by David Braben, co-author of the seminal Elite game and based
in Cambridge, Frontier uses its proprietary ‘COBRA’ game development technology 34.2
18 18 2.8 • Towards the end of FY18 we completed the development of
to create innovative games, currently focusing on video game consoles and 37.4
17 17 7.8 our third franchise, Jurassic World Evolution, as planned
personal computers. 21.4
16 16 1.2 and, in June 2018 (after the end of FY18), achieved a third
22.8
15 15 1.6 successful franchise launch with its release alongside
Having successfully completed a transition to a self-publishing model with its first two franchises, 9.5
14 (1.7) 14 the launch of the Jurassic World: Fallen Kingdom film.
Frontier is scaling up to expand its franchise portfolio in order to deliver long-term revenue
and earnings growth. • £17.7 million was raised in July 2017 through a strategic
investment from Tencent, a leading internet and interactive
In the financial year ended 31 May 2018, the ongoing success of Frontier’s first two franchises, entertainment company based in China, to improve and
Elite Dangerous (launched December 2014) and Planet Coaster (launched November 2016) Operating margin (%) EBITDA* (£m) accelerate Frontier’s growth into the key Chinese market
supported the investment in Jurassic World Evolution, which launched successfully in June and help drive scale-up of the business.
2018 (after the end of the financial year) and will deliver the next step up in financial 8% £9.4m
performance for the Company. • In October 2017 the first Frontier Expo was held, a Frontier‑specific
18 8
1 8 9.4 event which brought together Frontier’s developers, player
We have a proven track record of sustaining and nurturing existing franchises to deliver multi-year 17 21 12.7
17
community members and media to spotlight major franchise
revenues, with each new franchise release providing a step-up in overall Company financial 16 6 4.9
16
announcements, maximising awareness and further
performance, and we have proven our ability to successfully launch franchises for a third 15 7 6.1
15
building Frontier’s profile.
time with Jurassic World Evolution. Our ambition is to create a multi-franchise success (18) 14 14 0.3
story, and we remain excited about the prospects for our industry and for our Company. Financial highlights
• Total revenue of £34.2 million in FY18 reflected sustained sales
performances for both Elite Dangerous and Planet Coaster
EPS (basic) (p) Operating cash flow** (£m) following the step-up in sales in the prior period from the
9.6p £(2.8)m launch of Planet Coaster in November 2016 (FY17 revenue
grew 75% over FY16).
9.6
18 (2.8) 18
• As anticipated, a combination of slightly lower annual sales
17 22.7 17 3.4
resulting from no new franchise launch in FY18 and our planned
16 4.2 (2.7) 16
STRATEGIC REPORT FINANCIAL STATEMENTS increased investment in development and marketing saw
15 4.9 15 2.6 operating profit reduce to £2.8 million (FY17: £7.8 million)
01 Highlights 29 Independent Auditor’s report
(5.8) 14 (3.4) 14
and EBITDA reduce to £9.4 million (FY17: £12.7 million).
02 Frontier at a glance 34 Consolidated income statement
03 Chairman’s statement 34 Consolidated statement of comprehensive income
• Operating cash flow (operating profit excluding non-cash items,
04 Chief Executive’s statement 35 Consolidated statement of financial position less investments in franchises and other intangible assets)
06 Our business model and strategy 36 Consolidated statement of changes in equity was an outflow of £2.8 million (FY17: inflow of £3.4 million),
08 Our franchises 37 Consolidated statement of cashflows Net cash balance (£m)
reflecting the investment in Jurassic World Evolution.
08 Elite Dangerous
10 Planet Coaster
38 Notes to the financial statements
58 Company statement of financial position
£24.1m • Cash balances increased by £11.5 million during the year
12 Jurassic World Evolution 59 Company statement of cashflows 24.1
18
to £24.1 million (FY17: £12.6 million) following the £17.7 million
14 Financial review 60 Company statement of changes in equity 12.6
17
strategic investment by Tencent in July 2017.
16 Principal risks and uncertainties 8.6
16
10.5
15
CORPORATE GOVERNANCE ADDITIONAL INFORMATION Read this report online:
18 Board of Directors 61 Notice of Annual General Meeting
8.6
14
20 Report of the Directors IBC Five-year summary AR.FRONTIER.CO.UK
22 Corporate governance report IBC Advisors and Company information
27 Remuneration report * Earnings before interest, tax, depreciation and amortisation
** Operating profit excluding non-cash items, less investments in franchises
and other intangible assets
FRONTIER DEVELOPMENTS PLC
ANNUAL REPORT AND ACCOUNTS 2018 01STRATEGIC REPORT
FRONTIER AT A GLANCE CHAIRMAN’S STATEMENT
DAVID GAMMON, NON-EXECUTIVE CHAIRMAN
WE HAVE PROVEN OUR ABILITY DELIVERING FOR
TO LAUNCH SUCCESSFUL FRANCHISES OUR STAKEHOLDERS
We are well positioned
for the future.
