Angry Birds maker Rovio’s sales jump as IPO speculation mounts

Finnish mobile games firm sees first-half revenue rise to €152.6 million from €78.5 million

 

Finnish mobile games and animation studio Rovio Entertainment 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 from €78.5 million a year earlier, while adjusted earnings before interest, taxes, depreciation and amortisation increased to €41.8 million from €11 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 per cent to €117.9 million.

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 per cent owned by Kaj Hed, the uncle of company co-founder Niklas Hed. Other investors include venture firms Accel Partners and Atomico.

Reuters