Best year in 11 bit studios history

11 bit studios S.A. has announced its financial results for 2018, with over PLN 82.11m in revenue, PLN 46.95m in operating profit and close to PLN 37.55m in net profit. The figures hit new all-time highs.

Strong sales of Frostpunk and Moonlighter and continued high monetisation of This War of Mine produced the record-high financial results for 11 bit studios S.A. in 2018. Revenue surged 328.8% year on year, to PLN 82.11m, with operating profit up 516.1%, to PLN 46.95m. Net earnings saw an over ten-fold rise year on year, from PLN 3.42m to PLN 37.55m. “Our net profit would be even higher if it were not for non-cash provisions associated with our 2017−2019 Incentive Scheme, which stood at just under PLN 6.2m in 2018,” notes Grzegorz Miechowski, President of the Management Board of 11 bit studios S.A. Mr Miechowski stresses that at the end of December 2018 the Company held PLN 70.88m worth of financial assets, compared with PLN 33.91m a year earlier.

The excellent financial standing will allow 11 bit studios S.A. to comfortably implement its planned expansion projects. “Our major project for the coming months will be production of a new game under the working title Projekt 8, with an estimated budget of approximately PLN 20m. We will also continue to roll out Frostpunk and monetise This War of Mine,” Mr Miechowski adds. He says that in addition to Project 8 the Company plans to commence pre-production work on two other projects this year. He also admits the plan to build three development teams working in parallel will lead to a substantial increase in headcount, from around 100 today to 200 in the next two to three years. “But with more staff 11 bit studios S.A. will be capable of releasing a new proprietary title every 12 to 18 months in the next couple of years.”

The goals for the 11 bit publishing business are equally ambitious. “We strongly believe the launch of Children of Morta, another game to be released by our publishing division, will be a success,” says Mr Miechowski. He asserts the commercial success of Moonlighter significantly strengthened the position of 11 bit studios S.A. as a competent publisher, helping the Company to win new projects. “In the medium term, our publishing division should release three to four games annually, increasing its contribution to earnings,” concludes Mr Miechowski.

We would like to invite you to watch the film from the Investors Conference:

Investors presentation (english version)

Investor presentation – march 2019