tinyBuild Inc said it expects to deliver 2021 results “at least in line with expectations” after a predicted decline in video game sales following to relaxation of lockdown restrictions failed to materialise.
In a trading update for the six months to June 30, the game developer said its sales in the first half were “progressing at least in line with expectations” for the financial year, adding that it is continuing to benefit from platform competition and is “well positioned” for growth in subscription services.
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The firm also said advances in development from its distribution partners were “above expectations” and have given it greater visibility in terms of future revenue growth while also de-risking the development process for new games.
tinyBuild added that its catalogue titles are “performing strongly” alongside new game launches, highlighting that its current pipeline of new titles currently stands at 26 after signing seven new games in the first half. The group also said it has expanded its workforce to 166 staff from 147 at the start of the year.
Looking ahead, the firm said it is continuing to “carefully review the impact of the pandemic and the fluid macroeconomic situation”, although it said early indicators of consumer traction across its pipeline were “very encouraging” and that it remains on track to deliver full-year results in line with expectations alongside some “accretive acquisitions”.
"We are really excited about tinyBuild's progress in terms of organic growth, with major titles in our pipeline showing strong [key performance indicators] ahead of launch… "We remain focused on finding new games at different stages of development, and we continue to evaluate a number of M&A targets to help accelerate growth. 2021 has started well, and we look at the future with confidence", chief executive Alex Nichiporchik said in a statement.
tinyBuild shares rose 1.9% to 219p in early deals on Monday.