Elite Dangerous Planet Coaster Jurassic World Evolution
Available for Windows PC, Microsoft Xbox Available for Windows PC – builds on Frontier’s Available for Windows PC, Microsoft Xbox
One and Sony PlayStation 4 – is the definitive genre-defining expertise with coaster park One and Sony PlayStation 4 – evolves
massively multiplayer space epic, bringing games such as RollerCoaster Tycoon 3 and players’ relationships with the Jurassic
gaming’s original open world adventure to Thrillville. It further raises the bar for this World film franchise, placing them in control I am pleased to report on another healthy Our long-term ambition to become a global At the AGM in October 2018 our Chief Operating
the modern generation with a connected popular genre, allowing players to let their of operations on the legendary island of Isla year for Frontier. Our first two franchises leader in entertainment remains on plan. Officer, David Walsh, will transition to a
galaxy, evolving narrative and the entirety imaginations run wild as they surprise, delight Nublar and the surrounding islands of the continued to perform well, and our We are scaling up to continue our multi-franchise Non-Executive Director role in order to
of the Milky Way recreated at its full and thrill incredible crowds, and share their Muertes Archipelago. Players will create team did a terrific job on the development success story through the development and focus his attention on a start-up opportunity
galactic proportions. success with the world via the Steam and manage their own Jurassic World as and successful launch of Jurassic growth of our internal capabilities together outside of the games industry. I would like
Workshop community. they bioengineer new dinosaur breeds, World Evolution in June 2018. Our chosen with an expanding use of external resources. to thank David for his 17 years of excellent
and construct attractions, containment and business model of multi-franchise Our proven ability to both launch and sustain service to Frontier, and I am delighted that
Read more from page 8
research facilities. Every choice leads to a self-publishing is delivering well for franchises within a self-publishing model, he will continue to contribute in a Non-Executive
Read more from page 10
ELITEDANGEROUS.COM
different path and spectacular challenges our Company and all of its stakeholders, as well as our long history of delivery and role. David’s responsibilities are being allocated
PLANETCOASTER.COM
arise when ‘life finds a way’. including our community of players, capability, positions us very well to continue between James Dixon, Director of Operations,
our employees and our investors. our organisational development. It is pleasing Stewart Stanbury, Director of Marketing and
to see both Elite Dangerous and Planet Coaster Alex Bevis, CFO. James Dixon has been with
Read more from page 12
selling strongly in their fourth and second the Company for over 20 years and has
financial years respectively. This validates a wealth of experience of both the game
JURASSICWORLDEVOLUTION.COM
our model of establishing franchises with development and operational aspects of the
enduring appeal rather than for the short company. Stewart Stanbury joined Frontier
term. Franchises four, five and six are all in September 2017 from Google, where he
at different stages of development, from specialised in digital marketing, brand and
Revenue history (£m) full scale production to conceptual design strategy for top games industry clients including
stage. In addition we have exciting plans Activision, EA, Ubisoft and Wargaming as
FY18 1.5 32.7 for our three existing franchises. Games Industry Manager for the Media &
Entertainment Sector.
We benefit from a highly experienced
FY17 1.0 36.4 team at Board level. In September 2017 We have already achieved a lot since we
our Board was further strengthened started our transition to a self-publishing
FY16 0.3 21.1 through the appointment of James Mitchell multi-franchise model, but there is much
as a Non-Executive Director. We invited James, more to come. We are well positioned for
FY15 3.8 19.0
who is Chief Strategy Officer at Tencent, the future as a result of the dedication,
FY14 9.0 0.5 to join the Board in order to gain his engagement, skill and professionalism of
insights into the Chinese market and the our amazing team, and I would like to take
wider global entertainment industry, this opportunity, on behalf of the Board, to
Revenue from work-for-hire Revenue from self-publishing following the £17.7 million strategic investment thank them for their tremendous efforts.
made by Tencent in July 2017. James has
already proven to be an invaluable member
DAVID GAMMON
of the Board and we are delighted with
NON-EXECUTIVE CHAIRMAN
his appointment.
5 September 2018
02 FRONTIER DEVELOPMENTS PLC
ANNUAL REPORT AND ACCOUNTS 2018
FRONTIER DEVELOPMENTS PLC
ANNUAL REPORT AND ACCOUNTS 2018 03STRATEGIC REPORT
CHIEF EXECUTIVE’S STATEMENT
DAVID BRABEN, FOUNDER & CEO
GROWING OUR
PORTFOLIO
STRATEGY Frontier is scaling up to build a broad portfolio Overall we will continue to focus on
We believe that publishing our own franchises of franchises, each different to the last, and opportunities which leverage our existing
is the best way to maximise the benefit of each with the capability to offer sustained expertise, intellectual property, publishing
our core skills, our assets and our COBRA revenue streams as already seen with Elite presence, relationships and financial
technology platform. The Company’s focus Dangerous and Planet Coaster. Releases of position. As stated in the Group’s previous
is on developing top-quality self-published new franchises can be expected to drive Annual Reports and other communications,
PC and console titles for digital distribution. steps up in the Group’s financial performance. in addition to the current core model of using
I would like to thank everyone Generally the audiences on these platforms Because of the small number of franchises internal resources supplemented by outsourced
value the types of high-quality games that and relatively infrequent major releases services, the Group will continue to explore
at Frontier and all our players Frontier is able to deliver. Frontier is currently able to make, revenue other opportunities to accelerate its scale-up.
is sensitive to the specific schedule of such
around the world. We will also continue to follow our repeatable
model, to create further franchises in popular
releases and may therefore exhibit ‘stepped’
External partnerships are an important element
within our plans and such opportunities
behaviour across financial years, as those
game genres where we can use our key are likely to include third party publishing
new franchises are released. In the future,
expertise and knowledge and/or IP to deliver (controlling the promotion and distribution
as we successfully scale the number and
highly differentiated, best-in-class player of other developers’ games), commissioning
frequency of franchise releases, annual
experiences, and further build our revenue (outsourcing the majority of development
revenue growth should accelerate and our
pipeline over the long term. of Frontier games to other developers), and
dependency on each major release
enhancing the Group’s franchise portfolio
Our strategic objective is to create long-term should decrease.
or capabilities via acquisitions.
sustainable growth through success by
We aim to accelerate our output to achieve
publishing a growing number of franchises. I look forward to working with Frontier’s
In January 2019 Frontier will celebrate THE GAMES MARKET quality. ‘Discoverability’ (the ability to find one major launch every 12 months or so,
Our strategic focus is on two key areas: fantastic team and our partners to build on
its 25th anniversary since I founded We operate in an exciting and growing industry a title) is also better on PC and console, with but this will not require us to increase our
our early self-publishing success and establish
the company in January 1994. Both that continues to see rapid change. The games excellent support from reviewers, ‘youtubers’ • developing our business to achieve workforce linearly because supporting existing
a new long-term, self-published track record
the industry and our Company have market is already the premier form of and social media. repeatable success; and franchises typically requires less resource
of quality, innovation and delivery as we
undergone significant change throughout entertainment worldwide, worth over than creating new ones.
