Nascar Rivals developer Motorsport Games is laying off around 40 percent of its workforce to reduce its year-over-year operating expenses.
Frontier to lay off unknown number of staff in organisational review
17.10.2023 - 11:21 / gamesindustry.biz / Lay Off
Sign up for the GI Daily here to get the biggest news straight to your inbox
UK developer Frontier is planning to lay off an unknown number of employees as it conducts an organisational review of its business.
The news was announced to investors this morning as part of a trading update, in which the company said it plans to "refocus on its core strengths following a period of disappointing financial performance and more challenging industry conditions."
The organisational review aims to "reshape Frontier" around this strategy, return the company to profitability and shore up of the business for the future.
One of the key objectives is to reduce annual operating costs by up to 20%, which Frontier says it will achieve by spending cuts, a freeze on recruitment, and an unknown number of redundancies following a consultation period.
The review and any resulting actions are expected to conclude by early 2024, with an update planned to be released alongside Frontier's financial results in January.
The company's most recent financial results, published in September, show revenues dropping 8% to £104.6 million for the full year ended May 31, with an operating loss of £26.6 million compared to an operating profit of £1.5 million the year before.
Among the factors behind this decline was the ongoing struggles of the F1 Manager series, with this year's entry delivering lower than expected sales at launch. There was also an impact from the closure of Foundry, Frontier's publishing operations, following a reassement of this venture.
Frontier said its existing game portfolio "continues to perform in line with expectations" and is optimistic about its upcoming release Warhammer Age of Sigmar: Realms of Ruin, which debuts on November 17.
The company added: "The Board remains comfortable with market expectations for FY24, with consensus revenue at £108 million and consensus Adjusted EBITDA loss of £9 million. The cost reductions from the Organisational Review are expected to be fully effective for FY25."
The website gametalkz.com is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.
Top Authors
Popular Topics
wccftech.com
30.10.2023 / 16:27
Avatar: Frontiers of Pandora Hands-On Impressions – Na’vigating Another Ubisoft Open World
James Cameron’s Avatar franchise has always felt like a very natural fit for the realm of video games – honestly, the movies already kind of feel like games – and yet, It’s never really worked out. Ubisoft made a weak attempt at making an Avatar game back in 2009 and, until now, that’s been about it. Well, Ubisoft is taking another crack at it with Avatar: Frontiers of Pandora, a new large-scale open-world adventure from The Division developer Massive Entertainment set to launch in December.
ign.com
30.10.2023 / 16:11
Avatar: Frontiers of Pandora - The First Preview
Since its gameplay reveal earlier this year, it’s been hard to shake the idea that Avatar: Frontiers of Pandora is essentially a Far Cry game with a sci-fi setting. That’s not an incorrect assumption for several reasons; this is a wilderness-set first-person game with plants to harvest, animals to hunt, outposts to assault, and items to be crafted. But during a recent two-hour hands-on I discovered that Frontiers of Pandora has a more interesting set of ideas built atop that Far Cry skeleton. I certainly never expected to put the controller down and be thinking more about Mirror’s Edge and Horizon: Zero Dawn than I was about the classic Ubisoft formula.
videogameschronicle.com
19.10.2023 / 09:05
Layoffs hit Embracer-owned Pinball FX maker Zen Studios
Zen Studios has become the latest studio owned by Embracer Group to be hit with layoffs.
rockpapershotgun.com
18.10.2023 / 16:11
The final faction in Frontier's Warhammer RTS is magical chaos cult The Disciples Of Tzeentch
Frontier Developments have announced the fourth and final faction coming to their Warhammer RTS Age Of Sigmar: Realms Of Ruin. The Disciples Of Tzeentch are a clan of magical chaos demons that specialise in long-range attacks, and they'll join the Stormcast Eternals, Orruk Kruleboyz and the Nighthaunt when the game launches on November 17th.
rockpapershotgun.com
18.10.2023 / 16:11
Elite Dangerous studio Frontier Developments announce layoffs and "organisational review"
Frontier Developments have announced that they'll be undertaking an "organisationl review" of the company after "disappointing financial performance and more challenging industry conditions". The news came yesterday in a note to investors, signalling yet another wave of industry layoffs.
pcgamesinsider.biz
18.10.2023 / 10:23
Staff at Frontier facing layoffs
Elite: Dangerous maker Frontier Developments is making layoffs.
mmorpg.com
17.10.2023 / 19:13
Elite Dangerous Developer Frontier Is Planning Layoffs As Part Of An Effort To Return To Profitability
Frontier is planning on laying off employees as part of an effort to 'reshape Frontier' following disappointing financial performance, according to a new report by GamesIndustry.biz.
pcgamer.com
17.10.2023 / 19:03
Elite Dangerous studio Frontier Developments announces layoffs 'following a period of disappointing financial performance'
The game industry annus horribilis continued today with an announcement from Elite Dangerous studio Frontier Developments, which said that it is implementing a hiring freeze, cutting costs, and laying off an unknown number of employees.
ign.com
17.10.2023 / 13:19
The Video Game Layoffs Continue, This Time at F1 Manager Developer Frontier
2023 continues to be an extremely difficult year for the video game development industry, with yet another wave of layoffs announced.
videogameschronicle.com
17.10.2023 / 11:37
F1 Manager’s Frontier is the latest studio to announce layoffs
Cambridge, UK-based Frontier Developments is the latest major game developer to announce layoffs and spending cuts.
gamedeveloper.com
17.10.2023 / 11:23
Elite Dangerous developer Frontier sanctions hiring freeze, spending cuts, and layoffs
F1 Manager, Elite Dangerous, and Planet Zoo developer Frontier Developments has sanctioned layoffs as part of an organizational review.