Frontier Developments

FRONTIER DEVELOPMENTS PLC
ANNUAL REPORT AND ACCOUNTS 2024

ABOUT FRONTIER
30 YEARS OF 
CREATIVITY, 
INNOVATION AND 
AUTHENTICITY 
CONTENTS
STRATEGIC REPORT
01	 Headlines
02	 30 years of Frontier
04	 Frontier today – our success stories
05	 Frontier future – our CMS roadmap
06	 Chairman’s statement
07	 Chief Executive Officer’s statement
09	 Financial review
12	 Key performance indicators
13	 Key performance indicators – non-statutory measures
14	 Our business model and portfolio strategy
17	 Our people
18	 Our people strategy
19	 Our impact – environmental, social and governance
20	 Principal risks and uncertainties
27	 Section 172 statement
CORPORATE GOVERNANCE
30	 Board of Directors
31	 Report of the Directors
37	 Corporate governance report
42	 Remuneration report
FINANCIAL STATEMENTS
44	 Independent Auditor’s report
51	 Consolidated income statement
51	 Consolidated statement of comprehensive income 
52	 Consolidated statement of financial position
53	 Consolidated statement of changes in equity
54	 Consolidated statement of cashflows
55	 Notes to the consolidated financial statements
79	 Company statement of financial position
80	 Company statement of changes in equity
81	 Notes to the Company financial statements
85	 Notice of Annual General Meeting
90	 Advisors and Company information
90	 Five-year summary
Frontier is a leading independent developer and publisher of video games for PC 
and console, creating immersive and fun gameplay, with unparalleled artistic quality. 
At Frontier, we specialise in creating endless possibilities in playful, fun and creative 
worlds. From some of the world’s biggest licensed entertainment and sporting 
franchises, to intricately crafted worlds where players can explore and make their 
mark, our games are all underpinned by our unwavering passion for creating 
compelling and innovative experiences that continue to inspire and delight 
our players.
We have created games that have defined genres, been critically acclaimed, 
and reached many millions of players. With a rich history spanning over 30 years, 
we are best known for our creative management simulation games, including our 
Planet Coaster Franchise, Planet Zoo, and our Jurassic World Evolution Franchise. 
Our portfolio also includes critically acclaimed titles in alternative genres, such as 
Elite Dangerous, our F1® Manager Franchise, and our games incorporating two of 
Games Workshop’s Warhammer IPs. 
Our talented team of diverse individuals is brought together to nurture our existing 
portfolio and develop our exciting future roadmap. Our people are passionate about 
creating innovative, genre-leading games and authentic worlds for our extensive 
player communities.
We are dedicated to attracting the best talent across our two studios. 
Our headquarters is a large modern studio, in the renowned technology cluster 
and historical city of Cambridge, UK. Our second studio hosts our Complex Games 
team, located in Winnipeg, the capital and largest city of Manitoba, Canada. 
This year, we are celebrating 30 years in the games industry and we look to the 
future with renewed confidence following our strategic reset in FY24.
HEADLINES
See a summary of the headlines for FY24, 
including our financial performance and strategic 
highlights, together with our latest news and 
outlook statement
 PAGE 01
CELEBRATING 30 YEARS
Find out about Frontier’s history in the games 
industry since its foundation in 1994
 PAGE 02
OUR BUSINESS MODEL AND 
PORTFOLIO STRATEGY
Read about how we achieve repeatable success to 
deliver long-term sustainable growth in a 
challenging industry through our Select, Develop, 
Launch & Nurture approach to creating and 
publishing our genre-leading games 
 PAGE 14
OUR PEOPLE
Discover how we reward, develop, and engage with 
our talented people
 PAGE 17

STRATEGIC REPORT
FRONTIER DEVELOPMENTS PLC ANNUAL REPORT AND ACCOUNTS 2024
01
Adjusted EBITDA**
£0.9M 
EBITDA*
£26.8M 
HEADLINES
RESET AND BACK ON TRACK 
FY24: RESET, REFOCUSED AND RESHAPED
FY25 AND BEYOND: A STRONG PIPELINE
•	 Strategic reset in H1 FY24 to focus on our core 
strength in creative management simulation 
(CMS) games.
•	 Organisational Review during H2 FY24 supported 
our strategic reset, reshaping our teams 
and reducing our annual operating costs by 
approximately 20%.
•	 Strong CMS back catalogue performance in H2 
delivered FY24 revenue ahead of expectations at 
£89.3 million (FY23: £104.6 million).
•	 These factors delivered a return to profitability 
in H2 on an Adjusted EBITDA** basis, before 
the £4.9 million gain from the sale of the 
RollerCoaster Tycoon 3 (RCT3) publishing rights.
•	 Adjusted EBITDA** profit of £0.9 million for FY24, 
including the gain from the sale of the RCT3 
publishing rights.
•	 IFRS operating loss of £28.4 million (FY23: loss 
of £26.6 million) due to non‑cash impairment 
charges for underperforming non‑CMS games 
and restructuring costs.
•	 The strong H2 trading performance, cost 
reductions, sale of the RCT3 publishing rights, 
and tax cash credits resulted in an increase in cash 
during H2 of over £12 million, to £29.5 million at 
31 May 2024 (30 November 2023: £17.1 million; 
31 May 2023: £28.3 million).
FINANCIAL SUMMARY
Revenue
£89.3M
IFRS operating loss
(£28.4M) 
Cash
£29.5M 
•	 Encouraging start for FY25, through the ongoing 
performance of the CMS-led back catalogue.
•	 F1® Manager 2024 released as planned on 
23 July 2024.
•	 Planet Coaster 2 was announced in July 2024 
and the reaction and engagement from the 
Planet Coaster community and beyond has been 
encouraging ahead of its release in autumn 2024.
•	 Development is on track for a third Jurassic 
World game coming in FY26, in collaboration with 
Universal Products & Experiences, alongside the 
promotional support of Universal Pictures and 
Amblin Entertainment’s all-new film, Jurassic 
World Rebirth, currently scheduled for release 
on 2 July 2025. 
•	 Another currently unannounced CMS game is 
in development for release in FY27.
•	 The Board remains confident of delivering profit 
in FY25 as the next step to improved financial 
performance and sustainable growth.
*	 Earnings before interest, tax, depreciation, and amortisation.
**	Adjusted EBITDA is earnings before interest, tax, depreciation, amortisation and impairment charges related to game developments and game 
technology, less investments in game developments and game technology, and excluding restructuring costs, share-based payment charges and 
other non-cash items.
 FULL FINANCIAL REVIEW ON PAGES 09 TO 11

CELEBRATING 30 YEARS
30 YEARS OF FRONTIER
1994
2014
Frontier: Elite II
Tales from 
Deep Space
RollerCoaster 
Tycoon 3
Frontier: First 
Encounters
Screamride
Wallace & 
Gromit: Curse of 
the Were-Rabbit
Darxide
Thrillville
V2000
Thrillville: Off 
the Rails
Roller Coaster 
Tycoon  
(Xbox)
LostWinds
Infestation
LostWinds: 
Winter of the 
Melodias
Roller Coaster Tycoon 2 
(Wacky Worlds) 
(Time Twister)
Kinectimals
Darxide EMP
Kinect 
Disneyland 
Adventures
Wallace and Gromit 
in Project Zoo
Coaster Crazy
Dog’s Life
Zoo Tycoon
GAMES DEVELOPED BY FRONTIER
In the beginning, we developed games that built upon our space-game experience, 
creating games such as Frontier: Elite II and Darxide. Over time, we expanded 
our remit to work on a wide variety of genres, creating a legacy of much-loved 
classics including RollerCoaster Tycoon 3, Dog’s Life and the Wallace and Gromit 
games. Over two decades, we developed our expertise in the creative management 
simulation (CMS) genre with a continuous focus on authenticity and creativity.
 WWW.FRONTIER.CO.UK/OUR-GAMES/OUR-GAMEOGRAPHY
Frontier began its journey in 1994, through its founder David Braben. Co-author of the seminal game Elite, David built 
a team to continue creating high-quality, innovative and iconic games in the rapidly evolving games industry. Frontier has 
grown immensely over the subsequent three decades to build a uniquely diverse catalogue of games – enabled by our 
COBRA technology – that has defined genres, earned critical acclaim and won a place in the hearts of millions of players.
STRATEGIC REPORT
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STRATEGIC REPORT
03
FRONTIER DEVELOPMENTS PLC ANNUAL REPORT AND ACCOUNTS 2024
30 YEARS OF FRONTIER CONTINUED
2014
2024
Planet Coaster
Planet Zoo
Stranded: 
Alien Dawn
F1® Manager 2023
F1® Manager 2022
The Great War: 
Western Front
FAR: Changing Tides
Elite Dangerous
F1® Manager 2024
Deliver Us Mars
GAMES PUBLISHED BY THE 
FRONTIER FOUNDRY GAMES LABEL
From 2019 to 2023, we sought to diversify our portfolio into 
alternative genres by supporting development partners across 
several new games.
Warhammer 
Age of Sigmar: 
Realms of Ruin
Jurassic World 
Evolution 2
Jurassic World 
Evolution
Warhammer 40,000: Chaos 
Gate – Daemonhunters
Lemnis Gate
RollerCoaster Tycoon® 
3: Complete Edition
Struggling
GAMES DEVELOPED AND PUBLISHED BY FRONTIER
In our third decade, we expanded and transitioned to become a fully self-published developer of genre-leading 
games, including through partnerships with world-class IPs: Jurassic World, Formula 1®, and Warhammer. 
Now, after 30 years of establishing 
our legacy, our renewed strategy 
is focused back on what we do 
best. We’re using our extensive 
experience and track record of 
success in CMS games to our 
full advantage, giving us a great 
springboard and strong foundations 
for future success. Looking ahead, 
we’re thrilled to be launching the 
highly anticipated Planet Coaster 2 
to players later this year, with a 
Jurassic World game and another 
exciting CMS game on the horizon.
READ MORE ABOUT OUR GAMES 
DEVELOPED AND PUBLISHED BY 
FRONTIER ONLINE:
 ELITEDANGEROUS.COM
 PLANETCOASTER.COM
 JURASSICWORLDEVOLUTION.COM
 PLANETZOOGAME.COM
 JURASSICWORLDEVOLUTION2.COM
 F1MANAGER.COM
 AOSREALMSOFRUIN.COM
30 YEARS OF FRONTIER CONTINUED

FRONTIER TODAY – OUR SUCCESS STORIES
AN ESTABLISHED GENRE-LEADING PORTFOLIO 
In this compelling sequel, players were introduced to 
the all-new Chaos Theory mode, where they revisit 
pivotal moments from across the six films in Universal 
Pictures & Amblin Entertainment’s Jurassic World 
franchise. Our tenth PDLC, Jurassic World Evolution 2: 
Park Managers’ Collection Pack, launched in May 2024, 
building on the repeated success of our ‘Select, Develop, 
Launch & Nurture’ strategy.
Launched on PC in 2016, Planet Coaster paved the way 
for our nurturing strategy, with 11 PDLC packs since 
its launch, and Planet Coaster: Console Edition (2020) 
expanding our audience even further. It continues to 
perform even now, with the Steam ‘Mega Sale’ event 
in May 2024 reaching over one million new players 
ahead of the launch of its sequel, Planet Coaster 2, 
in autumn 2024. 
Loved by millions since its release on PC in 2019, 
we brought Planet Zoo: Console Edition to our PlayStation 
and Xbox players in March 2024, expanding our 
audience and bringing them over four years’ worth 
of features, content and animals, including our most 
recent PDLC, the Grasslands & Africa Bundle Pack, 
released on PS5 and Xbox Series X | S in July 2024. 
The Barnyard Animal Pack, released on PC in April 
2024, was our 18th PDLC pack to date for PC. 
Introducing a simulation world where chaos is 
inevitable, but where ‘life finds a way,’ the first in 
our licensed-IP Jurassic World Evolution Franchise 
launched on PC and consoles in 2018. It has been our 
biggest-selling game in its lifetime to date. Players 
enjoyed eight PDLC packs, including the best-selling 
Jurassic World Evolution: Return to Jurassic Park pack.
PLANET COASTER
JURASSIC WORLD EVOLUTION
PLANET ZOO
JURASSIC WORLD EVOLUTION 2
The most popular and strongest-performing games in our portfolio are our creative management simulation (CMS) 
games. We enhance our base games by delivering additional content through both free and paid downloadable content 
(DLC/PDLC) which helps to build compelling franchises. Loved by millions of players, they bring authentic, sophisticated 
simulations with endless creativity and countless possibilities. 
PLANET COASTER (2016)
 PLANETCOASTER.COM/PLANET-COASTER-1
JURASSIC WORLD EVOLUTION (2018)
 JURASSICWORLDEVOLUTION.COM
PLANET ZOO (2019)
 PLANETZOOGAME.COM
JURASSIC WORLD EVOLUTION 2 (2021)
 JURASSICWORLDEVOLUTION2.COM
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FRONTIER FUTURE – OUR CMS ROADMAP
A RENEWED FOCUS ON THE CMS GENRE
Coming in autumn 2024 (in FY25), Planet Coaster 2 is 
our highly anticipated sequel to Planet Coaster (2016), 
bringing all-new water park gameplay, incredible 
attractions, stunning scenery and authentic creative 
management. We can’t wait to see our players’ creative 
parks come to life!
We have confirmed a third Jurassic World game due for 
release in FY26 alongside the promotional support of 
Universal Pictures and Amblin Entertainment’s all-new 
film, Jurassic World Rebirth, currently scheduled for 
release on 2 July 2025. This builds on the success of 
our best-selling franchise to date, which has delighted 
millions of players around the world. 
Due for release in FY27, our strategic focus continues as 
our team ramps up development of another CMS game. 
IN DEVELOPMENT 
FOR RELEASE 
IN FY27
PLANET COASTER 2
JURASSIC WORLD GAME
FUTURE CMS GAME
Following our strategic reset in FY24, our roadmap for the next three financial years is to leverage our extensive experience to expand our 
portfolio within the tried and tested CMS space. We will follow our ‘Select, Develop, Launch & Nurture’ model to build on our strong portfolio 
of high-quality, genre-leading games which keep our players engaged over years, and sometimes decades. Our established portfolio 
of self-published games continues to be nurtured and supported, even as we move our future roadmap focus towards the CMS genre. 
We are leveraging 
our proven ‘Select, 
Develop, Launch & 
Nurture’ strategy 
as we continue to 
build and support 
our portfolio.”
PLANET COASTER 2 
 PLANETCOASTER.COM

CHAIRMAN’S STATEMENT
The last twelve months have been one 
of the most difficult periods in Frontier’s 
30-year history. However, following our 
strategy reset and organisational reshaping, 
I’m pleased to report that the Board is 
confident that we are now in an excellent 
position to deliver improved financial 
performance and sustained growth.
During 2023, we refocused our strategy towards our 
core strengths and expertise in creative management 
simulation (CMS) games. This followed past plans to 
diversify Frontier’s portfolio, which did not deliver the 
expected revenues and financial returns.
During the second half of the financial year, we undertook 
an Organisational Review to reshape Frontier to enable 
us to deliver more efficiently on our project plans and to 
reduce annual operating costs by 20%. This was tough for 
everyone in the Company, as we reduced our team size 
to just over 700 employees through a hiring freeze and 
a redundancy process. 
We would like to thank all of our employees for their 
commitment and dedication during this period. 
The results of the Organisational Review have been 
immediate and the evidence of our financial and 
commercial turnaround in the second half of the year 
is encouraging. Now, with Frontier’s strongest-ever lineup 
of CMS games set to launch over the next three years 
supported by a rich plan of post-launch content, the Board 
is confident that we are in a strong place to deliver for 
all of our stakeholders. This is a testament to the talent 
and dedication of our people, to the strength of our IP and 
to our long-term partnerships, as well as to the millions 
of players around the world who continue to love and 
support our games. 
Our exciting future release schedule includes: 
Planet Coaster 2 coming in autumn 2024 (FY25); 
a third Jurassic World game in FY26; and an as-yet 
unannounced new CMS game in FY27. 
Stepping up as Chairman this year, I am delighted to 
be working with a collaborative and engaged Board, 
with each member bringing a different perspective 
and expertise to our work. We take our responsibilities 
as Directors seriously, devoting appropriate time 
to governance matters including environmental, 
social and governance topics, risk assessment and 
stakeholder engagement and management.
Finally, I’d like to thank all our stakeholders again – 
from our exceptionally talented, creative and resilient 
teams, to our commercial partners, our shareholders 
and, of course, our passionate players – for your 
continuing support. 
ILSE HOWLING
CHAIRMAN
10 September 2024
GETTING BACK ON TRACK
The Board is confident 
that our refocused CMS 
pipeline will deliver for 
all our stakeholders.”
ILSE HOWLING
CHAIRMAN
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CHIEF EXECUTIVE OFFICER’S STATEMENT
In the two years since I stepped up 
to the role of CEO, we have released 
multiple games, delivered engaging new 
content for our established franchises 
and kicked-off a number of exciting new 
game developments. During that period, 
player engagement with our CMS games 
has delivered the strongest revenue 
performances, as our CMS games and 
additional content continue to resonate and 
connect with both new and existing players. 
However, our non-CMS game launches 
in the period did not deliver the financial 
returns we had expected.
As a result, during 2023 we undertook a strategic reset, 
focusing on our proven success and experience in CMS 
games. This was underpinned by an Organisational 
Review that we announced in October 2023 and 
completed in March 2024. 
FY24, being the 12 months ended 31 May 2024, 
was very much a year of two halves. The first half 
presented disappointing financial performance from 
underperforming non-CMS game releases and the 
subsequent start of the Organisational Review. 
The second half brought strong CMS performances, 
including the release of Planet Zoo: Console Edition, 
and excellent collaboration across the whole of 
Frontier, which have put us back in a strong position 
for the future.
I’d like to highlight the hard work and support of our 
talented team of people during the last 12 months. 
They rose admirably to the challenges created by 
our strategic pivot and Organisational Review.
FIRST HALF OF FY24
Following the end of FY23 and our decision to close 
Frontier Foundry, the first half of FY24 presented 
further challenges. July 2023 saw the launch of our 
second F1® Manager game, F1® Manager 2023, which 
achieved sales below our expectations and those of its 
predecessor, F1® Manager 2022. In November 2023, 
we released Warhammer Age of Sigmar: Realms of Ruin 
following its showing at gamescom in August 2023, 
however, it did not resonate with enough players and 
we missed our sales targets.
Having already determined our strategic pivot to CMS 
games ahead of the full release of Warhammer Age of 
Sigmar: Realms of Ruin, in October 2023 we confirmed 
the difficult but necessary decision to undertake an 
Organisational Review to reshape our teams and reduce 
operational costs. The resulting tough period of change 
included a number of redundancies across multiple 
teams, which was understandably painful for our people.
REFOCUSED AND RESHAPED 
Our talented people are 
working together to 
bring our strongest‑ever 
roadmap to life.”
JONNY WATTS
CHIEF EXECUTIVE OFFICER
SECOND HALF OF FY24
It’s been encouraging to see the strength of our established 
game portfolio, notably our CMS games, with Planet 
Coaster, Planet Zoo, Jurassic World Evolution, and 
Jurassic World Evolution 2 all delivering pleasing 
material revenue contributions. Planet Zoo benefitted 
from four new paid downloadable content (PDLC) packs 
on PC across the financial year, and I was delighted 
with its launch onto PlayStation and Xbox with Planet 
Zoo: Console Edition, released in March 2024. Jurassic 
World Evolution 2 players also had the opportunity to 
engage with four new PDLC packs during FY24. With these 
two established games, Jurassic World Evolution 2 and 
Planet Zoo, ranking first and second in FY24 by revenue 
contribution, it is clear that the CMS genre remains an 
area of strength for us.