The whole market is moving rapidly towards • creating and managing franchises. scale-up to continue our multi-franchise
that time, and I am personally very $100 billion per year within the wider
digital download as the primary delivery model. success story.
proud of all of our achievements. I am $300 billion entertainment industry. That
Mobile and PC are now almost 100% digital,
particularly pleased with the success is larger than each of the film, TV or music
and the console audience is quickly adopting
of our transition to self-publishing over industries. The games sector is growing fast
digital downloads too, as market focus moves
the last five years. The rise of digital too, increasing at around 10% last year,
to the new generation of hardware and older
distribution was the catalyst for our whilst some other entertainment sectors,
business models are replaced.
change, and our extensive experience such as TV, have experienced declines. The
Current trading and outlook
in the games industry gave us the lines between entertainment sectors There are already some very large and
confidence to make the switch. I believe continue to blur, as audiences crave greater well-established companies in the games
our decision has been proved correct levels of interactivity within their market, with a number of companies The launch of Jurassic World Evolution, coincide with the film release of Jurassic David Braben, Chief Executive, said:
by the ongoing performance of our first entertainment experiences; more than just supporting $1 billion+ valuations. Two of in June 2018 has led a record trading World: Fallen Kingdom confirms our ability
two franchises, Elite Dangerous and shouting at their TVs! These are exciting the largest publishers and developers, EA “Jurassic World Evolution has achieved our
performance during the period from the to ship a new game on a hard deadline
Planet Coaster, and the successful times and Frontier is well placed to both and Activision Blizzard, both based in the biggest launch to date, and we are now very
year end (31 May 2018). Digital sales of simultaneously across three high-end
launch of Jurassic World Evolution. drive and support future changes in the US, have a combined value of around $100 well positioned with three successful revenue
Jurassic World Evolution have been gaming platforms (PC, PlayStation 4 and
I would like to thank everyone at wider entertainment industry, including the billion. However, our industry has always generating franchises. We will continue to
substantial across all three platforms, (PC, Xbox One).
Frontier for their continued contribution potential addition of whole new forms thrived on disruption, in terms of individual support and enhance all three of our existing
PlayStation 4 and Xbox One) and physical
and hard work and thank our players of entertainment. games, game genres, charging models, Our first two franchises, Elite Dangerous franchises (Elite Dangerous, Planet Coaster
disc sales on PlayStation 4 and Xbox One
around the world who continue to make technology and routes to market, and it has and Planet Coaster, both supported by our and Jurassic World Evolution), and we’ll be
The games market is typically seen as three have also been significant. On 19 July 2018
all this possible. been interesting to observe the impact of strategy of ongoing development, continue making a number of exciting announcements
different sectors: PC, console and mobile/ Frontier announced that cumulative sales
some of those disrupting factors in the last to perform well, delivering a sustained about each franchise in due course. Franchise
tablet. The characteristics of each sector on all formats had passed 1 million units,
12 months. Our chosen model – supporting revenue contribution during the period four, which is based on our own un-announced
are quite different. Our development focus just 5 weeks after the digital launch on
our games and their communities with from 31 May 2018. IP, is now in full development and targeted
is currently on PC and console titles, as the 12 June 2018.
regular updates, essentially ‘games as for release in FY20, and two more
audiences on these platforms highly value Although it is still early in terms of both
a service’ – is working very well, producing We are pleased with the positive early sales new franchises are in earlier stages
games exhibiting Frontier’s key development Frontier’s financial year and the life-cycle
three out of three successful franchises so and player feedback for Jurassic World of development.”
strengths such as compelling gameplay and of Jurassic World Evolution, the Board
far, but we will continue to monitor and Evolution. This initial success further
high production quality. In contrast the mobile is comfortable with the current range of
consider different options as the industry demonstrates our ability to add new franchises
sector is overcrowded, with a very low barrier analyst revenue projections of £75 million
continues to evolve. to our portfolio and emphasises our capability
to entry, so success is both much less to £88 million for FY19 (the year ending
to both develop and publish top tier IP,
predictable and much less influenced by 31 May 2019), a substantial increase over
reinforcing our appeal as a partner to IP
the £34 million achieved in FY18.
holders. The timing of our launch to
04 FRONTIER DEVELOPMENTS PLC
ANNUAL REPORT AND ACCOUNTS 2018
FRONTIER DEVELOPMENTS PLC
ANNUAL REPORT AND ACCOUNTS 2018 05STRATEGIC REPORT
OUR BUSINESS MODEL AND STRATEGY
OUR MULTI-FRANCHISE Developing our business to achieve repeatable success
MODEL INVEST
We invest our development resources in
DEVELOP
Our development focus is on PC and console.
PUBLISH
We continue to assess the distribution
games with strong franchise potential. In Audiences on these platforms tend to value channels and platforms we use to achieve
order to maximise the return on our core games that exhibit Frontier’s key an optimal addressable audience for each
skills and assets we target game genres development strengths. game, and the monetisation strategy for
where we have established expertise each franchise. We participate in price
We use online channels to create and
and/or intellectual property. promotions on each of the distribution
engage with a player community during
platforms we use for each of our games as
We continue to invest in our organisation game development, which provides a
appropriate to its life-cycle stage, allowing
What we do to create a model of repeatable success. valuable source of both feedback and
us to reach the widest possible audience
To accelerate our progress and increase advocacy for each franchise before
over time.
the frequency of launches we are scaling first release.
up our organisation, not just in terms of We also monitor the geographical performance
Our development process uses our proprietary
staff numbers, but also in terms of leadership of our franchises, understanding and
Employees R&D In-house technology Audience Partnerships COBRA development tools and technology to
skills, training, organisational structure, monitoring under and over performance
facilitate innovative features and the creation
process and external partnerships. versus expectations in each territory, and
of top-quality self-published games with
will continue to look for opportunities to
We also invest in the necessary facilities to strong differentiation for the PC and console
tailor our local price to a level more appropriate
support our world-class team. In April 2018 audiences. Our control of this technology also
to each local economy. In particular we note
we moved all of our staff into a brand new removes the risk related to ongoing access
the rapidly growing Chinese market for
office space on the Cambridge Science Park. to third party licensed technology alternatives,
premium PC games, and we expect our strong
It is our belief that having all our people in the risk relating to the ability to fix uncovered
relationship with Tencent to help us to take
CREATE BUILDING PLAYER NURTURE Cambridge working together in a single problems in that technology and the risk
advantage of its unparalleled expertise and
Frontier uses experience gained from Frontier avoids ‘pay-to-win’ features, building helps to maximise our operational related to the lack of control over the delivery
a track record in the games industry over NUMBERS AND instead continuing to expand each franchise distribution capabilities in its home market
effectiveness and efficiency. dates and new feature roadmap of such
three decades to create franchises that ENGAGEMENT offering through an ongoing program of free
solutions. It also facilitates rapid response
for our franchises.
build on our world-class expertise. and paid-for expansions and add-ons.
to market opportunities, for example as
High quality Boost player experience
happened with support for Virtual Reality
Innovative experiences Increasing awareness and Augmented Reality.
