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Revenues improve for Remedy Entertainment in H1 2019 results

Remedy Entertainment has posted a 49.6% increase in its revenue for the first half of 2019.

The firm revealed that it’s gained revenues of all €13.8 million for the period ending June 30, 2019, up from the €9.2 million experienced in the corresponding period last year.

Meanwhile, the group’s EBIT operating profit stood €1.5 million, representing 10.6% of the group’s revenue, up from the negative and €0.4 million experienced in the first half of 2018.

Tero Virtala, CEO, Remedy Entertainment, commented: “Our revenue mainly comprised of development fees received from the publishers of Control and Crossfiregame projects. We also recognized one-time royalty of €2,5M, consisting of royalty payments from previously released games. In relation to this, the publishing rights of Alan Wake games reverted to Remedy. From 1 January 2019, we began partially capitalizing product development costs, starting with the third unannounced game project and the Vanguard project.”

Moving forward, Remedy will capitalize product development costs for all new projects that are based on the Company’s own game brands.

The company revealed that Control reached the final stage of development and is getting ready to be released on 27 August on PlayStation 4, Xbox One and PC.

Meanwhile, Microsoft and Smilegate announced that CrossfireX will launch on Xbox One during 2020. Single player campaign developed by Remedy will be part of CrossfireX.

Virtala added: “We finalized the first Crossfire game project with Smilegate during the second half of 2018, and soon after that in October continued the cooperation with a new Crossfire project, which is now in production. Smilegate announced a closed beta phase in China for a remaster of the original game titled Crossfire HD, which also includes Remedy’s single-player campaign featured in the teaser trailer revealed in January 2019.”

In another Crossfire development, Microsoft announced during their E3 2019 media briefing that they are bringing Crossfire together with Smilegate to Xbox One: CrossfireX will be the first Crossfire game ever to be released on a console platform as it launches on Xbox One in 2020. The console version will also include the single-player campaign.

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