CHIEF EXECUTIVE OFFICER’S STATEMENT CONTINUED
SECOND HALF OF FY24 CONTINUED
Our publishing relationships are stronger than ever 
and we have seen particularly strong outcomes from 
promotional activity on Steam, the world’s largest 
distributor of PC games. Frontier participates in 
various seasonal, publisher-specific, genre-specific and 
game-specific Steam promotions throughout the year. 
Notably, Planet Coaster helped deliver a strong finish 
to the financial year, with a special Steam-requested 
95% promotion event, ‘Mega Sale’, which saw over 
one million new players purchasing the game in May 
2024, increasing our customer base and creating an 
uptick in paid content purchased after the end of the 
discount period. This further validation of the potential 
audience for Planet Coaster 2 is encouraging ahead of 
its forthcoming release. 
In H2 FY24, I was also pleased that our teams expanded 
the audience for Warhammer 40,000: Chaos Gate 
– Daemonhunters with its release on consoles in 
February 2024. Our Elite Dangerous players have also 
seen a number of exciting developments, including the 
introduction of purchasable new ships and the next 
phase of the ongoing Thargoid War. 
FY25 TRADING
We have seen a good start to the new financial year. 
This has been headed by the ongoing strength of the 
CMS-led back catalogue, with Planet Zoo and Jurassic 
World Evolution 2 again the star performers.
Outside of the CMS genre, we were pleased to release 
F1® Manager 2024, our third iteration in the F1® 
Manager Franchise, in July 2024. Our team continues 
to develop and expand the experiences for Elite 
Dangerous players as we head towards our tenth 
anniversary at the end of 2024. 
THE FUTURE
The strong historical and ongoing performances of our 
CMS games give me great confidence in our refocused 
portfolio strategy. It provides a solid foundation, shaped 
by the successes, challenges and learnings of our 
30‑year history. 
We are committed to developing games which not only 
align to our existing strengths and players’ expectations 
for a Frontier CMS game, but that also have strong 
potential to deliver the level of financial return that 
our previous CMS games achieved. We are focused on 
player experience, quality and innovation while keeping 
a close eye on our costs, and I am pleased with the 
progress we are making. 
We now have what I believe is Frontier’s strongest‑ever 
roadmap, with three self-published CMS games planned for 
the next three consecutive financial years, underpinning 
our realigned focus. These are backed by the expertise 
of our talented teams, who have delivered repeated 
successes in this genre. We will draw on this previous 
development and publishing experience, as well as our 
core audience understanding, to deliver our roadmap.
Planet Coaster 2 launches in autumn 2024 (FY25) 
and our third Jurassic World game is coming in 
FY26, alongside the promotional support of Universal 
Pictures and Amblin Entertainment’s all-new film, 
Jurassic World Rebirth, currently scheduled for release 
on 2 July 2025. Our third, unannounced CMS game 
is in development and scheduled for FY27, and I look 
forward to unveiling our plans closer to its launch.
In the near term, I am very much looking forward 
to the launch of Planet Coaster 2. To date, we have 
executed a successful marketing campaign which has 
increased the addressable audience by introducing 
over one million new players to the original game 
and it will benefit from launching across all platforms 
simultaneously. The game is designed to be recognisable 
to existing players, while adding exciting new key 
gameplay and technical features they have asked 
for, including unparalleled customisation, water park 
attractions and the ‘Frontier Workshop’ which will allow 
creators to share their blueprints, enabling even deeper 
community engagement.
We will continue to apply the proven success of our 
business model to nurture our existing portfolio of 
games, including by releasing PDLCs, as we further 
engage our audiences and help maximise the returns 
from our valuable and established back catalogue. 
We have started taking positive steps to build back 
trust from our employees. This will take time, but 
I am confident that we can achieve this by delivering 
against our updated plans and by further enhancing 
our employee experience. We are now in a stronger 
and more sustainable position, having reshaped 
Frontier for a better future.
I’d like to thank our people for their ongoing dedication 
and support, our players for their community spirit, and 
our shareholders for their commitment and investment 
in Frontier. I look forward to providing further updates 
on the progress against our updated strategy in 
the future.
JONNY WATTS
CHIEF EXECUTIVE OFFICER
10 September 2024
STRATEGIC REPORT
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STRATEGIC REPORT
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FINANCIAL REVIEW
FY24 was a financially challenging year, 
characterised by underperforming game 
launches in H1 that were partly offset by 
a strong back catalogue performance and 
substantial cost reductions through the H2 
Organisational Review. 
Having taken decisive strategic and operational actions 
during the year, we are now in a strong position to 
deliver improved financial performance and sustainable 
growth through our strategic reset to focus on CMS 
games, our reduced cost base and our talented teams.
REVENUE AND GROSS PROFIT
Solid performances from the established portfolio, 
particularly our genre-leading CMS games, helped 
to deliver total revenue in FY24 of £89.3 million 
(FY23: £104.6 million). The reduction from the prior 
yea resulted from lower-than-expected contributions 
from the two new games released in the year, 
Warhammer Age of Sigmar: Realms of Ruin and 
F1® Manager 2023. Among the established portfolio, 
the strongest performers were Planet Zoo and Jurassic 
World Evolution 2, with both games benefitting from 
multiple PDLC packs, and Planet Zoo receiving a 
further boost from the successful launch of Planet 
Zoo: Console Edition in March 2024. As a result, the 
proportion of Group revenue generated by CMS titles 
grew to 62% in FY24 (FY23: 58%), which included the 
ongoing contributions from Planet Coaster, which 
achieved a 96% annual revenue sustain rate, and 
Jurassic World Evolution.
Gross profit, being revenue less distribution costs, 
IP royalties and other cost of sales, decreased to 
£61.3 million in FY24 (FY23: £67.3 million) due to the 
year-on-year reduction in revenue, which was partially 
offset by a strong gross profit margin performance of 
69% (FY23: 64%). The significant increase in the gross 
profit margin percentage in FY24 versus FY23 was 
due to a higher proportion of revenue being derived 
from own-IP games which do not carry IP royalties 
and from subscription deals which do not attract 
distribution commission.
OPERATING COSTS
Adjusted operating costs, excluding the impact of 
non-cash accounting adjustments and restructuring 
costs, were reduced by 9% from £71.9 million in FY23 
to £65.3 million in FY24. The year-on-year decrease 
was due to the cost reductions undertaken through the 
Organisational Review in the second half of the financial 
year and the closure of Frontier Foundry in June 2023. 
Overall, costs were reduced by 28% in H2 FY24 versus 
H1 FY24, with expenditure of £37.9 million in H1 falling 
to £27.4 million in H2. 
Adjusted research and development (R&D) costs fell 
by 12% in FY24 to £45.0 million (FY23: £51.1 million). 
The reduction mainly resulted from substantially 
lower external development funding following the 
closure of the Frontier Foundry games label in June 
2023. Frontier Foundry game funding was reduced 
RESET FOR FUTURE SUCCESS
We are in a strong position 
to deliver, following our 
strategic reset.”
ALEX BEVIS
CHIEF FINANCIAL OFFICER
from £6.4 million in FY23 to £1.6 million in FY24, with 
the remaining project milestones being completed 
during H1 FY24. R&D people-related costs increased 
year-on-year by £2.3 million (6%), despite the H2 
cost reductions, due to continued recruitment up to 
the commencement of the Organisational Review 
in October 2023 and the impact of the August 2023 
pay review. R&D people-related costs subsequently 
fell by 13% from H1 FY24 to H2 FY24 through the 
Organisational Review. Other R&D costs, including 
technology, licensing and outsource, were reduced 
by £3.6 million in FY24 compared with FY23, in part 
through the actions taken to reduce costs during the 
Organisational Review.

OPERATING COSTS CONTINUED
Adjusted sales, marketing, and administrative costs 
fell by 3% to £20.3 million in FY24 (FY23: £20.9 million) 
with only modest year-on-year reductions for both 
sales and marketing costs (3%) and administrative 
costs (2%). For the full year of FY24, the impact of 
H2 cost reductions was outweighed by the impact 
of a greater level of spending in H1 on the launch of 
two new games before the commencement of the 
Organisational Review in October 2023. Sales and 
marketing costs were heavily weighted towards H1 
(72% of the costs for the full year), since both new 
games that launched in the year were released in H1. 
Cost reductions in marketing in H2 also contributed 
to the H1 weighting. The Organisational Review also 
resulted in a 23% reduction in administrative costs 
from H1 to H2.
IFRS ADJUSTING ITEMS
Whereas adjusted operating costs reduced year‑on‑year 
by 9%, total operating expenditure in FY24, as recorded 
under IFRS, fell only slightly compared with the prior 
year, dropping to £93.2 million (FY23: £93.9 million). 
The difference is due to movements in the three most 
significant non-cash accounting elements, all of which 
relate to intangible assets: capitalisation, amortisation 
and impairments.
Costs related to the development of new chargeable 
content, or the development of technology to support new 
content, are typically capitalised in accordance with the 
requirements of accounting standard IAS 38 Intangible 
Assets, subject to those costs meeting the criteria 
defined by the standard. Conversely, development costs 
associated with the development or support of existing 
products are generally expensed as incurred. 
In FY24, the total cost capitalised fell substantially 
compared with the previous year, with £26.5 million 
capitalised in FY24 (59% of adjusted R&D expenditure) 
versus £37.6 million in FY23 (74% of adjusted R&D 
expenditure). The reduction in the proportion of 
expenditure capitalised was due to the strategic reset 
to refocus on CMS games and the resulting adjustment 
in staff allocations across projects, combined with the 
impact of closing Foundry.
As noted in the 2023 Annual Report and Accounts, 
steeper amortisation charge profiles were adopted 
for new game and PDLC releases compared with the 
previous default method of straight-line amortisation 
following a FY23 review of our approach to intangible 
asset identification and amortisation. This updated 
approach therefore brings forward non-cash 
amortisation charges compared with the previous 
method. As a result of this change, amortisation 
charges in both FY23 and FY24 were relatively high 
versus previous years at £34.5 million and £31.0 million 
respectively (FY22: £26.5 million; FY21: £14.9 million). 
The FY24 charge included £5.0 million of amortisation 
charges for Warhammer Age of Sigmar: Realms of 
Ruin recorded in its month of release, November 
2023. A further non-cash intangible asset impairment 
was recorded for Warhammer Age of Sigmar: Realms 
of Ruin due to its lower-than-expected launch 
performance, which resulted in a total impairment 
charge of £16.9 million in FY24. In FY23, total 
impairment charges of £18.1 million were recorded 
against some of the games published under the 
Frontier Foundry games label and in respect to the 
F1® Manager Franchise. Amortisation charges in future 
financial years are expected to be lower as a result of 
these one-off impairment charges.
The restructuring charge from the Organisational 
Review in FY24 totalled £1.4 million (there was no 
charge in FY23), with redundancy costs making up 
the majority of the cost.
SALE OF ROLLERCOASTER TYCOON 3 
PUBLISHING RIGHTS
The publishing rights for RollerCoaster Tycoon 3 
(RCT3), a game developed by Frontier and released in 
2004, returned to Frontier in 2018 under the original 
development agreement. Since then, Frontier has been 
publishing the game on PC, Mac, iOS and Nintendo 
Switch. On 15 March 2024, Frontier sold the publishing 
rights for RCT3 to Atari Inc (Atari) to enable Atari to 
become the sole publisher of all major titles within the 
RollerCoaster Tycoon Franchise. Total consideration 
for the sale of the publishing rights was agreed at 
US$7.0 million, comprising US$4.0 million of upfront 
cash and US$3.0 million of deferred cash consideration. 
A gain on sale of the publishing rights of £4.9 million, 
representing the upfront consideration received in the 
period and the discounted net present value of future 
consideration, has been recorded in other operating 
income in the consolidated income statement. No value 
had been attributed to the publishing agreement on 
the consolidated statement of financial position prior 
to the transfer.
FINANCIAL PERFORMANCE
Adjusted EBITDA*, which reflects cash profitability 
with game development costs expensed as they are 
incurred, was a profit of £0.9 million in FY24 (FY23: loss 
of £4.6 million), which was generated on £15.3 million 
lower revenue than in FY23. The £5.5 million year‑on‑year 
increase was achieved through the strong trading 
performance in the second half of FY24, annual 
operating costs being reduced by approximately 20% 
through the Organisational Review that completed 
in March 2024, and the £4.9 million gain on sale of 
RCT3 publishing rights in March 2024. H2 FY24 was 
profitable, excluding the gain from the sale of the RCT3 
publishing rights. 
*	 Adjusted EBITDA is earnings before interest, tax, depreciation, 
amortisation and impairment charges related to game developments 
and game technology, less investments in game developments and 
game technology, and excluding restructuring costs, share-based 
payment charges and other non-cash items.
Performance in FY24 as reported under IFRS was an 
operating loss of £28.4 million (FY23: £26.6 million). 
The losses in both years included the impact of 
impairment charges, which were higher in FY23, with 
FY24 seeing an adverse impact from a lower level 
of cost capitalisation and restructuring costs, but 
benefitting from lower amortisation charges.
TAX
The enhanced tax deductions on expenditures from 
tax credit schemes, together with tax adjustments for 
prior periods, generated a corporation tax credit of 
£7.0 million in the consolidated income statement in 
FY24 (FY23: £5.6 million).
We continue to benefit strongly from UK and Canadian 
tax incentive schemes, specifically Video Games Tax 
Relief (VGTR), R&D tax credits, Patent Box, the Manitoba 
Interactive Digital Media Tax Credit and the Canada 
SR&ED Program. We receive enhanced corporate tax 
deductions on certain expenditures under these tax 
credit schemes, which help to reduce taxable profits. 
LOSS AFTER TAX AND EARNINGS PER SHARE
Loss after tax for FY24 was £21.5 million (FY23: £20.9 million) 
and the basic loss per share was 55.6p (FY23: 53.6p).
CASH POSITION AND CASHFLOW
We remain well capitalised, with £29.5 million of 
cash at 31 May 2024 (31 May 2023: £28.3 million) and 
£28.5 million at 31 August 2024. Frontier has no debt. 
The increase in cash during FY24 reflected a strong 
trading performance in the second half of FY24, cost 
reductions from the Organisational Review, the sale 
of RCT3 publishing rights and receipt of tax credits of 
£9.2 million covering two years’ worth of tax returns 
(FY22 and FY23).
FINANCIAL REVIEW CONTINUED
STRATEGIC REPORT
FRONTIER DEVELOPMENTS PLC ANNUAL REPORT AND ACCOUNTS 2024
10
FINANCIAL REVIEW CONTINUED

STRATEGIC REPORT
FRONTIER DEVELOPMENTS PLC ANNUAL REPORT AND ACCOUNTS 2024
11
FINANCIAL REVIEW CONTINUED
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
FY24 saw some significant changes in Frontier’s 
consolidated statement of financial position, with net 
assets decreasing by £19.1 million overall, including 
through a £21.3 million reduction in intangible 
assets which resulted from impairment charges of 
£16.9 million for Warhammer Age of Sigmar: Realms 
of Ruin and amortisation charges of £31.0 million 
exceeding costs capitalised (intangible asset additions) 
of £26.5 million.
Intangible assets include game developments, game 
technology, third-party software and IP licences, and 
the overall asset value reduced to £35.7 million at 
31 May 2024 (31 May 2023: £57.0 million). 
Other non-tax assets at 31 May 2024 included £7.0 million 
of goodwill related to the acquisition of Complex Games 
Inc. in November 2022 (31 May 2023 £7.2 million), property, 
plant, and equipment of £4.7 million (31 May 2023: 
£5.7 million), right-of-use assets totalling £19.7 million 
(31 May 2023: £17.9 million) and trade and other receivables 
of £13.6 million (31 May 2023: £15.6 million).
Right-of-use assets relate to the lease of our 
headquarters in Cambridge and a small studio 
occupied by our Complex Games team in Winnipeg, 
Canada. A similar figure (the difference related to 
timing of actual rental payments) of £21.3 million at 
31 May 2024 (31 May 2023: £19.3 million) is reported 
in lease liabilities and is split between current and 
non-current liabilities.
The majority of the value of trade and other receivables 
relates to gross revenue due from digital distribution 
partners. The year-on-year £2.0 million decrease 
primarily relates to a receivable recognised in May 
2023 in respect to Jurassic World Evolution 2 entering 
PlayStation Plus subscription service and cash being 
received in June 2023, as well as lower prepayments 
and other debtors as a result of cost reductions 
undertaken during the year.
Total liabilities of £40.6 million at 31 May 2024 
(31 May 2023: £45.0 million) reduced by £4.4 million 
during FY24, with the significant movement relating 
to the net effect of a reduction in trade and other 
payables of £6.6 million and an increase in lease 
liabilities of £2.0 million following an increase in the 
underlying rent of the two studios during the year. 
The decrease in trade and other payables resulted from 
the cost reductions undertaken during H2, from the 
lower revenue related accruals and through the final 
payment of the deferred consideration in respect to the 
acquisition of Complex Games Inc.
The current tax asset balance at 31 May 2024 of 
£7.2 million relates to the FY24 draft tax returns, 
including VGTR claims, with receipt expected during 
FY25. The balance at 31 May 2023 of £9.4 million 
related to two years’ worth of tax returns (FY22 and 
FY23), with the cash receipts for these returns both 
being received during FY24.
Our tax arrangements concerning income streams under 
VGTR and Patent Box enhancements can be complex, 
and at 31 May 2024 there was insufficient certainty 
concerning the utilisation of other tax losses to create 
any other deferred tax assets related to accumulated 
losses. Our total unrecognised tax losses as at 31 May 2024 
were £109.5 million (31 May 2023: £80.2 million).
ALEX BEVIS
CHIEF FINANCIAL OFFICER 
10 September 2024
FINANCIAL REVIEW CONTINUED


55.4

41.3

24.6

38.1

31.5

41.1

33.0

26.8

90.7

76.1

114.0

104.6

89.3
KEY PERFORMANCE INDICATORS
Revenue (£m)
£89.3m
22
20
21
23
24
22
20
21
23
24
EPS (basic) (p)
(55.6p)
21
20
(53.6)
(55.6)
22
23
24
Adjusted EBITDA* (£m)
£0.9m

12.6

11.8

6.7
(4.6)
20
21
22
23
24
Cash balance (£m)
£29.5m

42.4
21

45.8
20

38.7

28.3

29.5
22
23
24
EBITDA (£m)
£26.8m
IFRS operating (loss)/profit (£m)
(£28.4m)

19.9

16.6
(26.6)
26.6
(28.4)
22
20
21
23
24
1.5
0.9
*	 Adjusted EBITDA is earnings before interest, tax, depreciation, amortisation and impairment charges related to game developments and game technology, less investments in 
game developments and game technology, and excluding restructuring costs, share-based payment charges and other non-cash items.
MEASURING OUR PERFORMANCE
STRATEGIC REPORT
FRONTIER DEVELOPMENTS PLC ANNUAL REPORT AND ACCOUNTS 2024
12

STRATEGIC REPORT
FRONTIER DEVELOPMENTS PLC ANNUAL REPORT AND ACCOUNTS 2024
13
KEY PERFORMANCE INDICATORS – NON-STATUTORY MEASURES
In addition to measures of financial performance derived from IFRS-reported results 
– revenue, operating profit, operating profit margin percentage, earnings per share, 
and cash balance – we have published and provided commentary on our financial 
performance measurements, derived from non-statutory calculations. We believe 
these supplementary measures, when read in conjunction with the measures 
derived directly from statutory financial reporting, provide a better understanding 
of our overall financial performance.
EBITDA
EBITDA, being earnings before tax, interest, depreciation, and amortisation, is commonly used by investors when 
assessing the financial performance of companies. It attempts to arrive at a ‘cash profit’ figure by adjusting 
operating profit for non-cash depreciation and amortisation charges. In our case, EBITDA does not provide a 
clear picture of our cash profitability, as it adds back amortisation charges relating to game developments, but 
without deducting the investment costs for those developments, resulting in a profit measure which does not 
take into account any of the costs associated with developing games. Since EBITDA is a commonly used financial 
performance measure, it has been included below for the benefit of readers of the accounts who may value that 
measure of performance.
12 months to 
31 May 2024
£’000
12 months to
31 May 2023
£’000
Operating loss
(28,413)
(26,580)
Restructuring costs
1,405
—
Depreciation and amortisation
36,892
41,438
Impairment of other intangible assets
16,930
18,117
EBITDA
26,814
32,975
ADJUSTED EBITDA
Our Adjusted EBITDA measure, in our view, provides a better representation of ‘cash profit’ than EBITDA. 
We define Adjusted EBITDA as earnings before interest, tax, depreciation, amortisation and impairment 
charges related to game developments and game technology, less investments in game developments 
and game technology, and excluding restructuring costs, share-based payment charges and other non-cash 
items. This effectively provides the cash profit figure that would have been achieved if we expensed all game 
development investment as it was incurred, rather than capitalising those costs and amortising them over 
several years.
 
12 months to
31 May 2024
£’000
12 months to
31 May 2023
£’000
Operating loss
(28,413)
(26,580)
Add back non-cash intangible asset amortisation charges for game 
developments and game technology
30,965
34,490
Add back non-cash intangible asset impairment charges
16,930
18,117
Deduct capitalised investment costs in game developments and game technology
(26,520)
(37,632)
Add back non-cash depreciation charges
3,782
3,909
Deduct non-cash movements in unrealised exchange gains on forward contracts
(37)
(239)
Add back non-cash share-based payment expenses
2,778
3,340
Add back restructuring costs
1,405
—
Adjusted EBITDA profit/(loss)
890
(4,595)
ADDITIONAL PERFORMANCE MEASURES

OUR BUSINESS MODEL AND PORTFOLIO STRATEGY 
OUR BUSINESS MODEL
CREATING OUR CONTENT
•	 We focus on games with strong franchise potential, 
primarily on PC and console. Audiences on these 
platforms tend to value games that exhibit Frontier’s 
key development strengths of creating deep, immersive 
and high-fidelity games.
•	 We invest in the creation of our games, and supporting 
PDLC, using our world-class team, supplemented by 
our outsource partners. 
•	 Our development process uses our proprietary COBRA 
development tools and technology to facilitate innovative 
features and the creation of top-quality games with 
strong differentiation for PC and console audiences. 
•	 We also use industry-leading tools and technology 
where appropriate, particularly where a large amount 
of outsource work is required. 
•	 In order to maximise the return on our core skills 
and assets, we target game genres where we have 
established expertise within our teams and/or 
intellectual property. Above all, our CMS genre is 
our strongest and where we are most experienced. 
•	 We use online channels to create and engage with 
player communities during game development. 
This practice provides a valuable source of feedback. 
Creating and nurturing these player communities 
provides excellent advocacy for each title prior to 
launch and long into each game’s life cycle.
PUBLISHING OUR CONTENT
•	 Our publishing division consists of several strong 
multi-disciplinary teams covering commercial, 
marketing, PR, community, and influencer management, 
as well as a full service in-house creative team.
•	 We bring our content to market through strong data‑driven 
product launches, directly targeting our selected 
player audiences and leveraging our relationships 
with partner platforms and distribution channels.
•	 With each of our games, we plan for the long term 
and how best to support and sustain the audience 
for each one throughout the entire product lifecycle.
•	 Our dedicated publishing team monitors progress 
based on sentiment towards the games, the success 
of each of the distribution channels and platforms, 
and the uptake of additional content, both free 
and paid, allowing us to reach the widest possible 
audience over time. 
•	 Free content is a valuable tool that we use to help 
retain and restore existing audiences and support 
sentiment. Paid content helps to monetise the game 
but also brings in new players as the new content 
triggers online coverage on platforms like YouTube 
or Twitch, increasing sales of the corresponding base 
game and for other paid expansion content.
•	 We also monitor the geographical performance 
of our titles, understanding and monitoring under 
and overperformance versus expectations in each 
territory. We continue to look for opportunities to 
tailor our price to a level more appropriate to each 
local economy.
SUPPORTING OUR SUCCESS
Our experience, resources and partnerships provide us with some key competitive advantages when 
operating under our chosen business model:
OUR EXPERIENCE 
We use our experience, gained from a track record 
in the games industry over three decades, to inform 
our decision making and create games that build 
on our world-class expertise.
OUR PEOPLE 
Our extensive team of people brings extraordinary 
talent, which is instrumental in ensuring that we 
make and deliver authentic games that define 
genres and receive critical acclaim.
OUR TECHNOLOGY
Our development process uses our proprietary 
COBRA tools and technology to facilitate 
innovative features.
OUR AUDIENCES 
We have passionate, engaged audiences and we strive 
to delight them with our continued developments.
OUR PARTNERSHIPS 
We work with our selected partners to widen our 
audience, monetise our games and bring new 
games to market.
OUR ONGOING EVOLUTION AND INNOVATION
Our industry is constantly changing. Our performance 
and adaptability to date position us well to continue 
to thrive in the ever-changing games sector.
Our business model covers two main goals. Firstly, to create engaging, genre-leading 
interactive digital entertainment – our games. Secondly, to publish our games to our target 
player audiences, delivering attractive financial returns on our investments over many 
years. Operating successfully in this model delivers for all three of our key stakeholder 
groups: our players; our people; and our shareholders. 
STRATEGIC REPORT
FRONTIER DEVELOPMENTS PLC ANNUAL REPORT AND ACCOUNTS 2024
14
PLAYERS
PLAYER
ENGAGEMENT &
CONTENT DELIVERY
VIA CHANNEL
PARTNERS
PLAYER
ENGAGEMENT
VIA MARKETING
PARTNERS
FRONTIER
DIRECT PLAYER ENGAGEMENT 
AND CONTENT DELIVERY
DIRECT PLAYER ENGAGEMENT 
AND CONTENT DELIVERY