CREATING AND NURTURING TO ACHIEVE REPEATABLE SUCCESS
Creating and managing franchises Future franchises
OVERVIEW We are building a broad portfolio of Subject to Frontier’s disclosure obligations as that we can develop and publish world-leading
In order to maximise the return on our core We will continue to grow the capacity We will endeavour to enhance and expand franchises, each different to the last and an AIM company, it is the Board’s intention to IP alongside a major film launch; we will
skills and assets we target game genres on and capability of our organisation in both our franchises and grow their audiences each with the capabilities to expand over make announcements about future franchises review the value of licensing proven third
PC and Console platforms where we believe commercial and development areas in using appropriate additional products, time. All future franchises will be selected at the optimum time for the success of that party IP versus developing our own IP for
we can both i) deliver high-quality, differentiated order to further the successful evolution platforms, media, marketing, distribution using the same approach described above particular franchise. This may be some time each potential future franchise on a
offerings using established expertise and of our franchises. channels and charging models through that was used for Elite Dangerous, Planet after the start of a particular project, and not case-by-case basis.
intellectual property, and ii) have a strong investing in the necessary people, organisation, Coaster and Jurassic World Evolution. We are necessarily at the time of the signature of an
As part of this process, we will explore Franchise four, which is based on our own
chance of successful market entry, based on resources and infrastructure. scaling up for the future so we can release agreement with a development or IP partner.
potential partnerships and licensing un-announced IP, is now in full development
past experience or knowledge of that sector. games more frequently, and we already have
opportunities. We will also continue to Our future franchise portfolio is likely to and targeted for release in FY20, and two
future franchises in different phases
We use this repeatable model to invest our review potential acquisition targets that contain a mixture of owned IP (like Elite more new franchises are in earlier stages
of development.
resources with the intention of creating could augment our capacity or add new Dangerous and Planet Coaster) and licensed of development.
world-class games with strong franchise capabilities as well as IP that may help IP (like Jurassic World Evolution). We are
potential and plan for strong post-launch us achieve our goals. pleased with the initial sales and feedback
franchise support to further help realise for Jurassic World Evolution, which illustrates
this potential.
OUR SCALE-UP MODEL
FUTURE FRANCHISES
JURASSIC WORLD EVOLUTION (2018+)
PLANET COASTER (2016+)
ELITE DANGEROUS (2014+)
06 FRONTIER DEVELOPMENTS PLC
ANNUAL REPORT AND ACCOUNTS 2018
FRONTIER DEVELOPMENTS PLC
ANNUAL REPORT AND ACCOUNTS 2018 07STRATEGIC REPORT
OUR FRANCHISES
ELITE DANGEROUS
Ongoing development
THE HORIZONS SEASON OF EXPANSIONS
BLAZING A TRAIL
Each expansion offers new headline gameplay features
plus a large number of quality of life enhancements and
other tweaks, fixes and improvements, and there is an
INTO THE BEYOND
accompanying update to the base game.
2.0
DECEMBER 2015
Elite Dangerous is now in its fifth financial Each Beyond update is free for all players, Planetary Landings was launched in December 2015
year since release in December 2014. regardless of whether they have the Horizons and expanded gameplay to planetary surfaces for the
Since launch we have continued to release season pass. Beyond focuses on enhancements first time.
expansions to the original Elite Dangerous to the overall player experience, bringing 2.1
game, simultaneously on PC, Xbox One and foundational changes to the core systems of MAY – JUNE 2016
PlayStation 4 as those platforms have Elite Dangerous and delivering new in-game The Engineers was launched on PC in May 2016 and Xbox
been added. content for Commanders to experience as One in June 2016 and added loot and crafting mechanics
they explore the massively multiplayer galaxy. to the game to allow players to upgrade the performance
Simultaneous releases on all supported
platforms are planned to continue going The Elite Dangerous franchise continues of their ship and weapons.
forward, including Sony’s PlayStation 4 to perform strongly and we continue to 2.2
following the franchise’s debut on the focus on enhancements within the strategy OCTOBER 2016
platform in June 2017 which significantly of further improving perceived quality and The Guardians was launched in October 2016 and
expanded its addressable audience. sentiment, adding significant long-term expanded the gameplay possibilities of each ship
new features and supporting the unique by adding ship-launched fighters.
These updates add to the quality of the game,
evolving player-driven story, which all
renew the interest of existing players and 2.3
players experience together. We expect
also generate additional coverage, resulting APRIL 2017
to further expand the player base over
in new sales. The attach rate of Elite Dangerous: The Commanders was launched in April 2017 and
the next financial year, adding new content
Horizons to the base game continues to grow offered the ability for multiple players to crew a ship
and increasing the audience.
steadily, helped by the regular updates. and represented player characters in game with
We continue to invest significant effort into sophisticated customisation options.
Having the base game and Horizons expansions
Elite Dangerous which we expect to yield some
in the market covers mid-price entry to the 2.4
exciting future developments – more to come!
franchise with an upgrade path, and we bundle SEPTEMBER 2017
the two together and add some digital items ELITEDANGEROUS.COM The Return was released in September 2017 and supported
to create a Deluxe edition for a premium the ongoing story arc related to Thargoids, the franchise’s
price point entry. We believe each product first alien species, and their interactions with humans
in the franchise offers great value. in the Elite Dangerous galaxy.
The third Elite Dangerous season, Beyond, The release of 2.4 The Return completed the Horizons
was announced in October 2017 at Frontier season of expansions.
Expo 17. Chapter 1 launched in February 2018,
Chapter 2 launched in June 2018 and BEYOND UPDATES
Chapter 3 launched in August 2018. Each Beyond update is free for all players. Beyond
focuses on enhancements to the overall player experience,
bringing foundational changes to the core systems of
Elite Dangerous and delivering new in-game content
for Commanders to experience as they explore the
massively multiplayer galaxy.
