LONDON, 29th of June, 2020 - Flexion Mobile Plc (Nasdaq: FLEXM), the Android games distribution company today published its annual report for the financial year ending March 2020.
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Words from the CEO:
"The last few months have been incredibly busy and I want to particularly thank my finance team for managing to get this annual report produced and audited during the pandemic considering that many UK companies have asked for an extension.
Let me also highlight some of the big events from the past year that we have covered in our annual report. The market for mobile games is going through a very expansive phase right now and I believe the effect from Covid-19 has helped speed up the transition towards more mobility. According to Newzoo the market for mobile games will grow from USD 77 billion this year to USD 96 billion in 2022 and we will of course capitalise on this amazing under-lying market growth. Last year, our revenues grew by 48% to GBP 9.5 million and we have already indicated that our first quarter in the current year will see growth of more than 50%. We are clearly looking forward to next year which will be very important for us.
All our channel partners are investing heavily in mobile games and as the market leader Flexion will benefit from these programmes. I want to particularly mention Huawei who might provide some increased competition in this space that is still dominated by Google and Apple. Regulatory pressure on these two companies will also play an important role in the future as more companies are now challenging their control and influence over the massive app distribution market.
At the end of March 2020, we had 13 games live and we have announced that we aim to launch one new title per month next year. We are off to a good start with 16 titles now live and four pending launch. This will help us grow our top line revenue further but also our gross profit. We have taken some pretty big steps in the last 12 months and I expect next year to be equally exciting.
Finally, I want to take this opportunity to thank my incredible staff, board members and shareholders for their continued support",
Jens Lauritzson CEO of Flexion Mobile Plc
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