tinyBuild Inc on Tuesday said it performed better than expected in the first half of 2022, though it left its annual outlook unchanged for now.
Shares in the company were 6.6% higher at 129.50 pence each in London on Tuesday morning.
The video games publisher and developer said its decent first half fortunes contrast with industry commentary of weaker sales due to a crowded release slate and tough comparatives.
Following the emergence of Covid-19, demand for video games skyrocketed due to stay-at-home measures. As lockdowns eased, video game sales have normalised.
tinyBuild, however, said its sales shook off wider industry malaise in the first half of 2022.
‘tinyBuild continues to benefit from platform competition and is also well positioned for subscription services growth. Development advances received from distribution partners were in line with expectations and continue to provide the company with greater visibility on future revenue growth, while helping de-risk the development process for new games,’ the company explained.
Its release schedule is weighted to the second half of the year. tinyBuild added that it has a ‘record number’ of titles penned for future release.
‘The board remains confident the company is on track to deliver full-year results at least in line with expectations, plus accretive acquisitions,’ it said.
tinyBuild plans to report interim results on September 27.
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