BEYOND CHAPTER 1
FEBRUARY 2018
BEYOND CHAPTER 2
JUNE 2018
BEYOND CHAPTER 3
AUGUST 2018
08 FRONTIER DEVELOPMENTS PLC
ANNUAL REPORT AND ACCOUNTS 2018
FRONTIER DEVELOPMENTS PLC
ANNUAL REPORT AND ACCOUNTS 2018 09STRATEGIC REPORT
OUR FRANCHISES CONTINUED
PLANET COASTER
Ongoing development
WINTER UPDATE
EVOLVING COASTER
DECEMBER 2016
SPRING UPDATE
APRIL 2017
PARK SIMULATION SUMMER UPDATE
JUNE 2017
Planet Coaster was successfully launched In November 2017 the Planet Coaster In December 2017 we released FIRST PDLC PACKS
in November 2016 after a short Beta period, Anniversary Update was released, in the Planet Coaster Adventure Pack JULY 2017
achieving the global #1 position on the celebration of one year since the game’s with new rides, new scenery and Involving iconic Universal IP – Back to the Future,
Steam distribution channel and continuing launch. It was the fourth major free update a new entertainer for players to The Munsters, and Knight Rider.
to sell strongly through the subsequent and provided new rides, features and gameplay. discover on an all-new creative journey. SPOOKY PACK
holiday period. In accordance with our SEPTEMBER 2017
This update strategy is intended to further In March 2018 the Planet Coaster Studios
strategy, we began to release free updates, The first paid-for expansion pack - introducing new rides,
improve perceived quality and sentiment Pack was launched, bringing the blockbuster
each of which adds headline features but a new entertainer, an all-new theme and bold new
by adding significant long-term new features. experience to life with spectacular stunts,
also expands and improves different creative creative options. The pack enables players to mix and
Such updates add to the quality of the game, earth-shaking explosions, hotels and rides
and management aspects of the game. match hundreds of new scenery pieces, two new rides
renew the interest of existing players and that put park guests at the heart of the action.
The Winter Update was released in December also generate additional coverage, resulting and new building components with Planet Coaster’s
In July 2018 the Planet Coaster Vintage other unique themed building components.
2016 with something for all players. In addition in new sales.
Pack was launched, offering nostalgic
to new rides being added, there were further ANNIVERSARY UPDATE
In July 2017 we released our first three paid classic coasters and rides plus authentic
improvements to streamline management NOVEMBER 2017
downloadable content (PDLC) packs – all period scenery that is filled to the brim
operations within parks, new scenarios, new Added the Scenario Editor, giving players tools to
three involving Universal IP – Back to the with Victorian touches and timeless charm.
shops, new transport rides and a new snowy create their own custom scenarios and share them
Future, The Munsters, and Knight Rider.
winter theme. We will continue to support Planet Coaster on the Steam Workshop with friends.
As with Elite Dangerous, this uses a model
going forwards; it has a long future ahead
The Spring Update was released in April 2017 that provides an accompanying free feature ADVENTURE PACK
of it!
and added security guard staff members update to the base game for all players. DECEMBER 2017
and go-kart track rides for players to use in Discover more on your jungle-themed adventure with
In September 2017 we launched the Planet PLANETCOASTER.COM
their parks, along with more rides, coasters, thrilling rides, exciting scenery to create your own
Coaster Spooky Pack – the first paid-for
scenarios and further management pyramids & temples, and lure your guests into ancient
expansion pack – introducing new rides, a new
improvements, as well as doubling the traps and have them encounter some truly scary creatures!
entertainer, an all-new theme and bold new
maximum size of blueprints that can be shared
creative options. The pack enables players STUDIOS PACK
via the Steam workshop to 4,000 pieces.
to mix and match hundreds of new scenery MARCH 2018
The Summer Update was released in pieces, two new rides and new building Bring glitzy Hollywood glamour to your park, build the
June 2017 and added customisable firework components with Planet Coaster’s other ultimate backlot tour and bring the blockbuster experience
displays and video billboards for players unique themed building components. to life with spectacular stunts, dramatic effects and
to place in their parks, as well as more rides that put park guests in the heart of the action.
rides, coasters, scenarios and further
management improvements, plus a VINTAGE PACK
new Stars and Stripes scenery set. JULY 2018
Build nostalgic buildings and fairground-style areas
using new vintage looking scenery. Have your guests
try out the classic rides and traditional attractions
reminiscent of old school town fairs.
10 FRONTIER DEVELOPMENTS PLC
ANNUAL REPORT AND ACCOUNTS 2018
FRONTIER DEVELOPMENTS PLC
ANNUAL REPORT AND ACCOUNTS 2018 11STRATEGIC REPORT
OUR FRANCHISES CONTINUED
JURASSIC WORLD EVOLUTION
Ongoing development
DINOSAUR UPDATE
BUILD YOUR OWN
JUNE 2018
This update introduced three new dig sites, a
cast of new dinosaurs which you can bring to
JURASSIC WORLD
your island, and new InGen database entries.
SEPTEMBER 2018 UPDATE
On 29 August 2018 we announced a free update for
Jurassic World Evolution, launched on 12 Archipelago. Players create and manage Jurassic World Evolution for release on 13 September
June 2018. It was our first self-published their own Jurassic World as they bioengineer 2018. The update will include enhancements to gameplay
title (although not our first game) to debut new dinosaur breeds and construct attractions, including an all new Challenge Mode, more Sandbox
on PC, PlayStation and Xbox simultaneously, containment and research facilities. Every options and new contract types. It will also include visual
and the first to benefit from such a major choice leads to a different path and enhancements such as sizing adjustments for certain
marketing event as the simultaneous spectacular challenges arise when ‘life dinosaurs, lighting options and new viewing cameras.
launch of the latest film in the franchise, finds a way.’ Two more languages will also be added in the update:
Jurassic World: Fallen Kingdom at the start Korean and Italian.