STRATEGIC REPORT
FRONTIER DEVELOPMENTS PLC ANNUAL REPORT AND ACCOUNTS 2024
15
OUR BUSINESS MODEL AND PORTFOLIO STRATEGY CONTINUED
OUR PORTFOLIO STRATEGY
REFINING OUR PORTFOLIO STRATEGY
As highlighted during 2023, the move to diversify our game 
portfolio over the last few years, including through third-
party publishing and entering new genres, did not deliver the 
anticipated success. As a result, we refined our strategy in FY24 
to refocus on CMS games, an area in which we are considered an 
industry leader, in order to leverage experience from our most 
successful titles and deliver more predictable returns.
We now have three CMS games scheduled for release over 
the next three consecutive financial years: Planet Coaster 2 is 
scheduled for release in autumn 2024 (FY25); another Jurassic 
World game, confirmed on 9 May 2024, is scheduled for release 
in FY26; and a third unannounced CMS game is planned for 
release in FY27.
As well as nurturing and developing our CMS portfolio, we 
continue to support Elite Dangerous, Warhammer 40,000: 
Chaos Gate – Daemonhunters, and our F1® Manager Franchise. 
Additionally, the Complex Games team at our Winnipeg Studio, 
Canada, are working on a new game for release in a future 
financial year.
REVIEWING OUR ORGANISATIONAL OPERATIONS
During FY24, alongside reviewing our portfolio strategy, we 
also undertook an Organisational Review to refocus, reset 
and reshape Frontier to deliver on the updated strategic plan 
more efficiently, return the Company to cash profit and create a 
sustainable foundation for the future. The cost reduction elements 
of the review were completed by March 2024, with the targeted 
20% reduction of annual operating costs fully effective from the 
start of FY25. 
Our strategy for long-term, sustainable success within our chosen business model 
incorporates four key elements: Select, Develop, Launch & Nurture:
We seek out opportunities to create immersive games in proven but under-served markets, with a focus on genres and 
themes that align with our experience and expertise. We have a particularly strong track record in the creative management 
simulation (CMS) segment. In certain spaces we have achieved repeated success, such as through Jurassic World Evolution 
(June 2018) and its sequel Jurassic World Evolution 2 (November 2021), and by introducing new platform editions including 
Planet Coaster: Console Edition (November 2020) and Planet Zoo: Console Edition (March 2024).
We start our development projects with a relatively small team of people – focusing on scoping, analysing 
and planning. This is essential to determine whether we will proceed into full development. Once we have made the 
decision to proceed – and as we progress further through the ‘Develop’ phase – the number of people working on 
a new game development grows, and a wider range of disciplines become involved. At the peak, we will usually 
have well over 100 Frontier employees contributing to a project, often supported by additional resources from 
outsourced partners.
As we progress towards release, our publishing team will create and execute launch plans, which will usually be 
focused on establishing and supporting a community of players. This community-focused approach may start six 
months or more before release. The ‘Launch’ phase is very important. We want each game release to be as positive 
as possible. However, it’s also typically the start of a long journey of post-release engagement and nurturing, which 
incorporates new content and active community support.
Following our ‘Launch’ goal, which is to achieve genre-leading status, our ‘Nurture’ goal is to then maintain that status 
for an extended period, measured in years. This is achieved through engaging existing players with new content and 
community support, and by reaching more and more players over time to continuously grow our game communities.
SELECT
DEVELOP
LAUNCH
NURTURE
OUR BUSINESS MODEL AND PORTFOLIO STRATEGY CONTINUED

Back in 2014, as Elite Dangerous was nearing its release, Frontier considered many options 
for its next game. After a thorough selection process, a roller coaster management game, 
Planet Coaster, was chosen. Frontier already had a wealth of expertise in that genre during 
its work-for-hire period, including the highly successful RollerCoaster Tycoon 3 (RCT3), 
released in November 2004. The proven market audience for a coaster management game 
was enticing, especially as there had not been a strong new entrant in that space for well 
over ten years. 
CASE STUDY
OUR BUSINESS MODEL AND 
PORTFOLIO STRATEGY IN 
ACTION – PLANET COASTER
Cumulative revenue and cumulative cashflow  
(revenue less all development, distribution and marketing costs)
£120m
£100m
£80m
£60m
£40m
£20m
£0m
(£20M)
M-30
M-27
M-24
M-21
M-18
M-15
M-12
M-9
M-6
M-3
M+1
M+4
M+7
M+10
M+13
M+16
M+19
M+22
M+25
M+28
M+31
M+34
M+37
M+40
M+43
M+46
M+49
M+52
M+55
M+58
M+61
M+64
M+67
M+70
M+73
M+73
M+76
M+79
M+82
M+85
M+88
M+91
 Cashflow 
 Revenue
Months, with ‘M’ being the month of release
Console release
PC release
Frontier started work during early 2015, and in 
March 2016 Planet Coaster was revealed to the 
world as a spiritual successor to RCT3. It landed on 
PC in November 2016 with positive responses from 
players and critics. During the first nine months, 
Frontier focused on delivering enhancements and 
upgrades to the base game. Following that, new paid 
downloadable content (PDLC) started to be developed 
through theme-based packs. Over time, these packs 
became increasingly popular with players, often being 
delivered alongside free updates to the base game. 
At the start of 2019, Frontier started to develop 
a console version of the game to meet the growing 
demand from the console-playing audience. 
In November 2020, Frontier successfully brought the 
ultimate coaster park management game to players on 
PlayStation and Xbox through Planet Coaster: Console 
Edition. Over its life of nearly eight years, Planet 
Coaster has sold over 6 million base game units across 
PC, PlayStation and Xbox (excluding subscription deals), 
generating a total revenue of almost £100 million, with 
almost one-quarter of the revenue coming from 11 
PDLC packs on PC and seven across consoles. 
In July 2024, Frontier announced the long-anticipated 
sequel, Planet Coaster 2, which is planned to take over 
the baton as the world’s leading coaster management 
game. Planet Coaster 2 is scheduled for release in 
autumn 2024 on PC, PlayStation and Xbox.
OUR BUSINESS MODEL AND PORTFOLIO STRATEGY CONTINUED
STRATEGIC REPORT
FRONTIER DEVELOPMENTS PLC ANNUAL REPORT AND ACCOUNTS 2024
16

STRATEGIC REPORT
FRONTIER DEVELOPMENTS PLC ANNUAL REPORT AND ACCOUNTS 2024
17
OUR PEOPLE
REBUILDING OUR 
ENGAGING CULTURE
Everyone at Frontier is key to the Company’s success. We are aware of the pressures 
on our people, especially during the Organisational Review, and how the health of our 
Company and the wellbeing of individuals are closely tied. 
We are committed to making Frontier a place where 
people can thrive, with a culture where we are all 
ambitious, collaborative, accountable and do the right 
thing. This means we support our people to work smarter, 
focusing on what matters most to improve efficiencies. 
A focus on Diversity, Inclusion and Equity is key 
to supporting our inclusive culture. We support 
employee‑led Advocacy Groups to enable a platform 
for feedback and awareness building.
Sharing our success and recognising and rewarding 
our people equitably continues to be an important 
part of our culture. In April 2024, we introduced a 
new initiative that provided all employees with the 
opportunity to be a shareholder within the Company. 
Effective communication and collaboration are core 
areas of focus across the Company; we provide 
opportunities to come together socially through 
employee events and continue to connect with our 
hybrid team through our internal livestreams, allowing 
us to share in our vision of creating, launching and 
nurturing world‑class games that put both Frontier 
and the games industry at the forefront of the global 
entertainment industry.

OUR PEOPLE STRATEGY 
FOSTERING CREATIVITY, 
ADAPTABILITY AND LEADERSHIP
We encourage our teams to bring creative and critical thinking to their roles, to remain 
adaptable and always be prepared for change and to be effective, inspirational leaders to 
pave the way for the next generation of leadership. Our people are critical to us achieving 
continued success. 
After a period of change in the Organisational Review, our people strategy has been reshaped 
to focus on five key areas that are reflective of our current goals for the future. These have 
been guided by direct feedback from our employees through our annual Staff Survey, which 
we are pleased to say has sustained a high response rate, despite the team reshaping.
ENGAGEMENT 
We strive to engage our people and encourage them 
to connect with Frontier, reinforcing the belief that 
they are a valued part of our team who are key to our 
success. In addition to the annual Staff Survey, we 
have introduced employee groups dedicated to giving 
feedback directly to the Executive team, which will help 
us shape and enhance our employee experience. We 
continue to invest in social activities and events which 
drive networking and socialising. We also engage and 
connect with our people to include and inform them 
about our games in development. 
MANAGEMENT AND LEADERSHIP 
Our leaders and managers play a crucial role in 
helping their teams to thrive. Our aim is to develop 
managers and leaders to grow their skills, behaviours 
and mindsets to achieve this. We want them to 
inspire, identify and develop the next generation of 
leaders which, in turn, will support the productivity, 
engagement and innovation of our people. 
PERFORMANCE AND DEVELOPMENT 
As an inclusive, diverse, people-oriented company, we 
aim to ensure that people at Frontier are appropriately 
challenged, that there is a high-performance culture 
and that there are opportunities for everyone to grow. 
Supporting effective performance management 
maximises the value that employees can bring, 
preparing them for career growth and progression, 
and ensuring everyone’s goals are aligned with our 
Company objectives. 
REWARD AND RECOGNITION 
We offer flexible, sustainable and fair rewards and have 
recognition mechanisms to help us identify outstanding 
skills and behaviours. We will continue to reward people 
for their individual achievements while ensuring that 
everyone is able to share in Frontier’s success.
RETENTION AND TALENT 
Talent acquisition is now focused on remaining 
sustainable and cautious, with a strong emphasis on 
finding the desired experience, skills and behaviours 
to achieve our strategic aims. We will continue to 
nurture our people by making conscious efforts to 
retain our talented team through boosting engagement, 
supporting development, offering rewards and 
recognising excellence. 
We believe that authentic games last a 
lifetime and, in order for us to continue 
making creative, innovative games, we need 
to engage, support and invest in our people.”
 CAREERS.FRONTIER.CO.UK
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OUR IMPACT – ENVIRONMENTAL, SOCIAL AND GOVERNANCE
ESG INFORMATION HUB
Our ESG hub is a dedicated section of our website 
which consolidates all of our ESG information in one 
place. It enables our investors, our partners, our 
players, our people and the public to access all the 
latest Frontier news, data, statements and policies 
relating to ESG topics. Find out more by heading to 
frontier.co.uk/esg-hub.
FUTURE ESG PLANS
Frontier strives for quality. This includes a quality 
approach to our internal and external systems, which 
have an impact on our stakeholders and the wider 
world. We continue to review opportunities for our 
ESG processes, as well as improve communications 
of our progress through ESG reporting. Any new 
initiatives will be reviewed periodically to ensure we 
continue to evolve with new data and protect and 
strengthen our alignment with stakeholder values.
ESG IN THIS ANNUAL REPORT
The best place to access our latest ESG information is 
by visiting the ESG hub. However, this Annual Report 
also contains the following items which are associated 
with ESG topics:
TASK FORCE ON CLIMATE-RELATED FINANCIAL 
DISCLOSURES (TCFD) 
 PAGE 34
GREENHOUSE GAS EMISSIONS STATEMENT 
 PAGE 35
OUR BUSINESS MODEL AND PORTFOLIO STRATEGY 
 PAGE 15
OUR PEOPLE
 PAGE 17
OUR MANAGEMENT OF RISK
 PAGE 20
OUR CORPORATE GOVERNANCE
 PAGE 37
A SUSTAINABLE, CONSIDERATE APPROACH
VISIT THE HUB AT
 FRONTIER.CO.UK/ESG-HUB
We have always endeavoured to conduct business in a considerate, responsible and 
ethical manner. To do this, we place our key stakeholders – our people, our players, our 
partners, our investors and the public – at the core of everything we do. We aim to be 
an industry leader for creating games which, in themselves and through the process of 
creating and nurturing them, resonate with the key environmental, social, and governance 
(ESG) principles of our stakeholders.

PRINCIPAL RISKS AND UNCERTAINTIES
OUR STRATEGY RESET HAS 
REDUCED OUR RISK PROFILE
Frontier has established policies and procedures to identify, evaluate and manage risks at appropriate business levels. A comprehensive 
risk register is maintained, covering project, operational, financial, compliance and strategic risks. The dynamic risk assessment process 
includes emerging and established risks, with each risk monitored and updated as necessary. A rating system assesses the likelihood 
and impact of risks, alongside the effectiveness of mitigating controls in place.
Each project and relevant department maintain its 
own risk register, typically reviewed on a monthly 
basis. The key risks are escalated to the Corporate 
Risk Register, which is reviewed quarterly by the 
executive Risk Committee, and any material changes 
are escalated to the Executive Board. Additionally, 
a full report on internal controls and assurances 
alongside the principal risks is submitted to the Board 
on an annual basis.
Our recent refocus of our business strategy has significantly 
reduced our risk profile. Following a period of diversification 
of game genres and business models, we are now focused 
on developing and publishing games in proven genres where 
we have expertise, while continuing to maximise the 
value from our portfolio of established released games. 
The industry has seen consistent growth in the number 
of titles released year-on-year, outstripping the increase 
in players and creating a very congested and competitive 
landscape. This makes it increasingly difficult for individual 
titles to be commercially successful. The Market 
Competition and Disruption risk is therefore shown 
as increased.
PROJECT, OPERATIONAL AND DEPARTMENT
RISK LEAD
Tactical risk lists related to a specific area of the business
CORPORATE RISK REGISTER
RISK COMMITTEE
Key risks escalated to Executive Committee for assessment 
in the wider business context
PRINCIPAL RISKS
BOARD
Principal areas of risk faced by the business
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PRINCIPAL RISKS AND UNCERTAINTIES CONTINUED
Selecting the right balance and cadence of games, 
platforms and partners, as well as maximising 
how we strategically apply our skills, experience, 
IP and technology, is critical to maintaining a 
reliable portfolio of titles that provide adequate 
robustness in changing market conditions and 
player trends. The Portfolio Strategy risk is primarily 
that of underperformance at release, and has been 
significantly mitigated based on our proven historical 
success and belief that our current pipeline of CMS-led 
games is our strongest yet.
The Game Release Pipeline risk is concerned with 
ensuring our games are delivered on time, within 
budget and are of high quality. We expect them to 
receive strong critic and player reviews, with broad 
audience awareness and ultimately excite our target 
audience to drive sales and build loyalty within the 
brand. This provides a very strong base from which to 
nurture long-tail support through free and paid content, 
community support, and audience broadening, ultimately 
delivering year-on-year revenue performance from 
each franchise.
To execute this strategy, the right skills and experience 
across all departments are necessary. Ensuring the 
ability to recruit, engage, develop and retain employees 
remains critical to meet our strategic ambitions, and 
despite then having consolidated our structure and 
not looking for significant growth in the short term, 
the People and Teams risk remains static due to 
continued competition for talent in the market.
We work closely with a reasonably limited pool of 
service providers and partners, be that co-development 
services, gaming platforms, sales platforms and IP 
partners. The Key Partner Relations risk covers the 
importance of maintaining strong working relationships 
with these partners.
The various Regulatory and Reputational risks remain 
largely unchanged. We continue to monitor the changing 
regulatory landscape and ensure internal policies and 
procedures are in place to mitigate potential reputational 
damage. We promote responsible games and gaming 
practices and have zero tolerance for any form of toxicity 
in our gaming communities.
The next category of risks relates to outside influences, 
namely Economic and Geopolitical, Climate Risk and 
Sustainability and Cybersecurity. We continue to review 
and manage these risk areas carefully, to ensure 
we remain informed of all regulatory and legislative 
requirements, have mitigation and contingency plans 
for events beyond our control and are demonstrating 
best practice in managing these risks.
The final risk, which we have introduced this year, is 
Financial Management following the cost reductions 
undertaken and increased focus on return on investment.
Our Board includes experienced Non-Executive Directors 
who ensure risks are managed regularly and objectively, 
and who ensure that we remain focused on our priorities. 
Our strategic reset and refocus demonstrate 
our effective decision making and proactive 
approach to reducing risk. Our people are at 
the heart of executing our plans efficiently and 
effectively, preparing us for future success.”
PRINCIPAL RISKS AND UNCERTAINTIES CONTINUED

PRINCIPAL RISKS AND UNCERTAINTIES CONTINUED
Risk area
Description
Mitigation
MARKET 
COMPETITION AND 
DISRUPTION
MARKET COMPETITION
There continues to be strong competition for player attention, both from direct 
competitors but also overall player gaming hours due to the number of games 
released annually. Without the ability to cut through the crowd and gain enough 
visibility and desirability to players, sales suffer.
Our refocused strategy on consistently reliable titles and genres allows us to focus our experience on providing games that 
players know will provide them the experience they are looking for, as well as the comfort that through post-release support, 
the game will continue to be updated, refreshed and receive new content. In this way, we continue to build and retain a strong 
fan base for our brands.
Frontier games occupy a specific market segment where we are able to leverage the scale of our Studio and teams to produce and 
support genre-leading games without requiring AAA development budgets. Our commercial results enable us to maintain strong 
platform partner relationships and secure important marketing and featuring directly on key sales platforms and channels. 
TECHNICAL ADVANCEMENTS 
The gaming sector is heavily reliant on technology, primarily through 
ever-increasing gameplay complexity and visual fidelity driven by advancing 
PC platform technical capabilities and new consoles.
Investing in its own COBRA technology allows the Group to continue to innovate, while providing technical independence from 
reliance on third-party game engines. We have managed the transition from Gen 8 to Gen 9 consoles while continuing to 
advance the capability of our COBRA engine. We believe mitigation of this risk is demonstrated through our track record of 
diverse games.
DISRUPTIVE PLATFORMS AND TECHNOLOGIES
The Group operates in a fast-moving industry where new market trends or 
disruptive technology may emerge which reduce its ability to compete and 
execute its business plan.
The Group continuously monitors potential new technologies to ensure we remain in line with our competitors, taking a 
balanced view on the benefits and potentially negative consequences that could damage or disrupt our internal development.
The Group works closely with a variety of platform partners to maintain reliable routes to market and remain responsive to 
new sales channels and models.
Frontier has taken a pragmatic approach to AI, seeking to minimise any IP or ownership disputes and align with partner 
contractual requirements, while taking advantage of the benefits it has to offer where appropriate. 
PORTFOLIO 
STRATEGY
PORTFOLIO SELECTION AND GROWTH
Risks around the portfolio strategy relate to the potential selection of titles that 
the Group struggles to develop and launch effectively, as well as having either 
too narrow or too broad a portfolio. 
Lacking an appropriate balance of titles, experience of genres and schedule 
of releases, the Group may find it hard to manage shifting market trends or 
an underperforming title, and hence be unable to manage and fund its 
expansion effectively.
The Group’s approach to project selection focuses on identifying opportunities to create genre-leading games with strong 
launch capabilities, which can be nurtured post-release to deliver long-term sustainable returns. 
The Group has significantly reduced its risk appetite for diversification, and as well as focusing purely on self-developed titles, 
is looking to maximise returns on franchises with solid historical performance, with a strong focus on the CMS space.
As the Group continues to build its game portfolio, the project selection process becomes increasingly important and requires 
significant input from senior management across multiple functions of the business. A robust selection and greenlighting 
process, supported by a strong development and marketing execution, is the key to our future success, so therefore is, 
and continues to be, a key area of focus.
VALUE PROPOSITION AND PLAYER LOYALTY
The risk of failing to analyse and react to the changing player landscape and 
releasing a title that fails to resonate with players, be that due to the game 
itself, perceived lack of value proposition, or inability to engage player loyalty 
through effective long-tail support and nurturing of the game, could lead to 
significantly reduced revenues.
Early and continuous market analysis is built into our selection and development process to ensure maximum alignment of 
our games with player expectations.
Our games provide multiple ways to play and offer endless playtime. Post-release additional content keeps the games fresh, 
which, together with competitive pricing, means that players receive great value in the number of hours of gameplay our 
games provide.
KEY TO CHANGE IN RISKS
  Increase
  Decrease
  No change
NEW   New risk
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PRINCIPAL RISKS AND UNCERTAINTIES CONTINUED
Risk area
Description
Mitigation
GAME RELEASE 
PIPELINE
DEVELOPMENT RISK
Game development is complex, requiring careful planning, coordination, 
execution and constant re-evaluation across multiple technical and creative 
disciplines. Risks include games being over budget, late, poor quality or simply 
not engaging player interest.
Frontier has a strong track record over 30 years of making the correct project decisions and executing effectively 
and efficiently on those projects. 
A renewed focus on internally developed titles means greater control of the development process, costs and timescales.
We have increased the regularity and level of oversight on project development progress and costs as well as audience 
and marketing analysis and alignment to enable teams to remain focused on the core vision and goals and how we best 
fulfil player expectations.
LAUNCH RISK
Each new game launch risks a negative reception or limited visibility in the 
market, which can lead to a reduction in revenue, lower margins, and reduced 
cashflows, ultimately risking impairment of capitalised development costs. 
Early and continuous assessment of target audience ensures that when we first announce a product, it is received well. 
Go-to-market plans are developed to maximise impact at launch and engage the most appropriate influencers and partners 
to spread the excitement and visibility of our games.
Targeted digital marketing campaigns and synchronous releases across PC and console platforms maximises ROI for marketing spend.
Robust Quality Assurance (QA) processes extrapolate the quality that will be delivered at launch, allowing an assessment 
of the expected public reception to the game experience.
NURTURE RISK
Failing to support players, communities and evangelists through launch and 
post-launch periods to build support and provide additional content can result 
in lowered engagement and awareness, waning player interest and ultimately 
lost revenue.
Post-release roadmap includes planning for features, content and quality-of-life improvements to be delivered based on 
extensive learnings from previous similar games.
We use multiple ways to engage and grow our gaming communities, including our own social media and community teams, 
ongoing fresh content and support, influencer outreach and platform partner activity and promotions.
Price promotions add more players as the title ages and the value proposition changes to match different consumer purchase patterns.
PEOPLE 
AND TEAMS
HIGH-PERFORMING TEAMS, RETENTION AND RECRUITMENT 
The skills and experience that we need for success remain in high demand, both 
within the games industry and in adjacent technology and entertainment sectors. 
Multiple factors can lead to the risk of miscommunication, lowered productivity 
and ultimately disengagement and loss of employees, including: failing to maintain 
strong communication networks within teams and across the business, and 
especially for onboarding new starters; inadequately mentoring and developing 
employees at multiple levels; not maintaining Company culture and cohesion; 
and flexible working expectations vs practicalities.
If key members of staff do decide to leave, it is important that succession 
plans are in place to ensure that knowledge and skills are not lost.
This risk has seen the greatest increase initially from the disruption and change created by the coronavirus pandemic, and more 
recently from the commercial difficulties in the wider games industry, and specifically the restructure and redundancies the 
Group has had to make.
We believe that our attractive project portfolio and friendly working environment makes Frontier a place where talented 
people want to build their careers. Our annual Staff Survey, which we introduced four years ago, continues to be an important 
way for us to listen and take appropriate action based on feedback provided by our people. 
We continue to work hard on internal Company communications, including through Company messaging and interactive 
internal livestream broadcasts, more frequent leadership team meetings and cascaded communications and the promotion 
of both in-person and digital social events.
Salaries are benchmarked across the industry to ensure we remain competitive and a profit related bonus scheme is paid 
annually to all employees. All employees are able to participate in share option plans, and our senior people typically receive 
an annual award of share options. As part of our 2024 remuneration plan, all members of the Company were also provided 
with equity.
Our dedicated HR team continues to work closely with our people managers to provide support and guidance and we are 
extending succession planning to ‘Head of’ level in Q1 2025.
The Group remains a visa sponsorship license holder with the ability to provide skilled worker visa sponsorship for candidates 
and their families where necessary. However, the Home Office has significantly increased these costs over recent years, including 
for visa renewals, which has added to our recruitment costs. We offer generous relocation allowances and, where appropriate, 
provide people with the services of a Cambridge relocation specialist.
PRINCIPAL RISKS AND UNCERTAINTIES CONTINUED
KEY TO CHANGE IN RISKS
  Increase
  Decrease
  No change
NEW   New risk

