Finnish mobile games and animation studio Rovio Entertainment Ltd said on Tuesday its sales in the first half of the year almost doubled following the success of "The Angry Birds Movie."
First-half revenue rose to 152.6 million euros ($179.7 million) from 78.5 million a year earlier, while adjusted earnings before interest, taxes, depreciation and amortization increased to 41.8 million euros from 11.0 million a year ago.
Following years of falling earnings, job cuts and restructuring, Rovio returned to profit in 2016 as the 3D Hollywood movie release revived the Angry Birds brand and gave a boost to game sales.
First-half revenue from games increased by 76 percent to 117.9 million euros. Rovio's main titles include "Angry Birds 2," "Angry Birds Friends" and the new multiplayer game "Battle Bay."
This year's growth is also due to movie revenues that had not shown in Rovio's numbers previously.
The company is now planning a sequel to the Angry Birds movie with Columbia Pictures, scheduled for release in 2019. Citing unnamed sources, Bloomberg reported earlier this week that Rovio was planning a possible initial public offering.
Rovio, which had earlier said a listing could be possible in the future, declined to comment. Rovio is 70 percent owned by Kaj Hed, the uncle of company co-founder Niklas Hed. Other investors include venture firms Accel Partners and Atomico.
Published Date: Aug 15, 2017 08:03 pm | Updated Date: Aug 15, 2017 08:03 pm