Jurassic World Evolution was announced
of the biggest games industry show of the
in August 2017, with pre-order announced
year – the E3 show in Los Angeles.
on 28 March 2018 for a digital launch on
The opportunity was identified using the 12 June 2018 on all three platforms. In addition,
same approach described above for Elite physical discs went on sale for Xbox One
Dangerous and Planet Coaster. Jurassic and PlayStation 4 on 3 July 2018 for those
World Evolution leverages our management who still prefer physical media.
and builder game expertise, plus our unrivalled
Initial player reaction and engagement with
expertise in implementing believable in-game
Jurassic World Evolution has been very positive.
animals from games such as Dog’s Life,
On 19 July 2018 Frontier announced that
Kinectimals and Zoo Tycoon. In this case we
cumulative sales on all formats had passed
determined that being able to use the Jurassic
1 million units, just 5 weeks after the digital
World IP would significantly benefit awareness
with the most recent movie in the franchise
launch on 12 June 2018. Jurassic World
released in June 2018, around the 25th
anniversary of the original movie. In fact,
Jurassic World Evolution’s first PDLC pack
was available at launch and as a bundle during
Evolution’s first PDLC
our digital launch on 12 June coincided with
the US film premiere in Los Angeles.
pre-order, and we plan to add further free
updates and paid-for content in the future,
pack was available at
Jurassic World Evolution evolves players’
as we have for our other franchises.
launch and as a bundle
relationship with the Jurassic World film
franchise, placing them in control of operations JURASSICWORLDEVOLUTION.COM
during pre-order, and we
on the legendary island of Isla Nublar and
the surrounding islands of the Muertes plan to add further free
updates and paid‑for
content in the future,
as we have for our
other franchises.
12 FRONTIER DEVELOPMENTS PLC
ANNUAL REPORT AND ACCOUNTS 2018
FRONTIER DEVELOPMENTS PLC
ANNUAL REPORT AND ACCOUNTS 2018 13STRATEGIC REPORT
FINANCIAL REVIEW
ALEX BEVIS, CFO & COMPANY SECRETARY
A SOLID SET BALANCE SHEET AND CASHFLOW
The Company continued to run a robust
balance sheet during the financial year, and
Financial KPIs
Total revenue (£m) Operating profit (£m)
OF RESULTS this was further boosted by the strategic
investment from Tencent completed in
July 2017.
£34.2m
34.2
18
£2.8m
18 2.8
Tangible assets increased to £5.0 million 37.4
17 17 7.8
(FY17: £0.7 million) as a result of the fit-out 21.4
16 16 1.2
of the new leased office facility, which the 22.8
15 15 1.6
Company occupied in April 2018. 9.5
14 (1.7) 14
Intangible assets increased by £7.3 million
to £29.2 million at 31 May 2018 (FY17:
Elite Dangerous and Planet £21.9 million) as investments in franchise
assets, particularly Jurassic World Evolution, Operating margin (%) EBITDA* (£m)
Coaster continue to deliver. and other intangibles exceeded
amortisation charges.
8% £9.4m
18 8
8
1 9.4
Trade and other receivables was £6.7 million
17 21 12.7
17
at the end of the period (FY17: £2.9 million)
with the increase largely due to pre-order
16 6 4.9
16
sales for Jurassic World Evolution. Total
15 7 6.1
15
deferred income showed a similar change (18) 14 14 0.3
for the same reason, with an increase to
£4.3 million (FY17: £1.4 million).
Trade and other payables totalled £5.9 million
EPS (basic) (p) Operating cash flow** (£m)
(FY17: £4.9 million) with the increase reflecting
OVERVIEW
The ongoing performance of Elite
This legacy revenue included income from a
royalty dispute which was settled in the period.
Sales, marketing and administrative expenses
grew to £12.8 million (FY17: £11.9 million).
accrued distribution costs on Jurassic
World Evolution pre-order sales, partly
9.6p £(2.8)m
Dangerous and Planet Coaster delivered Increases in marketing and facilities costs offset by a lower level of profit related 9.6
18 (2.8) 18
Gross profit was £24.1 million in the year 22.7 3.4
a solid set of financial results for the were partially offset by lower foreign exchange bonus accrual. 17 17
(FY17: £27.4 million) with gross margin at 4.2 (2.7)
12 months ending 31 May 2018 (‘FY18’), charges and a lower level of profit related
Cash balances increased £11.5 million during
16 16
70.5% (FY17: 73.2%). The largest element of
following the significant step-up in bonus accrual. The increased investment in
the year to £24.1 million (FY17: £12.6 million),
15 4.9 15 2.6
cost of sales is the margin payable to our
financial performance achieved in the marketing supported the ongoing success
as a result of the Tencent strategic investment
(5.8) 14 (3.4) 14
digital distribution partners. The reduced
prior period (‘FY17’) which resulted of existing franchises as well as the launch
of £17.7 million. Operating cash flow (operating
margin in FY18 largely resulted from the
from the launch of Planet Coaster in of Jurassic World Evolution in June 2018,
profit excluding non-cash items, less investments
launch of Elite Dangerous on PlayStation 4
November 2016. The Group generated with some of the E3 event related marketing
in franchises and other intangible assets)
and the release of lower margin physical
operating profits of £2.8 million (FY17: costs falling in June 2018 (and therefore the
was an outflow of £2.8 million in the period Net cash balance (£m)
disc sales of Elite Dangerous on Xbox One
£7.8 million) despite increased investments FY19 income statement).
(FY17: an operating cash inflow of £3.4 million),
and PlayStation 4.
in development and marketing, particularly
As anticipated, the lower level of annual with the change reflecting lower sales and £24.1m
for Jurassic World Evolution. Cash Gross research and development
higher levels of investment.
sales, lower gross profit margin and higher 24.1
18
balances were boosted in the period by expenses in the period were £15.9 million
level of operating costs resulted in a reduction 12.6
17
the £17.7 million strategic investment by (FY17: £12.7 million). The majority of spend SHARE ISSUES
in operating profit in the period to £2.8 million 8.6
Tencent in July 2017; cash balances related to internal staff costs, and the increase Employees exercised options over 1,051,117 16
(FY17: £7.8 million). EBITDA (earnings before 10.5
at 31 May 2018 were £24.1 million. in the year largely reflects headcount increases. Ordinary Shares during the 12 months to 15
interest, tax, depreciation and amortisation) 8.6
However, outsourcing is becoming a more the end of May 2018. Of this total, 985,517 14
TRADING reduced to £9.4 million (FY17: £12.7 million).
significant cost element and accounts for were newly issued shares with the remaining
Total annual revenue was £34.2 million in
some of the increase in total gross spend A corporation tax credit of £0.7 million was 65,600 resulting from transfers under
the period (FY17: £37.4 million) with both
in the period. Capitalisation of development recorded in the year (FY17: a charge of arrangements with the Employee
Elite Dangerous and Planet Coaster continuing * Earnings before interest, tax, depreciation and amortisation
costs on franchise assets and other intangibles £0.1 million). The credit resulted from the Benefit Trust.