Risk area
Description
Mitigation
PEOPLE 
AND TEAMS 
CONTINUED
HEALTHY AND PRODUCTIVE WORKING ENVIRONMENT
Risk factors affecting health and wellbeing, and ultimately negatively impacting 
our teams’ creativity and commitment, include the inability to work effectively 
together, unsustainable stress, poor working conditions, including discrimination, 
harassment or exclusion and the inability to raise work-related concerns.
We continue to evaluate the impact on our teams’ efficiency of the various hybrid working models we are looking to support, 
implementing new tools and processes to help employees adapt.
We seek to minimise days lost to sickness via healthcare benefits and general morale and wellbeing initiatives. We have 
initiatives in place to achieve high levels of employee engagement. We ensure that everyone shares in the success that we 
create together.
Frontier has, among others, stress, equality and harassment policies that are created to ensure that everyone is treated fairly 
and with respect, and that measures are taken through the grievance procedure in the event of any shortcomings so that the 
risk of discrimination is minimised.
KEY PARTNER 
RELATIONS
CO-DEVELOPMENT PARTNER RISK
The risks include capacity or cost limitations, receiving an inferior result from 
the business partner, or the partner ceasing to be available.
The actions of suppliers and partners have a direct impact on Frontier’s 
reputation if they do not act in a sustainable manner, as this entails risks that 
are social and/or business ethical. Furthermore, unsustainable actions by a 
supplier or partner can affect their employees and the societies in which the 
supplier or partner operates in a negative way.
We enhance the capacity of our internal teams through the use of outsourcing partners. This enables us to manage the 
fluctuating capacity needs as projects pass through different development phases, as well as source key skill sets. 
Dedicated employees work closely with our partners to negotiate, specify, integrate and maintain quality.
Frontier seeks to work with established high-quality partners with a solid industry reputation. We carry out appropriate due 
diligence checks on suppliers and partners, as well as ensuring suitable levels of insurance and liability cover are in place. 
In 2023, we have implemented our Supplier Code of Conduct, which we require all suppliers to adhere to.
DIGITAL PLATFORMS 
Sales are largely conducted through a few digital platforms. If any key platform 
owner was forced to take down its platform, it could in the short term lead to 
a loss of income and a longer interruption could affect the Group’s financial position 
and results. Additionally, a significant change of business model on that platform 
would directly affect sales of our titles.
While the number of sales and distribution platforms is limited, they are well established within the industry, and have 
provided a reliable route to market for many years. Should any disruption occur, we would expect it to be rectified quickly, 
and sales to only be temporarily delayed rather than lost.
Our commercial team works closely with all platform partners to understand market trends, best practice sales discounts and 
promotions as well as negotiate platform deals.
IP PARTNERS
The Group works with a small number of world-class third-party IP partners 
and there is risk should any breakdown in these partnerships occur.
We work very closely with a small number of high-profile IP partners to maintain strong working relationships through regular 
and open communication.
We ensure third-party IP is used responsibly and under appropriate license, and our in-house legal team works closely with 
the game teams to support them and our partners.
CYBERSECURITY
FIRST-PARTY CYBER
The ongoing threat of cyber-attacks and data security breaches continues to be 
a concern to the organisation and could cause a significant impact to business 
operations and reputation.
Social engineering, credential theft, software vulnerabilities and theft, disclosure 
or destruction of data, as well as the introduction of AI continue to elevate risk.
Our Information and Cybersecurity programme focuses on people, process and technology to ensure we are continually 
improving our cyber defence strategies, and enhancing our resilience to cyber-attacks to prevent unauthorised access to 
our information systems and the data of our customers, consumers and employees.
We continue to assess the cyber risk of the organisation on a regular basis to ensure we’re aligning Company strategies and 
following industry recommendations and best practices to help better protect our information systems, detect threats and 
respond to and recover from incidents.
Despite our best efforts, there remains a risk that threat actors continue to find new tactics, techniques and procedures (TTPs) 
to gain access and remain undetected for a prolonged period of time, and we may be unable to anticipate these techniques or 
implement adequate preventative measures in time.
THIRD-PARTY CYBER
Security failings in our supply and sales chain, including our partners, as well 
as other global or market events also enhance our cyber risk.
PRINCIPAL RISKS AND UNCERTAINTIES CONTINUED
KEY TO CHANGE IN RISKS
  Increase
  Decrease
  No change
NEW   New risk
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PRINCIPAL RISKS AND UNCERTAINTIES CONTINUED
Risk area
Description
Mitigation
ECONOMIC AND 
GEOPOLITICAL
ECONOMIC CONDITIONS
Rising inflation and cost of living have both a direct impact on our overhead 
costs as well as an indirect impact on employees’ income.
Worldwide rises in costs also have a significant impact on overall disposable 
income, and hence greater competition for players to spend on our games. 
The Group offers competitive remuneration packages and regularly undertakes pay reviews where inflation and other factors 
are taken into consideration.
While our games are less exposed as premium paid titles, it is clear that price sensitivity has never been higher and ensuring 
that our games represent great value for money is something that we must continue to monitor closely.
CURRENCY RISK
The Group is exposed to widespread macro economic, currency and inflationary 
risks. The majority of Frontier’s resources are located in the UK and therefore 
the Group’s operating costs are mainly in Pounds Sterling (GBP). 
Sales are global, in multiple countries and in multiple currencies. The Group 
therefore has short-term transaction and translation risks, in addition to the 
longer-term economic risk of developing in the UK and selling worldwide. 
The largest exposure is the US Dollar (USD). 
The Group trades globally with increasing revenue from non-GBP currencies. This creates a potential currency mismatch 
between cost and revenue. While the longer-term economic risks of selling globally cannot be avoided, forward foreign 
exchange contracts have been used to cover a portion of the foreign currency income and thus give some degree of certainty 
over the rate of exchange. The Group will continue to review the most effective way of managing transaction and translation risks.
GEOPOLITICAL FACTORS
Geopolitical influences affect trade relations and embargoed territories can 
affect global sales figures.
Trading globally exposes Frontier to regulatory and geopolitical risks over which it has little forewarning and no influence. 
The best mitigation for this risk remains that we trade across multiple territories.
CLIMATE RISK AND 
SUSTAINABILITY
PHYSICAL CLIMATE RISK
Adverse impacts of climate change could include physical risks (e.g. flooding) 
that may cause damage and business disruption, extreme weather impact on 
supply chains, global warming affecting human activity, mass emigration and 
global economic output.
Physical risks are mitigated by the fact that we operate in a digital industry and therefore do not operate with a significant 
physical asset base, with the offices being the only material physical asset. Physical risks are further mitigated by a 
geographically diverse workforce and the ability to work remotely, should the central office be inaccessible.
TRANSITIONAL RISK
Transitional risks in managing the shift to a low-carbon economy while ensuring 
the investment/expenditure to manage the transition remains viable include 
increased regulation, increases in energy prices, changing consumer behaviour 
and increases to the cost of equipment and services.
We are continuing to measure and reduce carbon use to minimise impact. We produce and sell over 99% of our content 
digitally and we operate in an energy-efficient building which we utilise under a flexible hybrid working model, reducing our 
energy footprint and the number of commuting journeys taken by our people.
Furthermore, the Company tries to minimise travel for business in favour of digital meetings, extend the lifetime of equipment, 
reduce paper handling and work with suppliers who also have a focus on sustainability. 
REPUTATIONAL RISK
In addition, the failure of the Group to respond effectively to increasing 
stakeholder and societal expectations for companies to respond to climate 
change with action to reduce the environmental impact of their operations may 
result in reputational damage and the failure to attract and retain talent.
The Group is committed to investigating and reporting on climate-related risks and opportunities in adherence to 
internationally accepted recommendations, such as those published by the Financial Stability Board’s Task Force on 
Climate-related Financial Disclosures (TCFD) see pages 34 to 35.
We continually look for ways to decrease carbon usage through direct energy usage reduction, recycling and reduction 
in waste. Further information can be found in the ESG hub of our website at www.frontier.co.uk/esg-hub.
PRINCIPAL RISKS AND UNCERTAINTIES CONTINUED
KEY TO CHANGE IN RISKS
  Increase
  Decrease
  No change
NEW   New risk

Risk area
Description
Mitigation
REGULATORY AND 
REPUTATIONAL
REGULATORY COMPLIANCE
Trading globally exposes Frontier to regulatory and geopolitical risks over 
which it has little forewarning and no influence. Failure to comply with 
applicable laws and regulations can lead to fines as well as loss of confidence 
from key stakeholders. 
Developments in areas such as climate change are likely to lead to increased 
regulation and policy that may affect the Group’s operations.
Long-term success and growth require the Group to act in a business ethical way, maintaining positive relationships with all 
its stakeholders. 
Frontier continuously monitors regulatory developments and ensures that the Company complies with all applicable laws 
and regulations in the jurisdictions in which we operate. 
REPUTATION RISK
Risk arising from breaches of good practice or our legal obligations, which could 
damage the good reputation of the Company.
Risk of corruption and fraud leading to deteriorating or terminating 
relationships and decisions that are not business centric. 
Processes are in place to ensure all third-party IP is licensed correctly (including appropriate use of generative AI tools) 
as well as ensuring that the Company and third-party information is kept confidential.
We have implemented policies, guidance and procedures for ensuring compliance with anti-bribery and anti-modern slavery 
legislation. All expenses and purchases must be approved by the relevant person’s manager or budget holder and by the 
finance department. The Company has a whistleblower system to increase the probability to notice and address actions that 
are not business ethical. In the past year, no whistleblowing events were raised.
RESPONSIBLE GAMING
Risk of being seen to be acting in a negative way towards any of our stakeholders, 
be that our players, employees, partners, shareholders or the wider public.
Inappropriate levels of gaming can lead to addiction and reduced wellbeing 
for players, as well as a negative impact on day-to-day life.
Toxic behaviour creates an unhealthy and excluding environment around the 
Company’s games. This leads to fewer people taking part in the Company’s 
important player communities, games losing popularity and ultimately loss 
of revenue. 
Toxic behaviour on engagement channels also risks affecting the wellbeing 
of both employees and players.
Frontier produces premium games with post-release high-value PDLC, typically on a quarterly cadence. Our games are 
non-controversial, socially responsible and aim to build cohesive player communities for the enjoyment of everyone. We do not 
aggressively monetise players or use microtransactions that encourage addictive behaviours; rather, we aim to provide what 
is seen as good long-term value to players. 
Frontier has zero tolerance for all forms of toxic behaviour and has Community Management teams as well as terms of use 
to counteract offensive posts. The Company also offers employees training in social media and player contact.
Frontier has a Code of Conduct for players and our Customer Support teams are constantly monitoring player behaviour 
and reports, with escalating levels of options for handling toxic behaviour, including full bans if necessary.
FINANCIAL 
MANAGEMENT
NEW
Management of our internal financial operations, including cashflow 
management, internal controls and effective policies and processes 
to ensure strong cost control across the business.
Our cash resources give us the freedom to invest in our long-term success, and we prudently manage liquidity by monitoring 
forecast cash inflows and outflows in both the short and medium term, as well as our long-term investment needs and opportunities. 
We provide appropriate resources and attention on external opportunities to develop our game portfolio and business.
Focus remains on building and maintaining strong partner relationships to enable the Group to secure subscription deals 
and other commercial opportunities.
The Group undertook an Organisational Review during FY24 that resulted in a 20% reduction in annual operating costs and 
eliminated all discretionary spend. During the review, tighter cost controls were implemented, for instance approval levels 
being reduced in all areas of the Group and an increased emphasis being placed on return on investment on all spend.
Further information on financial risk assessment can be found in the Auditor’s Report on pages 44 to 50.
This Strategic Report was approved by the Board of Directors and signed on behalf of the Board.
ALEX BEVIS
CHIEF FINANCIAL OFFICER
10 September 2024
PRINCIPAL RISKS AND UNCERTAINTIES CONTINUED
KEY TO CHANGE IN RISKS
  Increase
  Decrease
  No change
NEW   New risk
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SECTION 172 STATEMENT
ENGAGING WITH OUR STAKEHOLDERS
Statement by the Directors in relation to their statutory duty in 
accordance with S172(1) of the Companies Act 2006.
The Board considers Frontier’s key stakeholders to 
be players, employees, shareholders and business 
partners and also acknowledges that there is a wider 
responsibility to the community in which the Company 
operates. Our culture and employee welfare is a particular 
focus for the Company and pages 17 and 18 display our 
people strategy and the working environment. 
Investor relations form part of the Board’s 
responsibilities and the many ways in which we 
communicate with our shareholders are shown on 
page 29. Our business partners share in our continued 
success, as explained in our business model and portfolio 
strategy on pages 14 to 16. We set out on page 40 our 
approach to social responsibility to the local community.
Under S172 of the Companies Act 2006 (the ‘Act’), 
directors of UK companies have a duty to promote the 
success of their company for the benefit of the members 
as a whole. The purpose of the strategic report within 
a company’s annual report and accounts has always 
been to inform members about how directors have 
performed their S172 duties. Over time, the Government 
noted that the content, format and overall quality of 
information presented in strategic reports published 
by different companies varied enormously. To address 
this, the Government added a requirement for all large 
companies to include a separate ‘S172 Statement’ 
in their strategic reports to improve consistency 
and quality.
The Board of Directors of Frontier Developments plc 
(the ‘Company’) has always taken its duties under 
S172(1) of the Act seriously. The Directors consider 
that they have acted in a way that would promote the 
success of the Company for the benefit of its members 
as a whole in the decisions they have taken during the 
year ended 31 May 2024. 
In making this statement, the Directors considered the 
longer-term consideration of stakeholders and have 
taken into account the following matters:
a)	
 the likely consequences of any decisions in 
the long term;
b) 	
 the interests of the Company’s employees;
c)	
 the need to foster the Company’s business 
relationships with suppliers, customers 
and others;
d) 	
 the impact of the Company’s operations on the 
community and the environment;
e)	
 the desirability of the Company maintaining a 
reputation for the high standards of business 
conduct; and
f)	
 the need to act fairly between members of 
the Company.
Our business model and strategy as set out on pages 
14 to 16 describe our approach to creating and 
publishing our content, which is at the heart of our 
stakeholder engagement, delivering long-term value 
to all our stakeholders.

SECTION 172 STATEMENT CONTINUED
•	 Employee engagement is one of our major focus areas 
which has grown over the last few years. We have built 
a communication and engagement strategy to drive 
connectivity, networking and alignment on our projects 
and the Company overall. This strategy includes the use 
of our Microsoft Teams channels for news and social 
posts, as well as for more formal communications. 
We also use internal livestreams to broadcast 
Company updates and game news internally.
•	 Our internal events have significantly increased in 
frequency and scale, including our regular Studio 
Social events, major game celebrations and two 
annual parties: our Summer Party and Winter Party.
•	 We foster an environment of connection through 
supporting employee-led activity groups with 
interests such as sports, life drawing, board 
games and more.
•	 Staff engagement surveys are conducted annually 
to encourage an open, transparent and honest 
culture. The results of these surveys are presented 
to the Board and are used in the decision-making 
process to ensure that important issues reflect 
employee feedback.
•	 This year, we have introduced two new employee 
groups to provide feedback on both employee 
experience and social activities.
•	 All employees are invited to a quarterly performance 
and development review with their line managers. 
This is to ensure that employees are working to 
agreed objectives to support the overall Company 
plan and to set training and development goals.
HOW WE ENGAGE WITH OUR STAKEHOLDERS
•	 We build and maintain social communities for each 
of our games, exploring new methods such as TikTok 
and livestreaming, to provide a direct way for players 
to interact and connect with our community team and 
with each other. 
•	 From our in-house recording studio we produce 
monthly livestreams called Frontier Unlocked, 
developing creative, engaging new ways to engage 
our players on a social level, and to reveal to them 
the latest updates and features of our titles.
•	 By exhibiting at events such as gamescom and 
Silverstone, we give players the opportunity to 
experience our games, allowing them exclusive 
access to preview our upcoming titles, as well 
as providing exciting new opportunities for our 
influencers to play and share our games to their 
audiences ahead of launch.
•	 Through building meaningful relationships with 
a network of global influencers, we’re able to reach 
greater audiences across platforms such as YouTube, 
Twitch, TikTok and more. Our team pairs the right 
influencers with the right games to ensure our 
influencers are passionate about the titles they’re 
playing and promoting, helping them to create 
meaningful and engaging content.
•	 Our customer support feedback from players 
influences the bug fixes and content updates we 
make, ensuring we are responsive and reactive 
to our players.
The Directors take the views of our stakeholders into account when making important, long‑term decisions. Our strategy of long‑term 
sustainable growth is described on pages 14 to 16 and our current and future portfolio of games is set out on pages 04 and 05. 
Building our portfolio requires input from all of our stakeholders to ensure we are producing high‑quality and engaging games, 
which in turn provide a long‑term benefit to our members. Our approach to continued stakeholder engagement is set out below:
OUR PLAYERS
OUR PEOPLE
STRATEGIC REPORT
FRONTIER DEVELOPMENTS PLC ANNUAL REPORT AND ACCOUNTS 2024
28

STRATEGIC REPORT
FRONTIER DEVELOPMENTS PLC ANNUAL REPORT AND ACCOUNTS 2024
29
SECTION 172 STATEMENT CONTINUED
•	 Twice-yearly roadshow investor events are held to 
coincide with the interim and annual results. These 
roadshows present the financial results and also 
provide insight to the investors on Company performance.
•	 Outside of the roadshow schedules, there are 
regular opportunities for investors to meet with the 
Chairman, CEO and CFO through one-to-one meetings 
and investor conferences.
•	 Frontier benefits from strong ongoing business 
relationships created throughout its long history 
of success, including partnerships with video 
game platform and channel partners, IP owners 
and developers.
•	 During FY24, we have continued to develop our 
platform and channel partnerships with Steam, 
Microsoft, Sony, Nintendo, Epic, Genba and Humble. 
Having strong business relationships has allowed 
us to benefit from subscription deals in recent years, 
which we expect to remain part of our strategy 
in the future.
•	 Our IP partners include Universal Games and 
Digital Platforms (Jurassic World Evolution and 
Jurassic World Evolution 2), F1® (Formula One 
Digital Media Limited and Formula Motorsport 
Limited) (F1® Manager 2022, F1® Manager 2023, 
and F1® Manager 2024), and Games Workshop 
(Warhammer 40,000: Chaos Gate – Daemonhunters 
and Warhammer Age of Sigmar: Realms of Ruin).
•	 Competitive rewards and remuneration package 
including base salary, bonus and a suite of flexible 
benefits which include wellbeing support and options. 
Further details can be found in the Our people section 
on pages 17 and 18.
•	 Share options are rewarded to senior employees 
to recruit, retain and motivate these key members 
of staff to help drive the success of the Company. 
We also provide a Sharesave equity scheme for 
all members of staff to allow them to share in the 
long‑term success and growth of the Company.
Building our portfolio requires input from 
all of our stakeholders to ensure we are 
producing high‑quality and engaging games.”
OUR BUSINESS PARTNERS
OUR SHAREHOLDERS
SECTION 172 STATEMENT CONTINUED

BOARD OF DIRECTORS
AN EXPERIENCED TEAM
DAVID BRABEN
PRESIDENT AND FOUNDER
Committees: Nominations
ALEX BEVIS
CHIEF FINANCIAL OFFICER
JAMES DIXON
CHIEF OPERATING OFFICER
ILSE HOWLING
NON-EXECUTIVE DIRECTOR AND CHAIRMAN
Committees: Audit, Nominations, Remuneration
JONNY WATTS
CHIEF EXECUTIVE OFFICER
Committees: Nominations
JAMES MITCHELL
NON-EXECUTIVE DIRECTOR
DAVID WALSH
NON-EXECUTIVE DIRECTOR
Committees: Audit, Nominations (Chair), 
Remuneration (Chair)
LESLIE-ANN REED
NON-EXECUTIVE AND  
SENIOR INDEPENDENT DIRECTOR
Committees: Audit (Chair), Nominations, Remuneration
ALL DIRECTORS’ BIOGRAPHIES CAN BE FOUND AT:
 WWW.FRONTIER.CO.UK/INVESTORS/DIRECTOR-BIOGRAPHIES-AND-COMMITTEES
CORPORATE GOVERNANCE
FRONTIER DEVELOPMENTS PLC ANNUAL REPORT AND ACCOUNTS 2024
30

