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Highlights

  • In FY24, PLY’s revenue increased by 68% YoY to over AUD 64 million, with 103% YoY rise in original IP revenue
  • PLY entered a multi-game license agreement with Warner Bros. Interactive in FY24 and signed a contract with Fumi Games
  • Multiple major PC/console titles are in development, set for launch from 2025 and beyond

PlaySide Studios Limited (ASX:PLY) is a video game developing and publishing company that manages a portfolio of nearly 60 titles. The company publishes its original IP and provides end-to-end game development services in collaboration with big companies.

In the financial year 2024 (FY24), PLY’s original IP revenue increased by 103% YoY to AUD 30.3 million and group revenue jumped 68% YoY to AUD 64.64 million. This financial year was a turnaround for the company as it achieved statutory net profit after tax of AUD 11.3 million, up from a loss of around AUD 7 million in FY23.

During the year, the company executed a multi-game license agreement with Warner Bros. Interactive, a contract with Fumi Games and a new product launch.

At the end of the year, the company held AUD 37.1 million in cash, up 15.25% over the previous year.

Growth opportunities in gaming industry

The company highlighted in an update that the international gaming industry is expected to touch USD 200 billion with a diverse audience. Further, the demand for monetising IPs is increasing and interest in VR/AR content is growing as headset adoption increases.

PLY’s revenue is expected to increase with commercial success of one or more titles, backed by diversified investments that ensure funding for all announced projects presently in progress.

Multiple major PC/Console titles are in development and will be launched from CY25 and beyond. The company has significant marketing initiatives planned for all major titles.

Share performance of PLY

PLY shares closed 10.53% higher at AUD 0.63 apiece on 14 October 2024. In the past one year, PLY’s share price has surged by 57.5%, while in the last three months, the share price has dropped by 20.75%.

52-week high of PLY is AUD 1.10, recorded on 28 May 2024, and 52-week low is AUD 0.37, recorded on 24 October 2024.

PLY Daily Technical Chart, Source: REFINITIV

Note 1: Past performance is neither an Indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, and currency, is 14 October 2024. The reference data in this report has been partly sourced from REFINITIV.