to deliver sustained revenue from both ** Operating profit excluding non-cash items, less investments
accounted for £13.4 million in the period release of a prior year accrual following
sales of the game and PDLC. The ongoing In July 2017 the Company completed a in franchises and other intangible assets
(FY17: £9.6 million), with development costs completion of the FY17 tax return. The
performance of both titles reflects Frontier’s strategic investment with Tencent Holdings
of Jurassic World Evolution being the largest Group benefits from Video Games Tax Relief
approach to sustaining and nurturing existing Limited. Tencent acquired 3,386,252 newly
element. Amortisation charges grew to and has accrued tax losses estimated to be
franchises. It is worth noting that Elite Dangerous issued Ordinary Shares at 523.2p per share,
£6.0 million for the period (FY17: £4.5 million) in excess of £10 million as at 31 May 2018.
achieved its highest annual revenues to date generating proceeds of £17,716,870.
reflecting a full year of amortisation charges for
in FY18 following a successful launch on Profit after tax for FY18 was £3.6 million
Planet Coaster. Net research and development
PlayStation 4 in June 2017. (FY17: £7.7 million) and basic earnings per
expenses recorded in the income statement ALEX BEVIS
share was 9.6p (FY17: 22.7p).
Self-publishing revenue accounted for 95% in the year were therefore £8.5 million CFO & COMPANY SECRETARY
of sales (FY17: 97%) with the balance being (FY17: £7.6 million), being gross spend, less 5 September 2018
related to our legacy work-for-hire business. capitalised costs, plus amortisation charges.
14 FRONTIER DEVELOPMENTS PLC
ANNUAL REPORT AND ACCOUNTS 2018
FRONTIER DEVELOPMENTS PLC
ANNUAL REPORT AND ACCOUNTS 2018 15STRATEGIC REPORT
PRINCIPAL RISKS AND UNCERTAINTIES
WE EFFECTIVELY IDENTIFY
AND MANAGE RISKS
The Group faces competitive, strategic and financial risks that are
inherent in a rapidly growing emerging market. The executive team
maintains the risk register and escalates the key risks for further
consideration at full Board level on a regular basis.
The key business and financial risks for the Group are set out below:
Description Mitigation Change Description Mitigation Change
Staff availability The Group continues to prioritise direct recruitment and outreach. Currency risk The Group has expanded its revenue sources and there has been a
We have visibility of our future needs via a regularly reviewed plan subsequent increase in revenue from non-GBP currencies in the last
If the Group does not have the correct numbers of record and undertake analysis of potential bottlenecks. We seek The majority of Frontier’s resources are located few years. Whilst the longer-term economic risks of selling globally
of people with the correct skills available, to minimise days lost to sickness via healthcare benefits and general in the UK and therefore the Group’s operating cannot be avoided, forward contracts have been used to gain certainty
the execution of its business plan will morale and wellbeing initiatives. The Group is a Tier 2 visa sponsor, costs are mainly in Pounds Sterling (GBP). Sales over the rate of conversion of foreign currency income. The Group
be compromised. to facilitate its objective to employ the best possible people from the are global, in multiple countries and in multiple will continue to review the most effective way of managing
worldwide talent pool. In 2017 we expanded our HR team to add currencies. The Group therefore has short-term transaction and translation risks.
Links to strategy INVEST DEVELOP PUBLISH
dedicated talent acquisition resources. We also balance internal transaction and translation risks, in addition to the
and external resources through outsourcing. Brexit is an obvious longer-term economic risk of developing in the UK
concern in respect of sourcing and retaining talent from the EU, and selling worldwide. The largest exposure is
and we continue to monitor this issue. the US Dollar (USD).
Links to strategy INVEST DEVELOP PUBLISH
Staff retention Whilst there will unavoidably be some level of staff turnover, the
Group believes that its attractive project portfolio, talented staff
Staff departures could create staff and key skill/ and good quality leadership make Frontier a place where talented Growth management In order to mitigate the risk, the Group has invested in suitable
experience shortages and compromise the people want to build their careers. We use our business success training for key staff and key internal systems. The Group’s Board
execution of the Group’s business plan. The Group’s future success will depend on its includes experienced Non-Executive Directors who ensure risks are
to deliver benefits to our people, and the Group is undertaking a
ability to manage and fund its anticipated expansion managed regularly and objectively. The Group prudently manages
Links to strategy programme of improving incentives and leadership skills which
INVEST DEVELOP PUBLISH through the utilisation of internal resources together its liquidity by monitoring forecast cash inflows and outflows both
is intended to further enhance its attractiveness as an employer.
with the realisation of external opportunities such in the short and medium terms, as well as its long-term investment
as outsourcing, commissioning and publishing. needs and opportunities.
These external opportunities may also include
Cybersecurity We review our security provisions regularly and believe them to be
acquisitions. Such expansion and investment are
in accordance with industry best practices.
A breach of security could take many forms and expected to place demands on management, support
could significantly impact the business and impair functions and working capital. If the Group is unable
its self-publishing plans. to manage and fund its expansion effectively, its
business and financial results could suffer.
Exposure includes that of failure of security at our
partners, including Amazon, Valve, Microsoft and Sony. Links to strategy INVEST DEVELOP PUBLISH
Links to strategy INVEST DEVELOP PUBLISH
Market disruption Investing in its own COBRA technology and self-published games
allows the Group to continue to innovate, and we seek to make our
Execution risk Frontier has a long history of strong project execution. Nevertheless,
The Group operates in a fast-moving industry processes and business decisions agile and well informed so we can
it is vital Frontier continues to push itself and so avoid complacency
The Group has transitioned from a work-for-hire where competitive products, larger competitors, anticipate and exploit such changes. We believe this risk is mitigated
to retain its excellent execution record. It must continue to challenge
model to a multi-franchise self-publishing model. new market trends or disruptive technology may by our track record of execution on new platforms and the flexibility
its own internal assumptions and those about the industry trends to
Whilst successful project execution is very important emerge which reduce its ability to compete and demonstrated by the diverse range of video games we have
remain at the forefront of the industry. The Group remains confident
under both models, inherently both the rewards execute its business plan. successfully developed in the past.
that it can use its experience and expertise to continue to deliver on
and the risks under a self-publishing model are the product, technology, commercial and operational aspects that Links to strategy INVEST DEVELOP PUBLISH
probably greater. support its strategy.