CORPORATE GOVERNANCE
FRONTIER DEVELOPMENTS PLC ANNUAL REPORT AND ACCOUNTS 2024
31
REPORT OF THE DIRECTORS 
FOR THE YEAR ENDED 31 MAY 2024
The Directors present their report for 
the Group and Company together with 
the financial statements for the year to 
31 May 2024. The financial statements are 
prepared in accordance with UK‑adopted 
International Accounting Standards in 
conformity with the requirements of the 
Companies Act 2006 (IFRSs).
BUSINESS REVIEW
A review of the Group’s development performance and 
future development is provided in the Strategic Report 
(see pages 01 to 29). Information on the financial risk 
management strategy is given within that report and 
in note 25 to the financial statements.
GOING CONCERN
The Group and Company’s forecasts and projections, 
taking account of current cash resources and reasonably 
possible changes in trading performance, support the 
conclusion that there is a reasonable expectation that 
the Group and Company have adequate resources 
to continue in operational existence for the period to 
30 September 2025. The Group and Company therefore 
continue to adopt the going concern basis in preparing 
their financial statements.
The Group’s day-to-day working capital requirements 
are expected to be met through the cash and cash equivalent 
resources (including treasury deposits) at the balance 
sheet date of 31 May 2024 of £29.5 million along with 
expected cash inflows from current business activities. 
Cash and cash equivalent resources (including treasury 
deposits) at 31 August 2024 were £28.5 million. The 
Annual Budget approved by the Board of Directors, 
which has been used to assess going concern, reflects 
assessments of current and future market conditions 
and the impact this may have on cash resources. 
The Group has also performed stress testing on 
the Annual Budget in respect of potential downside 
scenarios to identify the break point of current cash 
resources and to identify when current liquidity 
resources may fall short of requirements. 
The scenarios both consider a reduction in predicted 
revenues; however, the reduction would need to be 
severe in order to prevent the Group from continuing 
as a going concern and is considered to be highly 
unlikely to occur. The Group has also identified 
mitigating actions that could be reasonably taken, 
if required, to offset the reduction of cash inflows, 
to enable it to continue its operations for the period 
to 30 September 2025. Consideration has also been 
made over the impairment charges (as disclosed in 
note 10); however, given these are accounting charges 
as opposed to cash outflows, these do not materially 
change the forecasts for going concern purposes. 
The forecasts reflect the latest expectation of revenues 
across all key titles, including those which were subject 
to impairment in FY24.
The sensitivities included in the stress testing include 
a significant reduction of revenue for the Group from 
both the existing portfolio and future game launches, 
including factoring in delays to major game launches.
As expected, the scenarios resulted in an accelerated 
use of current cash resources; however, in all scenarios 
tested the current cash resources were sufficient to 
support the Group’s activities. This is due to a variety 
of factors:
•	 the Group currently has significant cash reserves 
to maintain the current level of operations;
•	 the development and publishing of titles has 
progressed as expected; and
•	 should a more extreme downside scenario occur, 
the Group could take further mitigating actions by 
reducing discretionary spend.
Having considered all the above, including the current strong cash position, no current impact on debtor 
recoverability and the continued strong trading performance for the Group, the Directors are satisfied that there 
are sufficient resources to continue operations for the period to 30 September 2025. The financial statements for 
the year ended 31 May 2024 are therefore prepared under the going concern basis. 
SHARE ISSUES
Details of shares issued during the year are included in note 20 to the financial statements. The Company has one 
class of Ordinary Shares which carries no right to fixed income. Each share carries the right to one vote at general 
meetings of the Company, except for shares held by the Employee Benefit Trust (EBT) that are not eligible to vote 
under the Trust deed.
DIRECTORS’ REMUNERATION, SHARE OPTIONS AND SHAREHOLDINGS
Details of Directors’ remuneration and share options are provided within the Remuneration Report and are 
in addition to the interests in shares shown below.
The Directors who held office on 31 May 2024 and their holdings, including direct family holdings where 
applicable, in the Ordinary Shares of the Company at that date were as follows:
Name
Holding at
31 May 2023
2023
%
Acquired in the
financial year *
Sold in the
financial year
Holding at
31 May 2024
2024
%
David Braben
12,899,953
32.7
—
—
12,899,953
32.7
Jonny Watts
30,000
0.1
18,984
—
48,984
0.1
Alex Bevis
27,000
0.1
23,000
—
50,000
0.1
James Dixon
31,180
0.1
—
—
31,180
0.1
Ilse Howling
1,006
—
—
—
1,006
—
James Mitchell
120,044
0.3
265,000
—
385,044
1.0
David Walsh
—
—
—
—
—
—
Leslie-Ann Reed
—
—
20,032
—
20,032
0.1
Total
13,109,183
33.3
327,016
—
13,436,199
34.1
*	 Including shares acquired through option exercises.
 DETAILS REGARDING DIRECTORS’ EQUITY TRANSACTIONS ARE INCLUDED IN THE REMUNERATION REPORT ON PAGE 43

DIRECTORS’ RESPONSIBILITIES FOR THE 
FINANCIAL STATEMENTS
The Directors are responsible for preparing the 
Strategic Report, the Report of the Directors and the 
financial statements in accordance with applicable law 
and regulations.
Company law requires the Directors to prepare such 
financial statements for each financial year. Under 
that law, the Directors have prepared the Group and 
Company financial statements in accordance with 
UK-adopted International Accounting Standards in 
conformity with the requirements of the Companies 
Act 2006 (IFRSs). Under company law, the Directors 
must not approve the financial statements unless they 
are satisfied that they give a true and fair view of the 
state of affairs and of the profit or loss of the Group 
and Company for that year. In preparing these financial 
statements, the Directors are required to:
•	 select suitable accounting policies and then apply 
them consistently;
•	 make judgements and accounting estimates that are 
reasonable and prudent;
•	 state whether the applicable IFRSs have been 
followed, subject to any material departures disclosed 
and explained in the Group and Company’s financial 
statements; and
•	 prepare the financial statements on a going concern 
basis unless it is inappropriate to presume that the 
Group and Company will continue in business.
The Directors are responsible for keeping adequate 
accounting records that are sufficient to show and 
explain the Company’s transactions and disclose with 
reasonable accuracy at any time the financial position 
of the Company and to enable them to ensure that the 
financial statements comply with the Companies Act 
2006. They are also responsible for safeguarding the 
assets of the Company and hence for taking reasonable 
steps for the prevention and detection of fraud and 
other irregularities.
The Directors confirm that:
•	 so far as each Director is aware, there is no relevant 
audit information of which the Company’s Auditor is 
unaware; and
•	 the Directors have taken all steps that they ought to 
have taken as Directors to make themselves aware of 
any relevant audit information and to establish that 
the Auditor is aware of that information.
The Directors are responsible for the maintenance 
and integrity of the corporate and financial information 
included on the Company’s website. Legislation in 
the United Kingdom governing the preparation and 
dissemination of financial statements may differ from 
legislation in other jurisdictions.
DIRECTORS’ INDEMNITY ARRANGEMENTS
During the year, the Company purchased Directors’ 
and Officers’ liability insurance in respect of itself 
and its Directors.
INTELLECTUAL PROPERTY AND RESEARCH 
AND DEVELOPMENT
The Group actively protects its intellectual property via 
trademark and patent registrations. While the Directors 
consider these to be of significant value, the costs 
associated with registrations are expensed.
The Group invests significant resources into the development 
of game assets and in research and development 
through the COBRA engine and associated development 
tools. Costs that meet the criteria for capitalisation are 
included in other intangible assets (see note 10 of the 
financial statements). The Group’s adjusted research 
and development costs to support its strategy was 
£45.0 million in the year (FY23: £51.1 million).
REPORT OF THE DIRECTORS CONTINUED
FOR THE YEAR ENDED 31 MAY 2024
CORPORATE GOVERNANCE
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32

CORPORATE GOVERNANCE
FRONTIER DEVELOPMENTS PLC ANNUAL REPORT AND ACCOUNTS 2024
33
REPORT OF THE DIRECTORS CONTINUED
FOR THE YEAR ENDED 31 MAY 2024
DIVIDEND
The Directors are not recommending the payment 
of a dividend (FY23: £nil).
EMPLOYEE INVOLVEMENT
The Group seeks to encourage and promote an agile, 
open, fair and meritocratic culture of engagement, 
achievement and fun.
The Group is committed to the principle of equal 
opportunities in employment. Its aim is to ensure that 
no job applicant or employee receives less favourable 
treatment or is placed at a disadvantage by requirements 
or conditions that cannot be shown to be justifiable and 
thereby promote equality of opportunity for employment 
within the Group on grounds such as sex, disability, 
marital status, religion, colour, race, nationality, 
ethnic or national grounds, age or sexual orientation.
The Group’s policies and procedures are created and 
administered in such a way that they do not tolerate 
or foster such discrimination. The Group has employee 
groups that meet regularly and feeds back to the 
Executive team and relevant departments.
The Group encourages employee involvement in the 
Group’s performance by using a bonus scheme for 
all staff. In addition, it seeks to issue share options 
at relevant times or to utilise other equity plans 
where appropriate.
EMPLOYMENT POLICIES
The Group is committed to following UK employment 
law for its Cambridge-based operations, Canadian 
employment law for its Winnipeg-based operations 
and applicable labour codes for its US operations 
based in Nevada.
Where possible, the Group strives for similar employment 
and benefit arrangements between territories.
HEALTH AND SAFETY AND ENVIRONMENT
The aim of the Directors is to provide healthy, safe and 
congenial working conditions, equipment and systems 
of work for all employees.
The Directors further intend to provide sufficient information, 
training and supervision to enable employees to do their 
work safely, effectively and without risk to themselves 
or to others. We acknowledge that we are responsible 
for the safety of visitors, both professional and social, 
who enter the premises.
Frontier recognises its duty to comply and operate 
within the requirements of statutory environmental 
legislation and is committed to minimising the environmental 
impacts of its business operations. The Directors 
of the Group will support this policy with this 
commitment in mind.
REPORT OF THE DIRECTORS CONTINUED
FOR THE YEAR ENDED 31 MAY 2024

TASK FORCE ON CLIMATE-RELATED FINANCIAL 
DISCLOSURES (TCFD)
The Task Force on Climate-related Financial 
Disclosures (TCFD) is an industry-led group which 
helps investors understand their financial exposure 
to climate risk and works with companies to disclose 
this information in a clear and consistent way. Frontier 
supports the aims and principles of the TCFD and has 
provided the appropriate information in its 2024 Annual 
Report. In meeting the requirements of Listing Rule 
9.8.6 R, the Board has concluded that we comply with 
all recommended disclosures.
REPORT OF THE DIRECTORS CONTINUED
FOR THE YEAR ENDED 31 MAY 2024
Disclosures
Recommended disclosures
Response
A. GOVERNANCE
Disclose the 
organisation’s 
governance around 
climate‑related risks 
and opportunities.
1.	
Describe the Board’s oversight of 
climate-related risks and opportunities.
The Frontier Developments plc Board of Directors reviews key climate-related risks and 
opportunities and oversees mitigation strategies as part of an annual review of Frontier’s 
principal and emerging risks.
James Dixon, Frontier’s Chief Operating Officer, has specific Board member responsibility for 
ESG matters, including climate change and sustainability.
2.	
Describe management’s role in assessing 
and managing climate-related risks 
and opportunities.
We have a Risk Committee that reviews ESG topics regularly, feeding into the Board’s annual 
review process.
The Risk Committee meets on a quarterly basis to ensure that climate-related risks are properly 
managed and that opportunities are continually identified to reduce the Group’s carbon footprint.
See frontier.co.uk/esg-hub.
B. STRATEGY
Disclose the actual and 
potential impacts of 
climate-related risks 
and opportunities on the 
organisation’s businesses, 
strategy and financial 
planning where such 
information is material.
3.	
Describe the climate-related risks 
and opportunities the organisation 
has identified over the short, medium 
and long term.
Risks: due to the nature of the business and our digitally focused business model, we do not 
anticipate any significant climate-related risks that would have a material financial impact on 
the Group over the short, medium and long term. 
Opportunities: almost all of our content is delivered digitally, with only 0.7% of our games in 
FY24 (FY23: 5.0%) being distributed on physical discs, which is much lower than many publishers 
in our industry. We already operate an energy-efficient building with a flexible hybrid working 
model, reducing our energy footprint and the number of commuting journeys taken by our 
people. We continue to seek out opportunities to reduce our impact on the environment.
4.	
Describe the impact of climate‑related 
risks and opportunities on the 
organisation’s businesses, strategy 
and financial planning.
No significant climate-related risks have been identified that have a material impact on the 
Group’s business, strategy and financial planning.
5.	
Describe the resilience of the 
organisation’s strategy, taking 
into consideration different 
climate‑related scenarios, including 
a 2°C or lower scenario.
The Group’s current business model and strategy remains resilient when considered against 
different climate-related scenarios.
CORPORATE GOVERNANCE
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34

CORPORATE GOVERNANCE
FRONTIER DEVELOPMENTS PLC ANNUAL REPORT AND ACCOUNTS 2024
35
Disclosures
Recommended disclosures
Response
C. RISK MANAGEMENT
Disclose how the 
organisation identifies, 
assesses and manages 
climate-related risks.
6.	
Describe the organisation’s processes 
for identifying and assessing climate-
related risks.
The Group has a Risk Committee that ensures appropriate processes are in place for identifying, 
evaluating and managing the principal risks, which could have an impact upon the Group’s 
financial performance. Climate change has been disclosed as an emerging risk in recent years 
and was escalated to a principal risk in 2022.
The Risk Committee and Board has considered the potential impact of regulatory change that 
could occur in the short to medium term and is satisfied that material changes would not be 
required to business processes due to the nature of the business.
7.	
Describe the organisation’s processes 
for managing climate-related risks.
See previous – A. Governance – Frontier has introduced a new structure, including a formal 
Risk Committee, to identify climate-related risks to be reported to the Board annually, including 
making decisions to mitigate, transfer, accept or control those risks.
8.	
Describe how processes for identifying, 
assessing and managing climate‑related 
risks are integrated into the organisation’s 
overall risk management.
As part of the Group’s risk management, within the detailed corporate risk register, climate‑related 
risks are determined alongside other principal risk areas, e.g. market competition and disruption, 
portfolio strategy and people and teams. The assessment is quantified via a likelihood/impact 
matrix to determine the overall net risk after mitigation.
D. METRICS AND TARGETS
Disclose the metrics and 
targets used to assess 
and manage relevant 
climate-related risks and 
opportunities where such 
information is material.
9.	
Disclose the metrics used by the 
organisation to assess climate-related 
risks and opportunities in line with its 
strategy and risk management process.
Metrics:
•	 Scope 1 and Scope 2 emissions – certificated by an independent third party;
•	 electricity sourced from renewable only providers; and
•	 BREEAM Excellent rating of Frontier’s studio.
See frontier.co.uk/esg-hub.
10.	 Disclose Scope 1, Scope 2 and, if 
appropriate, Scope 3 greenhouse gas 
(GHG) emissions, and the related risks.
GHG emissions are disclosed as per the SECR requirements.
An assessment has been carried out for Scope 3 emissions, which fall under the materiality threshold.
See GHG/SECR disclosure on page 35 and frontier.co.uk/esg-hub.
11.	 Describe the targets used by the 
organisation to manage climate‑related 
risks and opportunities and performance 
against targets.
Frontier has committed to short-term targets:
•	 maintain third-party accredited carbon footprint certification;
•	 to continue to source 100% of electricity that has been sustainably generated from green 
and renewable sources; and
•	 zero waste to landfill.
REPORT OF THE DIRECTORS CONTINUED
FOR THE YEAR ENDED 31 MAY 2024
FRONTIER DEVELOPMENTS PLC – 
GREENHOUSE GAS EMISSIONS STATEMENT
This greenhouse gas (GHG) emissions statement has 
been calculated using an operational control approach 
as described in the Greenhouse Gas Protocol (revised 
edition, 2004).
Since April 2018, Frontier has occupied a new, 
energy‑efficient studio on the Cambridge Science Park, 
which has a BREEAM Excellent rating and an EPC 
rating of B. There are solar PV panels installed on 
the roof providing renewable electricity in addition to 
that purchased from the grid. The building is metered 
and monitored by a Building Management System 
(BMS) which minimises the use of electricity through 
power saving facilities, operating equipment efficiently 
and alerting the Facilities Management team of any 
abnormalities in range values. Further energy savings 
are employed through the use of high-efficiency VRF 
heating and cooling systems, high-efficiency water 
heaters and high-efficiency LED lighting and photocell 
dimming in the studio. 
Although Frontier has good energy efficiency, measures 
are always taken, where possible, to increase energy 
efficiency further. Signage has been placed in meeting 
rooms to remind employees to keep the temperature 
at around 22°C. Energy compliance audits are carried 
out periodically under the Energy Savings Opportunity 
Scheme (ESOS), alongside the landlord and the wider 
aims of Cambridge Science Park.
REPORT OF THE DIRECTORS CONTINUED
FOR THE YEAR ENDED 31 MAY 2024

FRONTIER DEVELOPMENTS PLC – GREENHOUSE GAS EMISSIONS STATEMENT CONTINUED
CARBON FOOTPRINT
For FY24, we partnered with PlanetMark (www.planetmark.com) to certify our carbon emission data.
Scope 1 emissions refer to emissions from activities owned or controlled by Frontier that release emissions into 
the atmosphere. This includes direct emissions from air conditioning and refrigeration units and our gas usage. 
Actual and estimated data has been collected from direct meter readings, meter readings included on supplier 
invoices and service reports provided by suppliers. No air conditioning nor refrigeration leakage has been found 
in any of the units in FY24. 
Scope 2 emissions refer to indirect emissions from the consumption of purchased electricity from facilities owned 
or under the operational control of Frontier. Actual and estimated data has been collected from direct meter 
readings and meter readings included on supplier invoices. In FY24, we have measured these emissions using the 
market-based emissions approach, which is based on net energy consumed after adjusting for energy supplied 
into the grid from Frontier’s solar panels. This change in approach resulted in a significant reported reduction 
in tCO2e from FY23, which had been calculated based on energy consumed without netting out energy supplied. 
Scope 2 emissions reported in FY24 under the previous approach would have been 321 tCO2e, which would have 
represented a 4% decrease from FY23.
Scope 3 emissions are emissions that are as a consequence of Frontier’s actions, but the source is not owned or 
controlled, and that are not classed as Scope 2 emissions. This includes emissions from business travel in rental 
or employee-owned vehicles where Frontier is responsible for purchasing the fuel.
ASSESSMENT PARAMETERS
Baseline year
1 June 2019 to 31 May 2020
Consolidation approach
Operational control
Boundary summary
All entities and all facilities under operational control included subject to the 
materiality threshold applied
Consistency with the financial 
statements
The only variation is that leased properties deemed to be under operational 
control have been included in Scope 1 and 2 emissions
Materiality threshold
Materiality has been set at Group level at 5%*
Assessment methodology
Greenhouse Gas Protocol
Intensity ratio
Emissions per employee
*	 The total of any excluded emission sources is estimated to be less than 5% of the Group’s total reported emissions.
Consumption 
used to calculate 
emissions
FY24
Consumption 
used to calculate 
emissions
FY23
GHG 
emissions source
kWh
tCO2e
tCO2e/employee
kWh
tCO2e
tCO2e/employee
Scope 1 
 32,619
 6
0.01
29,320
5
0.01
Scope 2
 1,579,555
 201
 0.26
1,616,805
335
0.37
Total
 
 207
 0.27
340
0.38
SUBSTANTIAL SHAREHOLDERS
On 31 July 2024, the following parties each held 3% or more of the issued share capital of Frontier Developments plc, 
based on notifications received by the Company of disclosable interests together with an analysis of the Company’s 
share register as at that date. Therefore, this information might not necessarily reconcile with the latest notifications 
received by significant shareholders and announced via RNS.
Name
Shareholding
%
David Braben*
12,899,953
32.7
Tencent Holdings
3,386,252
8.6
Working Capital
3,334,063
8.4
Interactive Brokers
1,539,637
3.9
*	 Includes spouse and other direct family holdings.
AUDITOR
A resolution to re-appoint the Auditor will be proposed at the forthcoming Annual General Meeting. In accordance 
with normal practice, the Directors will be authorised to determine the Auditor’s remuneration.
Approved by the Board of Directors and signed on behalf of the Board.
ALEX BEVIS
CHIEF FINANCIAL OFFICER
10 September 2024
REPORT OF THE DIRECTORS CONTINUED
FOR THE YEAR ENDED 31 MAY 2024
CORPORATE GOVERNANCE
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36

CORPORATE GOVERNANCE
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37
CORPORATE GOVERNANCE REPORT
FOR THE YEAR ENDED 31 MAY 2024
EFFECTIVE AND 
EFFICIENT GOVERNANCE
CHAIRMAN’S INTRODUCTION AND SUMMARY
Having stepped up to the role of Chairman in 
November 2023, it is my responsibility to ensure 
that the Company continues to apply appropriate 
corporate governance arrangements and, through 
regular review, that those arrangements are 
effective and efficient.
We take our governance responsibilities 
seriously and devote appropriate time and effort 
to ensure that Frontier is run on a responsible 
and considerate basis, with a focus on long-term 
sustainable success. As part of our approach to 
governance, we endeavour to take into account all 
of our key stakeholders and consider our influence 
within the games industry and our impact on 
wider society. 
Frontier has followed the Quoted Companies 
Alliance Corporate Governance Code for Small 
and Mid‑Sized Companies (the ‘QCA Code’) since 
2018, refining the Company’s corporate governance 
arrangements in order to follow the ten principles 
of the QCA Code. In 2024, we have taken steps to 
further review and refine our alignment with the 
2023 update to the QCA Code, against which the 
Company will report in FY25.
This Annual Report provides insights into the 
Company’s ongoing engagement with the QCA 
Code, reflecting its dedication to maintaining high 
standards of corporate governance. Frontier’s 
alignment with the QCA Code underscores our 
commitment to transparency, accountability 
and effective management, which are crucial to 
ensure effective engagement with shareholders 
and the wider stakeholder community, as well as 
supporting long-term success. 
The table below sets out the ten principles of the QCA Code and provides direction to the relevant section(s) in 
this Annual Report.
QCA Code principle
Relevant section(s) of the Annual Report
1
A strategy and business 
model for long-term 
value creation
•	 CEO’s Statement (pages 07-08)
•	 Strategic Report (pages 01-29)
2
Understand and meet 
shareholder needs 
and expectations
•	 Investor relations – Corporate Governance Report (page 40)
•	 S172 Statement (pages 27-29)
3
Understand and meet wider 
stakeholder needs and 
social responsibilities
•	 Strategy and business model – Strategic Report (pages 14-16)
•	 Corporate culture and social responsibility – Corporate Governance 
Report (page 40)
•	 Our people (page 17)
•	 Our impact (page 19)
•	 S172 Statement (pages 27-29)
4
Embedded risk management
•	 Strategy and business model – Strategic Report (pages 14-16)
•	 Principal risks and uncertainties (pages 20-26)
•	 Internal control and business risk – Corporate Governance Report 
(page 40)
5
A well-functioning 
and balanced Board
•	 Board of Directors (page 30)
•	 Board overview – Corporate Governance Report (page 38)
6
Board experience, 
skills and capabilities
•	 Board of Directors (page 30)
•	 Board overview – Corporate Governance Report (page 38)
7
Performance of the Board and 
continuous improvement
•	 Board overview – Corporate Governance Report (page 38)
8
Corporate culture based on 
ethical values and behaviours
•	 Corporate culture and social responsibility – Corporate Governance 
Report (page 40)
9
Effective governance 
structures which support 
good decision making
•	 Chairman’s introduction and summary – Corporate Governance 
Report (page 37)
•	 Board overview – Corporate Governance Report (page 38)
•	 Board Committee reports – Corporate Governance Report 
(pages 38‑39)
10
Communication of Company 
governance and performance
•	 Chairman’s introduction and summary – Corporate Governance Report 
(page 37)
•	 Board Committee reports – Corporate Governance Report (pages 38-39)

