Record performance of games division also attributed to 34% lift in revenue for 2016.
The strong performance of the Angry Birds brand – bolstered by the arrival of the movie – helped move Rovio Entertainment back into profitable growth in 2016.
Both growth and profitability targets were “exceeded” during the year, said ceo Kati Levoranta, with the company’s games portfolio reaching an all-time performance high.
Gross revenue for Rovio grew by 34% to €190.3m (€142.1m in 2015). Earnings before interests and taxes (EBIT) improved to €17.5m (-€21,1m in 2015).
The games division reported revenue of €159.0m (2015: €113.5m), while EBIT increased to €29.6m, giving a profit margin of 19%.
The strong growth of the games division is based on extended life cycles and improved performance metrics of Rovio’s key games.
Rovio’s best performing games in 2016 included Angry Birds 2, Angry Birds Friends and Angry Birds POP, all with increased revenues year on year.
Meanwhile, the animation arm reported gross revenue of €31.3m (2015: €28.6m), significantly boosted by the success of The Angry Birds Movie which hit almost $350 million at the worldwide box office.
Most of the revenues related to the movie will be recognised in 2017 and 2018.
Rovio now sees further opportunities to improve profitability in 2017 while staying on its growth track.
Kati Levoranta commented: “Both our growth and profitability targets were exceeded in 2016. With the all-time high performance of our games portfolio and the success of The Angry Birds Movie, I am very happy to see Rovio’s revenue and profit developing very positively.
“Rovio’s games business is growing fast, and this year we will see several new exciting Rovio games bringing attractive experiences to everyone and supporting Rovio’s long-term growth.”
Want to read more news like this? Simply sign up to our daily digest by clicking here. You can also follow @LicensingSource on Twitter.