Links to strategy INVEST DEVELOP PUBLISH
This strategic report was approved by the Board and signed on its behalf by
Change in risk
ALEX BEVIS
No change Increase Decrease CFO & COMPANY SECRETARY
5 September 2018
16 FRONTIER DEVELOPMENTS PLC
ANNUAL REPORT AND ACCOUNTS 2018
FRONTIER DEVELOPMENTS PLC
ANNUAL REPORT AND ACCOUNTS 2018 17CORPORATE GOVERNANCE
BOARD OF DIRECTORS
AN EXPERIENCED
TEAM
DAVID GAMMON DAVID BRABEN DAVID WALSH JONNY WATTS CHARLES COTTON ALEX BEVIS JAMES MITCHELL
NON-EXECUTIVE CHAIRMAN FOUNDER & CEO CHIEF OPERATIONS OFFICER CHIEF CREATIVE OFFICER NON-EXECUTIVE DIRECTOR CFO & COMPANY SECRETARY NON-EXECUTIVE DIRECTOR
David joined the Board David was the founding David joined the Board Jonny joined the Board Charles joined the Board Alex joined the Board James joined the Board
in February 2012 shareholder of Frontier in September 2001 in February 2012 in July 2016 in April 2017 in September 2017
in January 1994
David has widespread experience David has over 25 years’ experience Jonny has over 30 years’ Charles has a successful worldwide Alex has over 17 years’ experience James is Chief Strategy Officer
in developing and building technology David is the co-author of the seminal of engineering and commercial experience in gaming. He joined track record in high-growth in high growth technology and Senior Executive Vice
based businesses. Since 2001, David Elite title and has over 35 years’ management roles in high-growth Frontier Developments in 1998 technology companies. He was a businesses. Alex joined Frontier President at Tencent. He is
has focused on finding, advising experience in the games industry. technology companies. In 2001 from Sensible Software. Over the Supervisory Board member of from Xaar plc (FTSE: XAR), a responsible for various functions,
and investing in UK technology David is also one of the six founding David joined Frontier from ARM, course of his career he has been Euronext Amsterdam listed Tele world leader in industrial inkjet including the strategic planning
companies. David is CEO founder trustees of the Raspberry Pi the FTSE/NASDAQ listed involved in all aspects of the Atlas which was sold to TomTom technology, where he was Chief and implementation, investor
of Rockspring, an advisory and Foundation, a charity which aims microprocessor IP licensing creation of over 30 published for €2.8 billion in 2008; Executive Financial Officer from February relationships, and mergers,
investment firm, which focuses on to inspire a new generation of company where he served for games such as Sensible Soccer Chairman of NASDAQ listed 2011. Prior to this, Alex rose to VP acquisitions and investments
early stage technology companies. children to get interested in computer six years, helping to grow the and Cannon Fodder, along GlobespanVirata Inc.; and CEO of Finance of Cambridge fabless activity. James joined Tencent in
Other current positions include science through the use of a low company and, as Director of with Frontier’s suite of games, Virata Corp. which he took public semiconductor company CSR plc 2011. Prior to this James was a
non-executive directorship at cost credit-card sized computer Software Systems, setting up including RollerCoaster Tycoon 3, on NASDAQ in 1999 and achieved during a 10 year period during managing director at Goldman
Accesso Technologies plc, that plugs into your TV and a division of the company to Elite: Dangerous, Planet Coaster a market capitalisation of $5 billion which CSR listed on the main Sachs in New York, leading the
Raspberry Pi Trading Limited and a keyboard. facilitate adoption of the architecture and Jurassic World Evolution. in 2000. market, and grew significantly bank’s communications, media
he acts as an advisor to Marshall in key target market segments. both organically and through and entertainment research
David is also a member of Jonny’s titles span the full range Charles is an active member
of Cambridge (Holdings) Limited. acquisition. Alex qualified as a team, which analysed internet,
Cambridge Angels, investing and David is President of Frontier from independent development of the Cambridge technology
In 2017 David was elected as an Chartered Accountant with entertainment and media
supporting early stage companies. Developments Inc, Frontier’s to 400-person projects, encompass community holding a number of
Hon Fellow of the Royal Academy Deloitte in Cambridge prior companies globally. James
David is a Fellow of the Royal wholly owned US subsidiary. a diverse range of genres, and strategic, technical and financial
of Engineering and in 2018 a member to joining CSR in 2000. received a degree from Oxford
Academy of Engineering, was together have been enjoyed by roles including as a director
of the Scale Up Institute. At the AGM in October 2018 our University and holds a Chartered
honoured with a Fellowship of over 40 million people worldwide. of Cambridge Enterprise
Chief Operating Officer, David Financial Analyst Certification.
Previous experience includes BAFTA in 2015, the recipient of and chairing the Scientific
Walsh, will transition to a Jonny holds zoology and computer
Non-Executive Director (NED) three honorary doctorates (from Advisory Panel for Cambridge
Non-Executive Director role in science degrees and is an active
and advisor at artificial general Abertay University, The Open Innovation Capital. He also
order to focus his attention on member of BAFTA, serving as a
intelligence company DeepMind University and York University), founded and is chairman of
a start-up opportunity outside judge for nine years. He is
Technologies Limited, advisor to and was honoured with an OBE Cambridge Phenomenon Ltd. and
of the games industry. committed to supporting future
Hawkwood Capital LLP, NED at in the 2014 Birthday Honours has co-authored two books; The
developers, including initiatives
real-time location technology for services to the UK computer Cambridge Phenomenon 50 Years
such as Brains Eden.
specialist Ubisense Trading and video games industry. of Innovation and Enterprise and
Limited, NED at internet TV The Cambridge Phenomenon:
specialist Amino Technologies plc, Committee membership Global Impact.
NED at smart metering and Nominations
software company BGlobal plc Committee membership
and acting CFO at internet Audit
specialist Envisional Solutions Nominations
Limited. Earlier in his career, Remuneration
David worked as an investment
banker for over 15 years.
Committee membership
Audit (Chair)
Nominations (Chair)
Remuneration (Chair)
18 FRONTIER DEVELOPMENTS PLC
ANNUAL REPORT AND ACCOUNTS 2018
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