BOARD OVERVIEW
The Board is responsible for the long-term growth and 
profitability of the Group. Among its responsibilities 
it works with management to set corporate values 
and to develop strategy, including deciding its risk 
management policy and financial objectives.
The schedule of matters reserved for the attention and 
resolution of the Board includes:
•	 overall business strategy;
•	 review of key operational and commercial matters;
•	 review of key finance matters including approval 
of financial plans, changes to capital structure, 
acquisitions and disposals of businesses, material 
capital expenditure and dividends;
•	 governance: Board membership and powers, 
including the appointment and removal of Board 
members, the set-up and delegation of matters to 
appropriate Committees and the reviewing of reporting 
back thereof;
•	 approval of interim and year end financial statements;
•	 stock exchange related issues including the approval 
of communications to the stock exchange and 
communications with shareholders in conjunction 
with any financial public relations firm;
•	 subsidiary Board appointments, as the 100% 
shareholder, and review of key decisions at their 
Board meetings;
•	 approval of acquisitions, disposals, borrowing 
facilities, premises and matters proposed by the 
corporate lawyer and nominated advisor and broker;
•	 appointment and performance review of key 
advisors; and
•	 approval of letters of recommendation for the 
Employee Benefit Trust (EBT) in respect of the 
operation of share option schemes.
The Board meets regularly during the year and the 
entire Board is invited to attend all meetings, with 
the Board meeting on ten occasions during FY24. 
Approximately half of the time at Board meetings is set 
aside for core strategic issues. At least two meetings 
a year have extended time allowed where the focus is 
predominantly on core strategic issues.
The Chairman and the Company Secretary plan the 
agenda for each Board meeting in consultation with all 
other Directors. The agenda is issued with supporting 
papers ahead of the Board meetings, along with 
appropriate information required to enable the Board 
to discharge its duties.
The composition of the Board of Directors is illustrated 
on page 30. The Board of Frontier Developments plc 
currently comprises eight Directors: 
•	 four Non-Executive Directors – Ilse Howling, 
James Mitchell, Leslie-Ann Reed and David Walsh; and
•	 four Executive Directors – Jonny Watts (CEO), 
David Braben (President and Founder), Alex Bevis 
(CFO) and James Dixon (COO).
Our Board is supported by Jessica Bourne, General 
Counsel and Company Secretary.
As per the individual biographies, the Directors have 
a range of experience and provide a balance of skills, 
experience and knowledge to the Board.
The Board, led by the Chairman, regularly reviews 
the overall performance of the Board and makes 
adjustments to ensure the structure and focus of the 
Board meet the evolving requirements of the Group. 
In 2018, the Board established an annual formal 
Board assessment process based on a QCA structured 
questionnaire. As a result of these annual assessments, 
each year actions are taken to improve, refine and 
formalise certain Board processes and reports.
All Directors are subject to election at the first Annual 
General Meeting following their appointment and 
to re-election annually thereafter.
The Chairman and Chief Executive Officer have distinct 
roles; the principal responsibility of the Chairman is the 
effective operation of the Board of Directors, while the 
Chief Executive Officer is responsible for the operation 
of the Group to deliver on its strategic objectives.
The role of the Company Secretary is to ensure 
reliable and regular information flows to the Board 
and its Committees and to ensure applicable rules 
and regulations are followed. The Company Secretary 
is available to all Directors to provide advice and 
assistance and is responsible for providing governance 
advice to the Board.
BOARD COMMITTEES
The Committees report regularly to the Board on the 
performance of the activities they have been assigned.
AUDIT COMMITTEE
The Audit Committee comprises only Non-Executive 
Directors and its members are Leslie-Ann Reed 
(Committee Chair), David Walsh and Ilse Howling. 
The Committee is supported by Jessica Bourne 
(Company Secretary) and Alex Bevis (CFO).
The Audit Committee determines the terms of 
engagement of the Group’s Auditor and, in consultation 
with the Auditor, the scope of the audit. It will receive 
and review reports from management and the Auditor 
relating to the interim and annual accounts as well 
as the accounting and internal control systems in use 
by the Group and Company. The Audit Committee has 
unrestricted access to the Group’s Auditor.
The Audit Committee also reviews accounting and 
treasury policies, financial reporting including key 
performance indicators and supporting key areas of 
management judgements and corporate governance 
standards. The Audit Committee is open to attendance 
by any Director and reports its key issues at 
Board meetings.
In FY24, the Audit Committee met on three occasions 
and all meetings were attended by the external Auditor, 
Ernst & Young.
Key areas of activity
The significant issues considered by the Audit 
Committee during the year were as follows:
•	 revenue recognition, including in respect to deferred 
revenue recognition of Planet Zoo: Console Edition sales;
•	 accounting for the sale of RollerCoaster Tycoon 3 
publishing rights;
•	 impairment of capitalised development costs, 
including the impairment of Warhammer Age of 
Sigmar: Realms of Ruin intangible assets;
•	 accounting of restructuring costs in respect to the 
Organisational Review;
•	 going concern assessments;
•	 taxation, including focus on Video Games Tax Relief, 
Patent Box and RDEC; and
•	 share-based payments, including in respect to share 
options granted during FY24.
Other activities considered by the Audit Committee 
during the year were as follows:
•	 review of the Annual Report and Accounts and 
Interim Results;
•	 review of the external Auditor’s findings from the 
prior year audit;
•	 environmental, social and governance matters;
•	 review of key accounting policies;
•	 internal control and risk management reviews;
•	 external audit performance review;
•	 IFRS 16 Leases accounting; and
•	 treasury policy, counterparty and foreign exchange 
risk review.
CORPORATE GOVERNANCE REPORT CONTINUED
FOR THE YEAR ENDED 31 MAY 2024
CORPORATE GOVERNANCE
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38

CORPORATE GOVERNANCE
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39
REMUNERATION COMMITTEE
The Remuneration Committee comprises only 
Non‑Executive Directors and its members are 
David Walsh (Committee Chair), Ilse Howling, 
and Leslie-Ann Reed. The Committee is supported 
by Jessica Bourne (Company Secretary), Alex Bevis 
(CFO) and Yvonne Dawes (Head of HR).
The Remuneration Committee reviews the scale 
and structure of the Executive Directors’ future 
remuneration and the terms of the service agreements 
with due regard to the interests of shareholders. 
No Director is permitted to participate in discussions 
or decisions concerning their own remuneration. 
The Remuneration Committee also approves annual 
salary review limits, bonus schemes and payment 
limits, in addition to significant employee benefits, 
such as pensions, medical insurance and share 
option schemes.
In FY24, the Remuneration Committee met on 
five occasions.
Key areas of activity
The key areas of activity considered by the 
Remuneration Committee during the year were 
as follows:
•	 review of Directors’ remuneration against 
benchmark data;
•	 annual salary review, including the challenges in 
respect to inflation;
•	 review of staff benefits through employee surveys 
and benchmarking;
•	 extensive review of equity schemes, including CSOP, 
LTIP and Sharesave, including the grant of share 
options to all staff employed by the Group during the 
year; and
•	 bonus scheme assessment, outcomes 
and implementation.
NOMINATIONS COMMITTEE
The Nominations Committee comprises David Walsh 
(Committee Chair), Ilse Howling, Leslie-Ann Reed, 
David Braben and Jonny Watts (appointed in 
December 2023).
The Committee is supported by Jessica Bourne 
(Company Secretary).
The Nominations Committee reviews the constituents 
of the Board and its Committees to ensure appropriate 
balanced representation.
In FY24, the Nominations Committee met on 
one occasion.
Key areas of activity
The key areas of activity considered by the Nominations 
Committee during the year were as follows:
•	 Board composition and the assessment of the need 
for further Non-Executives;
•	 overview of the Organisational Review undertaken 
during the year; and
•	 review of senior positions required to strengthen the 
organisation and succession planning.
ATTENDANCE AT MEETINGS DURING THE YEAR
Committees
Director
Board
Audit
Remuneration
Nominations
David Braben
10/10
—
—
1/1
Jonny Watts
10/10
—
—
—
Alex Bevis
10/10
—
—
—
James Dixon
10/10
—
—
—
Ilse Howling
10/10
3/3
5/5
1/1
David Walsh
10/10
3/3
5/5
1/1
James Mitchell
10/10
—
—
—
Leslie-Ann Reed
10/10
3/3
5/5
1/1
David Wilton*
5/5
1/1
3/3
1/1
*	 David Wilton retired from the Board on 27 November 2023.
CORPORATE GOVERNANCE REPORT CONTINUED
FOR THE YEAR ENDED 31 MAY 2024
CORPORATE GOVERNANCE REPORT CONTINUED
FOR THE YEAR ENDED 31 MAY 2024

AUDITOR INDEPENDENCE
The Group’s external Auditor is Ernst & Young LLP, 
which has served the Group from the 31 May 2020 
year end to date. The external audit function provides 
independent review and audit. It is the responsibility 
of the Audit Committee to review and monitor the 
external Auditor’s independence and objectivity and 
the effectiveness of the audit process, taking into 
consideration relevant UK professional and regulatory 
requirements as well as developing and implementing 
policy on the engagement of the external Auditor to 
supply non-audit services.
The Audit Committee monitors procedures to ensure 
the rotation of external audit partners every five years 
and audit managers every seven years. The current 
audit partner is Anup Sodhi, and this is his fifth year 
with the Group. There are no non-audit services and 
the audit fees are set out in note 6.
SENIOR MANAGEMENT AND GROUP FUNCTIONS
Frontier’s senior management is involved in multiple 
functions within the Group.
It is responsible for reviewing the overall organisational 
structure of the Group, as well as refining and implementing 
the recruitment and retention programme in order to 
identify and hire the right candidates as required in 
addition to retaining existing staff members.
INTERNAL CONTROL AND ASSESSMENT 
OF BUSINESS RISK
The systems for internal control and risk management 
processes are designed to manage and mitigate risks 
that may impact achievement of the Group’s strategic 
objectives. Such systems can only provide a reasonable 
but not absolute level of assurance against material 
misstatement or loss.
Project and departmental risks are assessed and 
presented at weekly progress meetings.
Strategic risks are regularly reviewed by the Board 
and a Corporate Risk Register is maintained.
The Group’s overall risk assessment process is 
facilitated by the Chief Operating Officer, who runs 
weekly operational progress meetings and holds 
and appraises the Corporate Risk Register with the 
Executive Directors at least once a year. A further 
review is then undertaken with senior management 
and the Corporate Risk Register itself is updated for 
the Executive team to consider.
Once the review has concluded, the revised Corporate 
Risk Register is presented to the Audit Committee, 
which assesses the updated register and confirms the 
key risks. A proposal for updating the risks reported 
in the Annual Report is then drawn up; the Audit 
Committee will then take its recommendations to 
the Board on key risks and the reporting thereof.
CONTROL ENVIRONMENT AND INTERNAL AUDIT
The Group has established operating procedures 
appropriate to its size and structure for reporting both 
financial and non-financial information to the Board. 
These include, but are not limited to:
•	 operating guidelines and procedures with approval limits;
•	 accounting policies, controls and procedures;
•	 performance monitoring systems updated monthly 
for review at Board meetings; and
•	 regulatory and legal changes that may materially 
impact on the business.
Due to the Executive Directors’ close involvement 
in business activities, the Group does not currently 
believe that an internal audit function is necessary. 
The Audit Committee considers the need annually and 
will advise the Board as and when it feels this position 
is required.
INVESTOR RELATIONS
The Group places considerable importance on 
communication with shareholders and maintains 
regular contact with both current and potential 
shareholders through investor roadshows linked to 
annual and interim results, investor conferences and 
ad-hoc meetings and conference calls. In addition to 
externally located meetings, the Group also hosts 
investors for on-site meetings. Investor relations 
activity is led by the CFO and meetings are typically 
presented by the CEO and CFO. The Chairman regularly 
meets with investors as required and the other 
Directors also participate in investor activity.
Investor relations activities have continued largely as 
before, with phone or video meetings complementing 
face-to-face meetings.
The Group’s website has a dedicated investor page 
which contains the latest information including the 
most recent results presentation.
 WWW.FRONTIER.CO.UK/INVESTORS
CORPORATE CULTURE AND SOCIAL RESPONSIBILITY
The Group operates in the competitive, technically 
challenging and highly creative games industry. 
Successful projects in this constantly evolving industry 
require a clear and ambitious creative vision, keen 
awareness of customer preferences and habits, very 
high attention to detail, world-class multi-disciplinary 
ability and effective project management skills.
These characteristics have defined the culture of the 
Group and the Board and we believe that our inclusive, 
meritocratic high-performance culture supports the 
ambitious vision for the Group that we have established.
The Board considers that Frontier’s four key stakeholder 
groups are its people, its players, its shareholders and 
its business partners. In addition, it acknowledges the 
Group’s responsibilities to the local community in which 
it has major operations, principally Cambridge, and the 
wider video games industry. The Group participates 
in local and national events that promote the video 
games industry and computer science, as well as 
establishing relationships with students in partner 
universities by contributing to courses and mentoring 
projects. The Group continues to recruit graduates and 
takes its responsibility seriously to support and mentor 
its recruits. The Group has also supported charitable 
activities, including donations to plant trees through 
the National Trust. Our President and Founder, David 
Braben, helps with the promotion of computer science 
in the UK. David is one of the founders of the Raspberry 
Pi Foundation, Vice President of SpecialEffect (a charity 
which puts the fun and inclusion back into the lives of 
people with physical disabilities by helping them play 
video games) and a champion of education in computer 
science at all levels.
CORPORATE GOVERNANCE REPORT CONTINUED
FOR THE YEAR ENDED 31 MAY 2024
CORPORATE GOVERNANCE
FRONTIER DEVELOPMENTS PLC ANNUAL REPORT AND ACCOUNTS 2024
40

CORPORATE GOVERNANCE
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41
ANNUAL GENERAL MEETING
The AGM will be held at:
The Trinity Centre 
24 Science Park
Milton Road
Cambridge
CB4 OFN 
On: 30 October 2024 
At: 9.30am (GMT)
The Company’s Annual General Meeting (AGM) affords 
shareholders the opportunity to question the Chairman 
and the Board.
All voting at the meeting will be conducted on a 
poll where every shareholder present in person 
or via proxy will have one vote per share held. 
The Group will convey the results of the poll via 
RNS following the AGM.
Shareholders are invited to submit written questions 
in advance of the meeting. Questions should be sent 
to the Company Secretary, Jessica Bourne, Frontier 
Developments plc, 26 Cambridge Science Park, 
Milton Road, Cambridge CB4 0FP, UK, or via email 
to ir@frontier.co.uk.
 DETAILS OF RESOLUTIONS TO BE PROPOSED AT THE 
MEETING ARE SET OUT IN THE NOTICE OF ANNUAL 
GENERAL MEETING ON PAGES 85 TO 89
Notice of the AGM, the Form of Proxy and the Annual 
Report are sent to shareholders at least 21 days before 
the AGM via post.
CORPORATE GOVERNANCE REPORT CONTINUED
FOR THE YEAR ENDED 31 MAY 2024
CORPORATE GOVERNANCE REPORT CONTINUED
FOR THE YEAR ENDED 31 MAY 2024

REMUNERATION REPORT
FOR THE YEAR ENDED 31 MAY 2024
As Frontier Developments is an AIM‑listed 
company, it is not required to disclose all the 
information included in this Remuneration 
Report. However, in the interests of 
transparency, the Board has chosen to provide 
the following details as a voluntary disclosure.
The Auditor is not required and has not, except where 
indicated, audited the information included in the 
Remuneration Report.
The Remuneration Committee is responsible to the 
Board for developing remuneration policy. The Report 
of the Remuneration Committee has been approved by 
the Board of Directors for submission for shareholders’ 
approval at the Annual General Meeting.
REMUNERATION COMMITTEE TERMS 
OF REFERENCE
The Remuneration Committee comprises three 
Non-Executive Directors of the Group: David Walsh 
(Committee Chair), Ilse Howling and Leslie-Ann Reed. 
The Committee is supported by Jessica Bourne 
(Company Secretary), Alex Bevis (CFO) and Yvonne Dawes 
(Head of HR). The Remuneration Committee meets at 
least twice a year.
The Remuneration Committee is responsible for the 
following functions:
•	 setting of remuneration for Directors and officers, 
including pay, annual cash bonuses and long-term 
incentive arrangements;
•	 approval of the overall increase for annual pay and 
bonus levels for all other staff;
•	 approval of share option plans or arrangements;
•	 setting of overall share option issues;
•	 approval of any significant employee benefit 
arrangements; and
•	 reviewing the Committee’s terms of reference and 
submitting to the Board for subsequent approval.
REMUNERATION POLICY
Our remuneration strategy is to ensure that:
•	 everyone has a package that is fair and appropriate 
for their role;
•	 people are rewarded for their individual achievements;
•	 everyone is able to share in Frontier’s success; and
•	 irrespective of gender or race, people performing 
equal work are paid equally.
The Remuneration Committee reviews the 
remuneration arrangements for the Executive Directors 
on an annual basis to ensure that the packages are 
consistent with the Group’s strategic objectives and 
that they align with the best interests of shareholders. 
The annual review includes benchmarking analysis 
against other AIM companies.
COMPONENTS OF EXECUTIVE 
DIRECTORS’ REMUNERATION
OVERVIEW
The objective of the remuneration policy described 
above is to establish and maintain arrangements and 
individual packages which attract, retain and motivate 
the talent necessary to support the Group’s strategy. 
The Committee believes it is important to achieve 
an appropriate balance between fixed elements of 
remuneration and performance related elements, 
with a particular focus on the latter given the Group’s 
aspirations to deliver better financial performance and 
sustainable long-term growth through its renewed 
CMS-focused strategy.
Directors and staff are all encouraged to acquire 
shares in the Company and to hold these shares 
for the long term. This participatory element is an 
important aspect of the Group’s culture and its focus 
on long-term performance.
SERVICE CONTRACTS
In accordance with general market practice, each of the Executive Directors has a rolling service contract. 
The following table shows the date of the service contract for each Executive Director in post during FY24:
Executive Director
Position
Date of appointment
Date of service agreement
Notice period
Jonny Watts
Chief Executive Officer
1 July 2013
8 July 2013
Six months
David Braben
President and Founder
1 July 2013
8 July 2013
Six months
Alex Bevis
Chief Financial Officer
1 April 2017
3 October 2016
Six months
James Dixon
Chief Operating Officer
10 August 2022
5 August 2022
Six months
BASE SALARY
The Committee reviewed the salaries of the Executive Directors in August 2023 as part of the Company-wide 
annual pay adjustment process. The Committee concluded that the base salaries for the Executive Directors were 
broadly in line with AIM benchmarking analysis and that, given the Group’s disappointing financial performance 
in FY23, it was not appropriate to consider salary increases. Following the Organisational Review announced 
in October 2023 to reshape Frontier and reduce operating costs by 20%, the Executive Directors elected to 
reduce their base salaries by 20% effective from 1 November 2023. The Committee reviewed the reduced salaries 
of the Executive Directors in August 2024 as part of the Company-wide annual pay adjustment process and 
concluded that it was not appropriate to consider salary increases given the Group’s disappointing financial 
performance in FY24. The salaries of the four Executive Directors as at 1 September 2024, having been effective 
from 1 November 2023, are therefore as follows:
Name
Position
Base salary
Jonny Watts
Chief Executive Officer
£320,000
David Braben
President and Founder
£248,000
Alex Bevis
Chief Financial Officer
£248,000
James Dixon
Chief Operating Officer
£184,800
ANNUAL BONUS
Since its foundation in 1994, Frontier has endeavoured to allow all of its staff to share in the success that they 
help to deliver, through the application of an annual profit-share-based bonus scheme. 
Due to financial underperformance in FY23, the minimum threshold conditions for a bonus payment in September 
2023 were not satisfied. However, in recognition of everyone’s efforts during FY23, the Remuneration Committee 
approved a payment of £500 in September 2023 to each employee, excluding the Executive Directors. 
CORPORATE GOVERNANCE
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42

CORPORATE GOVERNANCE
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43
REMUNERATION REPORT CONTINUED
FOR THE YEAR ENDED 31 MAY 2024
Modest employee bonus payments were processed in 
September 2024 for the financial performance recorded 
in FY24, which was characterised by a disappointing 
first half of the financial year and a strong recovery 
in the second half, including through the impact of 
cost reductions. The average employee bonus was 
approximately £600 and Executive Directors did not 
participate in the September 2024 bonus payments.
Due to financial underperformance in FY22, FY23 and 
FY24, the Executive Directors have not been awarded 
a bonus since September 2021, which was payable for 
the financial performance achieved in FY21. 
The bonus scheme for FY25, which applies to all staff 
including the Executive Directors, was approved by the 
Remuneration Committee in March 2024, with bonus 
outcomes dependent on the Group’s ability to deliver 
positive cash profit in FY25 (as measured by Adjusted 
EBITDA), with a proportion based on salary and a 
proportion based on individual performance. Payment 
for the FY25 bonus scheme is due in September 2025 
based on performance in the year to 31 May 2025.
EQUITY AWARDS
No share options were granted to all Executive 
Directors during FY24, with the focus for equity grants 
being for all other people employed by the Group to 
allow everyone to have a stake in Frontier’s future. 
In April 2024, the Group granted 500 share options to all 
staff under its Long Term Incentive Plan (LTIP), with 
further awards to managers and senior staff under its 
Company Share Option Plan (CSOP). The exercise price 
of the options under the LTIP is the nominal value of 
the Ordinary Shares, being 0.5p each, and the exercise 
price of the options under the CSOP are at market 
value on the date of grant. The options have a vesting 
period of two and three years respectively, with the 
only vesting condition being that the option holder is 
employed at the date of vest. The Executive Directors 
did not participate in any of the awards made in FY24.
PENSION CONTRIBUTIONS, MEDICAL INSURANCE 
AND OTHER BENEFITS
All four Executive Directors have opted out of Company 
pension arrangements and their annual salary was 
previously increased in recognition of these decisions 
at the date of opt-out.
All four Executive Directors participate in other all-staff 
benefit arrangements.
From 1 October 2017, the basic life cover was three 
times annual salary and additional units above this 
amount can be purchased through salary sacrifice 
arrangements and one Director opted into this. 
From 1 October 2017, basic health cash plan cover 
commenced for all employees including Executive 
Directors. Additional cover above this amount can 
be purchased through payroll deductions and two 
Directors opted into this.
From August 2014, medical insurance including family 
cover was offered to all employees including Executive 
Directors and all Executive Directors have opted to take 
up these arrangements.
NON-EXECUTIVE DIRECTORS’ REMUNERATION 
The remuneration of Non-Executive Directors is 
determined by the Board and reflects their anticipated 
time commitment to fulfil their duties. 
The Non-Executive Directors’ remuneration is subject 
to the same principles of the remuneration policy for 
the Group and the same transitional phase of alignment 
to median market rates was undertaken. The letters 
of appointment of Non-Executive Directors can be 
terminated with six months’ notice for the Chairman 
and three months’ notice for all other Non-Executive 
Directors under notice given by either party.
DIRECTORS’ REMUNERATION (AUDITED)
The remuneration of the Directors that served during FY24 was as follows:
Director
Salary/fee
£’000
Bonus
£’000
Pension
contribution
£’000
Option 
exercises
£’000
Taxable
benefits
£’000
FY24
Total
£’000
FY23
Total
£’000
Executive
Jonny Watts
353
—
—
—
1
354
380
David Braben
274
—
—
—
1
275
305
Alex Bevis
271
—
—
—
1
272
304
James Dixon
204
—
—
—
1
205
253
Non-Executive
Ilse Howling1
71
—
—
—
—
71
50
David Wilton2
99
—
—
—
—
99
60
David Walsh
50
—
—
—
—
50
50
Leslie-Ann Reed3
55
—
—
—
—
55
—
James Mitchell4
—
—
—
—
—
—
—
Total
1,377
—
—
—
4
1,381
1,402
1.	Appointed as Chairman on 27 November 2023.
2.	Retired on 27 November 2023.
3.	Appointed as Senior Independent Director on 27 November 2023.
4.	James Mitchell waived his fee.
The expense recognised in the statement of comprehensive income for the Executive Directors’ share options was 
£690k (FY23: £778k), with the amount attributable to the highest paid Executive Director being £234k (FY23: £319k).
EQUITY TRANSACTIONS
The equity transactions of the Directors, and persons closely associated with them, for Directors that served 
during FY24 were as follows:
Director
Date
Transaction
Price per 
Ordinary Share
Leslie-Ann Reed
12 December 2023
Purchase of 20,032 Ordinary Shares
£0.998
Jonny Watts
13 December 2023
Purchase of 18,984 Ordinary Shares
£1.106
Alex Bevis
13 December 2023
Purchase of 23,000 Ordinary Shares
£1.089
Joy Hu (James Mitchell)
13 December 2023
Purchase of 82,000 Ordinary Shares
£1.147
Joy Hu (James Mitchell)
14 December 2023
Purchase of 145,000 Ordinary Shares
£1.133
Joy Hu (James Mitchell)
15 December 2023
Purchase of 38,000 Ordinary Shares
£1.194
A resolution to accept the Report of the Remuneration Committee will be put to shareholders at the Annual 
General Meeting.
DAVID WALSH
CHAIR, REMUNERATION COMMITTEE
10 September 2024
REMUNERATION REPORT CONTINUED
FOR THE YEAR ENDED 31 MAY 2024

INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF FRONTIER DEVELOPMENTS PLC
OPINION
In our opinion:
•	 Frontier Developments plc’s Group financial statements and parent company financial statements (the “financial 
statements”) give a true and fair view of the state of the Group’s and of the parent company’s affairs as at 
31 May 2024 and of the Group’s loss for the year then ended;
•	 the Group financial statements have been properly prepared in accordance with UK adopted International 
Accounting Standards; 
•	 the parent company financial statements been properly prepared in accordance with UK adopted International 
Accounting Standards as applied in accordance with section 408 of the Companies Act 2006; and 
•	 the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements of Frontier Developments plc which comprise:
Group
Parent company
Consolidated statement of financial position as at 
31 May 2024
Statement of financial position as at 31 May 2024
Consolidated income statement for the year 
then ended
Statement of changes in equity for the year then ended
Consolidated statement of comprehensive income for 
the year then ended
Related notes 29 to 40 to the financial statements 
including material accounting policy information
Consolidated statement of changes in equity for the 
year then ended
Consolidated statement of cash flows for the year 
then ended
Related notes 1 to 28 to the financial statements, 
including material accounting policy information
The financial reporting framework that has been applied in their preparation is applicable law and UK adopted 
International Accounting Standards and as regards to the parent company financial statements, as applied in 
accordance with section 408 of the Companies Act 2006. 
BASIS FOR OPINION 
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable 
law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit 
of the financial statements section of our report below. We are independent of the Group and parent company 
in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, 
including the FRC’s Ethical Standard as applied to listed public interest entities, and we have fulfilled our other 
ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for 
our opinion.
CONCLUSIONS RELATING TO GOING CONCERN
In auditing the financial statements, we have concluded that the Directors’ use of the going concern basis 
of accounting in the preparation of the financial statements is appropriate. Our evaluation of the Directors’ 
assessment of the Group and parent company’s ability to continue to adopt the going concern basis of 
accounting included: 
•	 Understanding the process undertaken by management to perform the going concern assessment, including 
the evaluation of Group’s access to available sources of liquidity.
•	 Inspecting management’s internal assessments regarding the Group and parent company’s ability to continue 
to adopt the going concern basis of accounting during the going concern review period to 30 September 2025. 
•	 Inspecting and reperforming the sensitivity/stress testing performed by management, such as the significant 
reductions to future revenues.
•	 Assessing the rigour of the stress testing and considering contradictory evidence to determine whether they 
were sufficiently severe in the context of historic results and the Group’s principal risks. 
•	 Challenging the reasonableness of the underlying forecasts used by management by comparing these against 
historical actual amounts and confirming the consistency of the forecasts with the budget approved by the Board. 
Our challenge in this regard included analysing the Company’s revenue split by each major title, as well as the 
expected performance of these titles over the assessment period.
•	 Considering the Group’s net cash position through confirming cash balances held at the balance sheet date 
through to bank confirmations received directly from third-party banks. We have further confirmed the facilities 
held by the Company at the balance sheet date, as well as confirming that no such facilities contain covenants 
and therefore no covenant compliance considerations are required. 
•	 Comparing the current trading performance to management’s going concern forecast by obtaining the latest 
available management accounts and latest available Group cash report to identify any issues with current 
trading and cashflows.
•	 Considering the further mitigating actions available to the Group, such as further cost mitigations, and the 
feasibility of management being able to execute such mitigating actions, when considering the likelihood of 
the stress testing and sensitivity analysis.
•	 Enquiring of any events or conditions expected outside of the going concern period that may impact upon the 
ongoing resilience of the business. No such events or conditions were identified.
•	 Reviewing the appropriateness of management’s going concern disclosure in describing the risks associated with 
its ability to continue to operate as a going concern across the going concern review period to 30 September 2025.
Based on the work we have performed, we have not identified any material uncertainties relating to events or 
conditions that, individually or collectively, may cast significant doubt on the Group and parent company’s ability 
to continue as a going concern for a period to 30 September 2025.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in 
the relevant sections of this report. However, because not all future events or conditions can be predicted, 
this statement is not a guarantee as to the Group’s ability to continue as a going concern.
FINANCIAL STATEMENTS
FRONTIER DEVELOPMENTS PLC ANNUAL REPORT AND ACCOUNTS 2024
44

FINANCIAL STATEMENTS
FRONTIER DEVELOPMENTS PLC ANNUAL REPORT AND ACCOUNTS 2024
45
INDEPENDENT AUDITOR’S REPORT CONTINUED
TO THE MEMBERS OF FRONTIER DEVELOPMENTS PLC
OVERVIEW OF OUR AUDIT APPROACH
Audit scope
•	 We performed an audit of the complete financial information of one component 
(Frontier Developments plc) and limited analytical review and other review scope 
procedures for the remaining components – Frontier Developments Inc., Frontier 
Games Limited and Complex Games Inc.
•	 The components where we performed full or specific audit procedures accounted for 
100% of EBITDA, 100% of revenue and 98% of total assets.
Key audit matters
•	 Revenue recognition
•	 Capitalisation of internally generated developments costs
•	 Impairment of intangibles and goodwill
•	 Creative industry tax relief 
Materiality
•	 Overall Group materiality of £0.8 million, which represents 3% of EBITDA.
AN OVERVIEW OF THE SCOPE OF OUR AUDIT 
TAILORING THE SCOPE
Our assessment of audit risk, our evaluation of materiality and our allocation of performance materiality 
determine our audit scope for each entity within the Group. Taken together, this enables us to form an opinion 
on the consolidated financial statements. 
In assessing the risk of material misstatement to the Group financial statements, and to ensure we had adequate 
quantitative coverage of significant accounts in the financial statements, of the four reporting components of the 
Group, we selected one component covering entities within the UK, which represent the principal business unit 
within the Group.
Of the one component selected, we performed an audit of the complete financial information of Frontier 
Developments plc (“full scope component”), which was selected based on its size or risk characteristics. For the 
remaining three components (“limited review components”), we performed limited analytical review and other 
review scope procedures. 
The reporting components where we performed audit procedures accounted for 100% (2023: 100%) of the Group’s 
EBITDA, 100% (2023: 100%) of the Group’s revenue and 100% (2023: 100%) of the Group’s total assets. For the 
current year, the full scope component contributed 100% (2023: 100%) of the Group’s EBITDA, 100% (2023: 99%) 
of the Group’s revenue and 98% (2023: 100%) of the Group’s total assets. 
Of the remaining three components (Frontier Developments Inc., Frontier Games Limited and Complex Games Inc.), 
that together represent 0% of the Group’s EBITDA, 0% of the Group’s revenue and 2% of the Group’s total assets. 
For these components, we performed other procedures, including analytical review, testing of consolidation 
journals and intercompany eliminations and foreign currency translation recalculations to respond to any 
potential risks of material misstatement to the Group financial statements.
INVOLVEMENT WITH COMPONENT TEAMS 
All audit work performed for the purposes of the audit was undertaken by the Group audit team.
CLIMATE CHANGE 
The Group has determined that climate change is not expected to have a significant impact on their operations 
given they operate in a digital industry with no significant physical asset base, as described in the Task Force on 
Climate-related Financial Disclosures and on pages 34 to 35 in the principal risks and uncertainties, which form 
part of the ‘other information’, rather than the audited financial statements. Our procedures on these disclosures 
therefore consisted solely of considering whether they are materially inconsistent with the financial statements, 
or our knowledge obtained in the course of the audit or otherwise appear to be materially misstated. 
Our audit effort in considering the impact of climate change on the financial statements was focused on evaluating 
management’s assessment of the impact of climate risk, physical and transition, and ensuring that the effects 
of climate risks disclosed have been appropriately reflected in asset values and associated disclosures where 
values are determined through modelling future cash flows, being intangible assets. We also challenged 
the Directors’ considerations of climate change risks in their assessment of going concern and viability and 
associated disclosures. 
Based on our work we have not identified the impact of climate change on the financial statements to be a key 
audit matter or to impact a key audit matter. 
INDEPENDENT AUDITOR’S REPORT CONTINUED
TO THE MEMBERS OF FRONTIER DEVELOPMENTS PLC

KEY AUDIT MATTERS
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period and include the most significant assessed risks of material misstatement 
(whether or not due to fraud) that we identified. These matters included those which had the greatest effect on: the overall audit strategy, the allocation of resources in the audit; and directing the efforts of the engagement team. 
These matters were addressed in the context of our audit of the financial statements as a whole, and in our opinion thereon, and we do not provide a separate opinion on these matters.
Risk
Our response to the risk
Key observations communicated to the Audit Committee
Revenue recognition (£89.3 million, 
2023: £104.6 million)
Refer to the accounting policies (page 58) 
and note 4 of the consolidated financial 
statements (page 61)
We assessed revenue recognition as a fraud 
risk as revenue forms the basis for certain 
of the Group’s key performance indicators, 
including EBITDA.
The Group are entering into new and evolving 
revenue streams, presenting the risk that 
revenue is recognised incorrectly.
Manual journal entries are required to ensure 
that revenue is recognised appropriately and 
in the correct period. However, owing to the 
manual nature of these adjustments, there 
may be a higher risk of error or potential 
management override.
The procedures we carried out included the following:
•	 We performed walkthroughs of significant classes of revenue transactions to understand significant processes and to 
identify and assess the design effectiveness of key financial controls.
•	 We have tested a total of 99% of current year revenue through to third-party sales reports (quarterly and monthly where 
applicable), agreeing these amounts back to the underlying revenue recognised to test the completeness, occurrence 
and existence of the revenue recognised. A representative sample of these reports have been further agreed through to 
third‑party bank statements to evidence subsequent cash receipt, without issue.
•	 We have performed cut-off testing through performing analytical procedures to identify any balances around our year‑end 
date warranting further investigation. We note that due to the nature of Frontier’s revenue (being recognised through 
manual month-end journals), the key risk surrounding cut-off relates to the level of accrued and deferred income posted 
as at 31 May 2024. For all significant contract assets and contract liabilities, we have inspected the terms and conditions 
of these contracts, recalculated the amount of revenue to be recognised in comparison to amounts billed and the resulting 
contract asset/contract liability. Where relevant we have compared the contract asset to the statement received post year 
end from the platform and the cash receipt.
•	 We have performed detailed testing procedures surrounding Frontier’s deferred income balance, predominantly relating to 
virtual currency balances held by customers and awaiting use within Frontier’s Elite Dangerous game. We have assessed 
and recalculated management’s breakage calculations for this balance, in line with relevant accounting guidance.
•	 We have inspected the terms of all key contracts held by Frontier in relation to revenue recognition, including all key 
platforms. We have given consideration to these contracts against the relevant accounting standard (namely IFRS15) to 
ensure appropriate accounting treatment has been made.
•	 We selected a sample of post year-end credit notes to check that, where the credit note relates to the audit period, that 
these credit notes were appropriately provided for in the financial statements.
•	 We have performed an analytical review by revenue stream, platform and game (on a monthly and yearly basis), to assess 
unexpected trends and patterns that could be indicative of incorrect revenue recognition, without issue.
•	 We have tested a sample of journal entries in relation to revenue through applying criteria in regard to both quantum and 
risk profile, such as significantly-sized manual journal postings; and 
•	 We have audited the disclosures within the Annual Report and Accounts with reference to the requirements of IFRS.
•	 Our audit of journal entries in relation to revenue has 
not identified any instances of management override. 
•	 We concluded that revenue recognised in the year to 
31 May 2024 is materially correct on the basis of our 
procedures performed.
INDEPENDENT AUDITOR’S REPORT CONTINUED
TO THE MEMBERS OF FRONTIER DEVELOPMENTS PLC
FINANCIAL STATEMENTS
FRONTIER DEVELOPMENTS PLC ANNUAL REPORT AND ACCOUNTS 2024
46

FINANCIAL STATEMENTS
FRONTIER DEVELOPMENTS PLC ANNUAL REPORT AND ACCOUNTS 2024
47
KEY AUDIT MATTERS CONTINUED
Risk
Our response to the risk
Key observations communicated to the 
Audit Committee
Capitalisation of internally generated development costs 
(additions – £28.8 million, 2023: £38.0 million)
Refer to the accounting policies (page 56) and note 10 of the 
consolidated financial statements (page 65)
During the year, the Group capitalised £28.8 million (2023: 
£38.0 million) of development costs in relation to various projects.
IFRS requires development costs to be capitalised only 
under specific circumstances highlighted as follows:
•	 It is technically feasible to complete the intangible asset;
•	 There is clear intention to complete; 
•	 Ability to use or sell the intangible asset exists; 
•	 There is adequate technical, financial and other resources 
to complete the asset; 
•	 Future economic benefits are probable; and 
•	 Expenditure can be measured reliably.
Judgement is therefore required to establish the point at 
which capitalisation should commence, the nature of costs 
to be capitalised and the point at which amortisation should 
commence. There is a risk that the costs capitalised do not 
meet the criteria for capitalisation in accordance with IAS 38.
The procedures we carried out included the following:
•	 We have performed walkthrough procedures to fully understand the process of capitalisation, as well as identifying key 
controls in place within the process to prevent or detect and correct errors;
•	 We have compared the treatment adopted by Frontier against UK listed peers, noting that a number also capitalised 
similar development costs;
•	 We have inspected management’s assessment of how the capitalisation criteria have been achieved for a sample of titles 
(being a combination of key and representative items);
•	 We have tested whether the costs relate to a technologically feasible project, assessed the future economic benefit to be 
generated by the product and associated cashflows and the useful economic life assigned;
•	 We have walked through management’s process for evaluating and monitoring the development plans, corroborating 
to source documentation, enquiring of the development team to gain an understanding of the projects they are working 
on and the nature of costs incurred and benchmarking against similar projects;
•	 For salary costs, we have vouched a sample of amounts back to underlying payroll records and met with the project 
managers to test whether the time related to capital activity;
•	 For overheads, we have reperformed managements calculation and specifically challenged whether each of the cost types 
meet the definition of “directly attributable” as per IFRS;
•	 For other costs, we have vouched a sample of items to purchase invoice to determine whether they relate to a valid 
addition and have been correctly recorded; and
•	 We have audited the disclosures within the Annual Report and Accounts with reference to the requirements of IFRS.
•	 Our audit procedures did not identify 
any material misstatements with 
respect to the capitalisation of internally 
generated development costs.
Impairment of intangible assets (net book value – 
£42.7 million, 2023: £64.1 million)
Refer to the accounting policies (page 56) and notes 9 and 10 
of the consolidated financial statements (pages 64 and 65)
The carrying value of intangible assets are primarily made 
up of capitalised franchise assets related to self‑published 
software and licence amounts. Risk exists that an impairment 
adjustment is required where the carrying value of these 
assets exceed the net realisable value. Judgement is required 
in determining the key inputs to the impairment model, 
including future revenues and costs.
During the year, management have recognised a one‑off 
charge for impairment amounting to £16.9 million against the 
book value of Warhammer Age of Sigmar: Realms of Ruin.
The procedures we carried out included the following:
•	 We have performed walkthrough procedures to fully understand the process of impairment, as well as identifying key 
controls in place, and confirming the design and implementation effectiveness of the controls within the process to 
prevent or detect and correct errors;
•	 We audited the underlying cash flows used in the value in use calculation including performing an assessment of historic 
budgets vs actuals and assessing the feasibility of meeting the forecasts based upon pipelines.
•	 We performed our own sensitivity and break-even analyses over management’s calculations for different assumptions, 
which demonstrated the likelihood of impairment on each game is low. 
•	 Recalculated the mathematical accuracy of the impairment models; 
•	 Assessed the appropriateness of the discount rate used by management by recalculating based upon relevant inputs, 
benchmarking against peers and performing reverse stress testing;
•	 Assessed management’s forecast accuracy by comparing actual performance against budget in recent years and 
sensitised the model accordingly;
•	 Compared the carrying value of the cash generating unit to the recoverable amount established by management;
•	 Compared the assumptions in the impairment model to the strategic plans and knowledge of the business gained 
through the audit; and
•	 We have audited the disclosures within the Annual Report and Accounts with reference to the requirements of IFRS.
•	 We concluded that the impairment 
recorded for Warhammer Age 
of Sigmar: Realms of Ruin was 
appropriately recognised. No further 
impairment adjustments were required 
for other intangible assets.
•	 We have concluded that the 
methodology applied is reasonable, 
that the forecast period is appropriate 
and that the impairment models are 
mathematically accurate. Management 
have also established a reliable 
methodology for determining the 
underlying assumptions, including 
forecast revenues and costs. 
INDEPENDENT AUDITOR’S REPORT CONTINUED
TO THE MEMBERS OF FRONTIER DEVELOPMENTS PLC
INDEPENDENT AUDITOR’S REPORT CONTINUED
TO THE MEMBERS OF FRONTIER DEVELOPMENTS PLC

KEY AUDIT MATTERS CONTINUED
Risk
Our response to the risk
Key observations communicated to the Audit Committee
Creative industry tax relief (income tax credit – £7.0 million, 
2023: £5.6 million)
Refer to the accounting policies (page 59) and notes 7, 17 and 19 of 
the consolidated financial statements (pages 63 and 69)
The tax environment for Group is complex as a result of the following 
reliefs claimed which include both technical complexity and care to 
avoid inappropriately claiming different types of relief on the same 
underlying profits:
•	 Video Games Tax Relief (VGTR) provides additional tax relief on 
qualifying expenditure incurred in developing video games; 
•	 Patent Box relief which has the effect of taxing profits generated from 
the patent at a lower rate; and
•	 R&D tax credits – additional tax relief is available on R&D related expenditure. 
In addition, the Group have brought forward losses which could be 
offset against future taxable profits. Judgement is required to determine 
whether this will be required given the level of relief from the above 
claims and in turn whether a deferred tax asset should be recognised.
With the assistance of EY specialists:
•	 We obtained a copy of the certificate necessary to obtain VGTR and performed a review of 
the key elements, to assess the eligibility for VGTR; 
•	 We reviewed management’s documentation as to the types of costs to be included in the 
claim in comparison to the scheme rules and our knowledge of other claims;
•	 For significant costs, we linked them into our other audit work performed or perform 
separate detailed testing, as necessary;
•	 We also reviewed managements taxable profit forecasts and determine the appropriateness 
of any deferred tax assets recognised as a result; and
•	 We have audited the disclosures within the Annual Report and Accounts with reference to 
the requirements of IFRS.
•	 Our audit procedures did not identify any material 
misstatements with respect to the reliefs claimed for 
the period and resulting current and deferred tax.
INDEPENDENT AUDITOR’S REPORT CONTINUED
TO THE MEMBERS OF FRONTIER DEVELOPMENTS PLC
In the current year, the key audit matters have remained the same as the prior year.
OUR APPLICATION OF MATERIALITY 
We apply the concept of materiality in planning and performing the audit, in evaluating the effect of identified 
misstatements on the audit and in forming our audit opinion. 
MATERIALITY
The magnitude of an omission or misstatement that, individually or in the aggregate, could reasonably be 
expected to influence the economic decisions of the users of the financial statements. Materiality provides a 
basis for determining the nature and extent of our audit procedures.
We determined materiality for the Group to be £0.8 million (2023: £1.0 million), which is 3% (2023: 3%) of EBITDA. 
We believe that EBITDA provides us with the best benchmark, given the profit focus of the Group and that EBITDA 
is a key performance indicator used by stakeholders of the business. 
We determined materiality for the parent company to be £0.8 million (2023: £1.0 million), which is 3% (2023: 3%) 
of EBITDA. 
During the course of our audit, we reassessed initial materiality and updated for the final EBITDA result 
for the year.
PERFORMANCE MATERIALITY
The application of materiality at the individual account or balance level. It is set at an amount to reduce to 
an appropriately low level the probability that the aggregate of uncorrected and undetected misstatements 
exceeds materiality.
On the basis of our risk assessments, together with our assessment of the Group’s overall control environment, 
our judgement was that performance materiality was 75% (2023: 75%) of our planning materiality, namely £0.6 million 
(2023: £0.8 million). We have set performance materiality at this percentage due to our expectation of 
misstatements being low in both number and value, combined with our review of management oversight 
through entity level controls, which is also consistent with our previous experience of the Group. 
REPORTING THRESHOLD
An amount below which identified misstatements are considered as being clearly trivial.
We agreed with the Audit Committee that we would report to them all uncorrected audit differences in excess 
of £0.04 million (2023: £0.05 million), which is set at 5% of planning materiality, as well as differences below that 
threshold that, in our view, warranted reporting on qualitative grounds. 
We evaluate any uncorrected misstatements against both the quantitative measures of materiality discussed 
above and in light of other relevant qualitative considerations in forming our opinion.
FINANCIAL STATEMENTS
FRONTIER DEVELOPMENTS PLC ANNUAL REPORT AND ACCOUNTS 2024
48

FINANCIAL STATEMENTS
FRONTIER DEVELOPMENTS PLC ANNUAL REPORT AND ACCOUNTS 2024
49
OTHER INFORMATION 
The other information comprises the information included in the Annual Report set out on pages 01 to 43, 
other than the financial statements and our Auditor’s Report thereon. The Directors are responsible for the 
other information. 
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise 
explicitly stated in this report, we do not express any form of assurance conclusion thereon. 
In connection with our audit of the financial statements, our responsibility is to read the other information and, 
in doing so, consider whether the other information is materially inconsistent with the financial statements or 
our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material 
inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a 
material misstatement in the financial statements or a material misstatement of the other information. If, based 
on the work we have performed, we conclude that there is a material misstatement of the other information, 
we are required to report that fact.
We have nothing to report in this regard.
OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
In our opinion, the part of the Directors’ Remuneration Report to be audited has been properly prepared 
in accordance with the Companies Act 2006.
In our opinion, based on the work undertaken in the course of the audit:
•	 the information given in the Strategic Report and the Report of the Directors for the financial year for which 
the financial statements are prepared is consistent with the financial statements; and 
•	 the Strategic Report and Report of the Directors have been prepared in accordance with applicable legal requirements.
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
In the light of the knowledge and understanding of the Group and the parent company and its environment 
obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the 
Report of the Directors.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 
requires us to report to you if, in our opinion:
•	 adequate accounting records have not been kept by the parent company, or returns adequate for our audit 
have not been received from branches not visited by us; or
•	 the parent company financial statements and the part of the Directors’ Remuneration Report to be audited 
are not in agreement with the accounting records and returns; or
•	 certain disclosures of Directors’ remuneration specified by law are not made; or
•	 we have not received all the information and explanations we require for our audit.
RESPONSIBILITIES OF DIRECTORS
As explained more fully in the Directors’ Responsibilities Statement set out on page 32, the Directors are 
responsible for the preparation of the financial statements and for being satisfied that they give a true and fair 
view, and for such internal control as the Directors determine is necessary to enable the preparation of financial 
statements that are free from material misstatement, whether due to fraud or error. 
In preparing the financial statements, the Directors are responsible for assessing the Group and parent company’s 
ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the 
going concern basis of accounting unless the Directors either intend to liquidate the Group or the parent company 
or to cease operations, or have no realistic alternative but to do so.
AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free 
from material misstatement, whether due to fraud or error, and to issue an Auditor’s Report that includes our 
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in 
accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise 
from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be 
expected to influence the economic decisions of users taken on the basis of these financial statements. 
EXPLANATION AS TO WHAT EXTENT THE AUDIT WAS CONSIDERED CAPABLE OF DETECTING 
IRREGULARITIES, INCLUDING FRAUD
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures 
in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a 
material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may 
involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. 
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
However, the primary responsibility for the prevention and detection of fraud rests with both those charged 
with governance of the Company and management. 
Our approach was as follows: 
•	 We obtained an understanding of the legal and regulatory frameworks that are applicable to the Group and 
determined that the most significant are Companies Act 2006, International Financial Reporting Standards, AIM 
Rules for Listed Companies, General Data Protection Regulations, HM Revenue & Customs regulations and other 
UK Tax Legislation. 
•	 We understood how Frontier Developments plc is complying with those frameworks by considering the potential 
for override of entity level controls or other inappropriate influence over the financial reporting process (such as 
efforts by management to manage earnings), understanding the culture of honesty and ethical behaviour within 
the Company over our term as Auditor of the Company, and observing whether a strong emphasis is placed on 
fraud prevention, which may reduce opportunities for fraud to take place. Our work performed over the controls 
present within Frontier Developments plc has also evidenced a high level of fraud deterrence, which could 
persuade individuals not to commit fraud because of the likelihood of detection and punishment. 
INDEPENDENT AUDITOR’S REPORT CONTINUED
TO THE MEMBERS OF FRONTIER DEVELOPMENTS PLC
INDEPENDENT AUDITOR’S REPORT CONTINUED
TO THE MEMBERS OF FRONTIER DEVELOPMENTS PLC

EXPLANATION AS TO WHAT EXTENT THE AUDIT WAS CONSIDERED CAPABLE OF DETECTING 
IRREGULARITIES, INCLUDING FRAUD CONTINUED
•	 We assessed the susceptibility of the Group’s financial statements to material misstatement, including how 
fraud might occur by understanding which areas of the business present potential fraud risk areas (through 
assessing the presence of opportunities, incentives or potential rationalisation to commit such acts of fraud), 
understanding where these risks could present themselves and subsequently identifying the process level 
controls in place to prevent, or detect and correct them. Combining this with our review of entity level controls, 
which have evidenced management’s behaviour and the culture embedded within the Company, we have gained 
a detailed understanding of the overall susceptibility to fraud. 
•	 Based on this understanding we designed our audit procedures to identify non-compliance with such laws and 
regulations. Our procedures involved direct enquiries with those charged with governance, as well as through 
meetings held with the Group’s internal legal department. We further performed specific analyses and testing 
of legal expenses incurred in the period to ascertain the nature of such costs and confirm they did not relate to 
non-compliance with applicable laws and regulations. 
•	 In response to the nature of the Group’s operations and the GDPR compliance requirements in place 
surrounding customer data, the audit team have developed a detailed understanding of the processes and 
controls in place to prevent non-compliance with such laws and regulations. These procedures have found 
a suitable environment to prevent such breaches.
A further description of our responsibilities for the audit of the financial statements is located on the Financial 
Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our 
Auditor’s Report.
OTHER MATTERS WE ARE REQUIRED TO ADDRESS
•	 We were appointed by the Company on 1 November 2023 to audit the financial statements for the year ended 
31 May 2024 and subsequent financial periods. We were appointed as auditors by the directors of Frontier 
Developments plc and signed an engagement letter on 4 August 2023.
•	 The period of total uninterrupted engagement including previous renewals and reappointments is 5 years, 
covering the years ended 31 May 2020 to 31 May 2024.
•	 The non-audit services prohibited by the FRC’s Ethical Standard were not provided to the Group or the parent 
company and we remain independent of the Group and the parent company in conducting the audit. 
•	 The audit opinion is consistent with the additional report to the Audit Committee.
USE OF OUR REPORT
This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the 
Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members 
those matters we are required to state to them in an Auditor’s Report and for no other purpose. To the fullest 
extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the 
Company’s members as a body, for our audit work, for this report, or for the opinions we have formed. 
ANUP SODHI (SENIOR STATUTORY AUDITOR)
FOR AND ON BEHALF OF ERNST & YOUNG LLP, STATUTORY AUDITOR
LUTON
10 September 2024
INDEPENDENT AUDITOR’S REPORT CONTINUED
TO THE MEMBERS OF FRONTIER DEVELOPMENTS PLC
FINANCIAL STATEMENTS
FRONTIER DEVELOPMENTS PLC ANNUAL REPORT AND ACCOUNTS 2024
50

FINANCIAL STATEMENTS
FRONTIER DEVELOPMENTS PLC ANNUAL REPORT AND ACCOUNTS 2024
51
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 MAY 2024
 
Notes
12 months to 
31 May 2024
£’000
12 months to 
31 May 2023
£’000
Revenue
4
89,270
104,575
Cost of sales
(27,954)
(37,230)
Gross profit
61,316
67,345
Research and development expenses
6
(67,881)
(67,857)
Sales and marketing expenses
(11,635)
(12,012)
Administrative expenses
(13,659)
(14,056)
Other operating income
25
4,851
—
Operating loss before restructuring
(27,008)
(26,580)
Restructuring costs
6
(1,405)
—
Operating loss
(28,413)
(26,580)
Net finance (costs)/income
(12)
71
Loss before tax
6
(28,425)
(26,509)
Income tax credit
7
6,953
5,604
Loss for the year attributable to shareholders
(21,472)
(20,905)
All the activities of the Group are classified as continuing.
 
Notes
12 months to
31 May 2024
p
12 months to
31 May 2023
p
Loss per share
8
Basic loss per share
(55.6)
(53.6)
Diluted loss per share
(55.6)
(53.6)
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2024
 
 
12 months to
31 May 2024
£’000
12 months to
31 May 2023
£’000
Loss for the year
(21,472)
(20,905)
Other comprehensive income
Items that will be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations
(277)
(578)
Total comprehensive loss for the year attributable to the equity holders of the parent
(21,749)
(21,483)
 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2024
(REGISTERED COMPANY NO: 02892559)
 
Notes
31 May 2024
£’000
31 May 2023
£’000
Non-current assets
Goodwill
9
6,954
7,160
Other intangible assets
10
35,702
56,987
Property, plant and equipment
11
4,739
5,696
Right-of-use assets
12
19,661
17,860
Total non-current assets
67,056
87,703
Current assets
Trade and other receivables
13
13,590
15,558
Current tax assets
17
7,216
9,438
Cash and cash equivalents
14
29,523
28,311
Total current assets
50,329
53,307
Total assets
117,385
141,010
Current liabilities
Trade and other payables
15
(11,096)
(16,521)
Lease liabilities
12
(1,748)
(1,505)
Deferred income
16
(4,351)
(4,355)
Total current liabilities
(17,195)
(22,381)
Net current assets
33,134
30,926
Non-current liabilities
Provisions
18
(85)
(71)
Lease liabilities
12
(19,535)
(17,773)
Other payables
15
(3,101)
(4,235)
Deferred income
16
(256)
(163)
Deferred tax liabilities
19
(390)
(419)
Total non-current liabilities
(23,367)
(22,661)
Total liabilities
(40,562)
(45,042)
Net assets
76,823
95,968
Equity
Share capital
20
197
197
Share premium account
20
36,547
36,547
Equity reserve
(13,283)
(14,553)
Foreign exchange reserve
(873)
(596)
Retained earnings
54,235
74,373
Total equity
76,823
95,968
The accompanying accounting policies and notes 
form part of the financial statements.
These financial statements were approved by the Directors 
on 10 September 2024 and signed on their behalf by:
ALEX BEVIS
DIRECTOR
FINANCIAL STATEMENTS
FRONTIER DEVELOPMENTS PLC ANNUAL REPORT AND ACCOUNTS 2024
52

FINANCIAL STATEMENTS
FRONTIER DEVELOPMENTS PLC ANNUAL REPORT AND ACCOUNTS 2024
53
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
 
Notes
Share capital
 £’000
Share premium
 account
£’000
Equity reserve
 £’000
Foreign
 exchange 
reserve
£’000
Retained
 earnings
£’000
Total equity
 £’000
At 31 May 2022
197
36,468
(12,769)
(18)
94,492
118,370
Loss for the year
—
—
—
—
(20,905)
(20,905)
Other comprehensive income:
Exchange differences on translation of foreign operations
—
—
—
(578)
—
(578)
Total comprehensive loss for the year
—
—
—
(578)
(20,905)
(21,483)
Issue of share capital net of expenses
20
—
79
—
—
—
79
Share-based payment charges
23
—
—
3,340
—
—
3,340
Share-based payment transfer relating to option exercises and lapses
—
—
(2,357)
—
2,357
—
Employee Benefit Trust cash outflows from share purchases
—
—
(3,000)
—
—
(3,000)
Employee Benefit Trust net cash inflows from option exercises
—
—
233
—
—
233
Deferred tax movements posted directly to reserves
7
—
—
—
—
(1,571)
(1,571)
Transactions with owners
—
79
(1,784)
—
786
(919)
At 31 May 2023
197
36,547
(14,553)
(596)
74,373
95,968
Loss for the year
—
—
—
—
(21,472)
(21,472)
Other comprehensive income:
Exchange differences on translation of foreign operations
—
—
—
(277)
—
(277)
Total comprehensive loss for the year
—
—
—
(277)
(21,472)
(21,749)
Share-based payment charges
23
—
—
2,778
—
—
2,778
Share-based payment transfer relating to option exercises and lapses
—
—
(1,508)
—
1,508
—
Deferred tax movements posted directly to reserves
7
—
—
—
—
(174)
(174)
Transactions with owners
—
—
1,270
—
1,334
2,604
At 31 May 2024
197
36,547
(13,283)
(873)
54,235
76,823

CONSOLIDATED STATEMENT OF CASHFLOWS
FOR THE YEAR ENDED 31 MAY 2024
 
Notes
12 months to 
31 May 2024
£’000
12 months to 
31 May 2023
£’000
Loss before taxation
(28,425)
(26,509)
Adjustments for:
  Depreciation and amortisation
6
36,892
41,438
  Impairment of other intangible assets
6
16,930
18,117
  Movement in unrealised exchange gains on forward contracts
(37)
(239)
  Share-based payment expenses
23
2,778
3,340
  Interest received
(832)
(677)
  Payment of interest element of lease liabilities
844
607
  Other operating income
25
(4,851)
—
Working capital changes:
  Change in trade and other receivables
3,661
11,084
  Change in trade and other payables
(4,557)
(3,114)
  Change in provisions
18
14
15
Cash generated from operations
22,417
44,062
Taxes received
9,208
3,813
Net cashflows from operating activities
31,625
47,875
Investing activities
Purchase of property, plant and equipment
11
(960)
(1,335)
Expenditure on other intangible assets
(29,419)
(42,046)
Acquisition of subsidiaries (net of cash acquired)
—
(9,606)
Payments for contingent consideration on business acquisitions
15
(1,516)
—
Sale of RollerCoaster Tycoon 3 publishing rights
25
3,195
—
Interest received
832
677
Net cashflows used in investing activities
(27,868)
(52,310)
Financing activities
Proceeds from issue of share capital
20
—
79
Employee Benefit Trust cash outflows from share purchases
23
—
(3,000)
Employee Benefit Trust cash inflows from option exercises
—
233
Repayment of loans
—
(1,260)
Payment of principal element of lease liabilities
12
(1,665)
(1,461)
Payment of interest element of lease liabilities
12
(844)
(607)
Net cashflows used in financing activities
(2,509)
(6,016)
Net change in cash and cash equivalents from continuing operations
1,248
(10,451)
Cash and cash equivalents at beginning of year
28,311
38,699
Exchange differences on cash and cash equivalents
(36)
63
Cash and cash equivalents at end of year
29,523
28,311
The accompanying accounting policies and notes form part of the financial statements.
FINANCIAL STATEMENTS
FRONTIER DEVELOPMENTS PLC ANNUAL REPORT AND ACCOUNTS 2024
54

FINANCIAL STATEMENTS
FRONTIER DEVELOPMENTS PLC ANNUAL REPORT AND ACCOUNTS 2024
55
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
1. CORPORATE INFORMATION
Frontier Developments plc (the ‘Group’ or the ‘Company’) develops and publishes video games for the interactive 
entertainment sector. The Company is a public limited company and is incorporated and domiciled in the United Kingdom.
The address of its registered office is 26 Science Park, Milton Road, Cambridge CB4 0FP.
The Group’s operations are based and headquartered in the UK, with subsidiaries based in Canada and the US.
2. SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PREPARATION
The consolidated financial statements of the Group have been prepared in accordance with International 
Accounting Standards (IASs) in conformity with the requirements of the Companies Act 2006 and in accordance 
with UK-adopted IASs. The financial information has been prepared on the basis of all applicable IFRSs, including 
all IASs, Standing Interpretations Committee (SIC) interpretations and International Financial Reporting 
Interpretations Committee (IFRIC) interpretations issued by the International Accounting Standards Board (IASB) 
that are applicable to the financial period. 
The financial information has been prepared on a going concern basis under the historical cost convention, except 
for financial instruments held at fair value. The financial information is presented in Sterling, the presentation and 
functional currency for the Group and Company. All values are rounded to the nearest thousand pounds (£’000) 
except when otherwise indicated.
GOING CONCERN BASIS
The Group and Company’s forecasts and projections, taking account of current cash resources and reasonably 
possible changes in trading performance, support the conclusion that there is a reasonable expectation that the Group 
and Company have adequate resources to continue in operational existence for the period to 30 September 2025. 
The Group and Company therefore continue to adopt the going concern basis in preparing their financial statements.
The Group’s day-to-day working capital requirements are expected to be met through the cash and cash 
equivalent resources (including treasury deposits) at the balance sheet date of 31 May 2024 of £29.5 million 
along with expected cash inflows from current business activities. Cash and cash equivalent resources (including 
treasury deposits) at 31 August 2024 were £28.5 million. The Annual Budget approved by the Board of Directors, 
which has been used to assess going concern, reflects assessments of current and future market conditions and 
the impact this may have on cash resources. 
The Group has also performed stress testing on the Annual Budget in respect of potential downside scenarios to 
identify the break point of current cash resources and to identify when current liquidity resources may fall short 
of requirements. 
The scenarios both consider a reduction in predicted revenues; however, the reduction would need to be severe 
in order to prevent the Group from continuing as a going concern and is considered to be highly unlikely to occur. 
The Group has also identified mitigating actions that could be reasonably taken, if required, to offset the reduction 
of cash inflows, to enable it to continue its operations for the period to 30 September 2025. Consideration has 
also been made over the impairment charges (as disclosed in note 10); however, given these are accounting 
charges as opposed to cash outflows, these do not materially change the forecasts for going concern purposes. 
The forecasts reflect the latest expectation of revenues across all key titles, including those which were subject 
to impairment in FY24.
The sensitivities included in the stress testing include a significant reduction of revenue for the Group from both 
the existing portfolio and future game launches, including factoring in delays to major game launches.
As expected, the scenarios resulted in an accelerated use of current cash resources; however, in all scenarios 
tested the current cash resources were sufficient to support the Group’s activities. This is due to a variety 
of factors:
•	 the Group currently has significant cash reserves to maintain the current level of operations;
•	 the development and publishing of titles has progressed as expected; and
•	 should a more extreme downside scenario occur, the Group could take further mitigating actions by reducing 
discretionary spend.
Having considered all the above, including the current strong cash position, no current impact on debtor 
recoverability and the continued strong trading performance for the Group, the Directors are satisfied that there 
are sufficient resources to continue operations for the period to 30 September 2025. The financial statements for 
the year ended 31 May 2024 are therefore prepared under the going concern basis. 
NEW AND AMENDED STANDARDS AND INTERPRETATIONS
The Group adopted the following amendments to standards and interpretations, which are effective for the first 
time this year:
•	 amendment to IFRS 17 – Insurance Contracts;
•	 amendments to IAS 1 and IFRS Practice Statement 2 – Disclosure of accounting policies;
•	 amendments to IAS 8 – Definition of accounting estimates;
•	 amendments to IAS 12 – Deferred tax related to assets and liabilities arising from a single transaction; and
•	 amendments to IAS 12 – International tax reforms pillar two model rules. 
These amendments had no impact on the consolidated financial statements of the Group. The Group intends to 
use the practical expedients in future periods if they become applicable.
The Directors also considered the impact on the Group of new and revised accounting standards, interpretations, 
or amendments which have been issued but were not effective for the Group for the year ended 31 May 2024. 
None are expected to have a material impact on the consolidated financial statements when first applied.
BASIS OF CONSOLIDATION
The consolidated financial statements incorporate those of the Group and all entities controlled by it, after 
eliminating intercompany transactions. Control is achieved where the Group is exposed or has rights to variable 
returns from its involvement with the investee and has the ability to affect those returns through its power over 
the investee. Subsidiaries are consolidated from the date on which control is obtained by the Group and cease to 
be consolidated from the date on which control is transferred out of the Group. The entities’ results are adjusted, 
where appropriate, to conform to Group accounting policies.
BUSINESS COMBINATIONS AND GOODWILL
The Group applies the acquisition method in accounting for business combinations. The consideration transferred 
by the Group to obtain control of a subsidiary is calculated as the sum of the acquisition date fair values of assets 
transferred, liabilities incurred and the equity interests issued by the Group, which includes the fair value of any 
asset or liability arising from a contingent consideration arrangement. Acquisition costs are expensed as incurred. 
Assets acquired and liabilities assumed are measured at their acquisition date fair values. 

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MAY 2024
2. SIGNIFICANT ACCOUNTING POLICIES CONTINUED
BUSINESS COMBINATIONS AND GOODWILL CONTINUED
Goodwill represents the future economic benefits arising from a business combination that are not individually 
identified and separately recognised. Goodwill is initially measured at cost, being the excess of the consideration 
transferred over the fair value of the Group’s share of the identifiable net assets acquired. If this is less than 
the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is 
recognised directly in the consolidated statement of comprehensive income. 
After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is 
reviewed for impairment every six months using a discounted cashflow method applied to business forecasts. 
If this review demonstrates that impairment has occurred, this is expensed to the consolidated income statement. 
Goodwill is allocated to cash generating units (CGUs) for the purpose of impairment testing, with the allocation 
being made to those cash generating units that are expected to benefit from the business combination in which 
the goodwill arose.
INTANGIBLE ASSETS ACQUIRED IN A BUSINESS COMBINATION
The cost of such intangible assets is their fair value as at the date of acquisition. Following initial recognition, 
intangible assets are carried at cost less accumulated amortisation and accumulated impairment losses, if any. 
An asset is only recognised if the following conditions are met:
•	 it meets the definition of an intangible asset under IAS 38 Intangible Assets;
•	 the asset is separable or arises from contractual or legal rights; and
•	 sufficient information exists to measure reliably the fair value of the asset.
CAPITALISATION OF OTHER INTANGIBLE ASSETS
Other intangible assets are measured at historical cost and comprise four categories:
•	 game technology, which includes Frontier’s game engine and other technology which supports the development 
and publication of games;
•	 game developments, which include development of self-published games and also titles under Frontier Foundry;
•	 third-party software, which includes software bought from suppliers for use within the Group’s activities; and
•	 IP licences, which are based on the minimum guarantees payable by the Group to the IP owner.
An internally generated intangible asset arising from the Group’s development activities is recognised only if all of 
the following conditions are met:
•	 completion of the intangible asset is technically and commercially feasible so that it will be available for use in 
developing games (in respect of development tools) or for sale of games (in respect of self-published software);
•	 the Group intends to complete the intangible asset and has the ability to use or license it as indicated above, 
thus generating probable future economic benefits;
•	 the expenditure attributable to the intangible asset during its development, mainly salary costs, can be 
measured reliably; and
•	 the Group has adequate technical, financial and other resources to complete the development and to use or sell 
the intangible asset.
Internally generated intangible assets consist of direct labour costs, other specific direct project costs and directly 
attributable project support costs. Where no internally generated intangible asset can be recognised, development 
expenditure, including research activities, is recognised as an expense in the period in which it is incurred.
From time to time the Group enters into agreements with third-party intellectual property (IP) owners to secure IP 
rights to support the development and publication of certain games or game content. These agreements typically 
contain a schedule of royalties payable to the IP owner, based on a percentage of sales which are expensed as 
incurred. The agreements may also include guaranteed minimum amounts payable to the IP owner. It is the 
Group’s policy to record a financial liability for the total of any guaranteed minimum amount when the agreement 
is executed, and these amounts are typically treated as licence costs and capitalised as intangible assets 
according to, and subject to, the principles of IAS 38.
AMORTISATION OF OTHER INTANGIBLE ASSETS
The useful lives of other intangible assets are assessed as either finite or indefinite and at the year end date 
no intangible assets are accorded an indefinite life other than goodwill. Intangible assets with finite lives are 
amortised over their useful economic lives and assessed for impairment whenever there is an indication that the 
intangible asset may be impaired. The amortisation period and the amortisation method for an intangible asset 
with a finite useful life are reviewed at least at the end of each reporting period. 
Amortisation is calculated over the estimated useful lives of the assets as follows:
•	 Game technology – over the period of expected benefit between one and three years
•	 Game developments – over the period of expected benefit between one and four years
•	 Third-party software – 2.5 years straight-line
•	 IP licences – in line with the financial performance following launch of the game
Amortisation of game technology and game developments commences upon completion of the asset. Changes in 
the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset 
are accounted for by changing the amortisation period or method, as appropriate, and are treated as changes in 
accounting estimates. 
Amortisation charges for other intangible assets that relate to game technology, game developments and third-
party software are expensed within research and development expenses. Amortisation charges for IP licences are 
typically charged to cost of sales, which reflects the IP licence royalties which the minimum guarantees relate to. 
IMPAIRMENT OF NON-FINANCIAL ASSETS
At each reporting date, the Group assesses whether there is an indication that an asset may be impaired. If any 
indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset’s 
recoverable amount. An asset’s recoverable amount is the higher of an asset’s or CGU’s fair value less costs of 
disposal and its value in use. The recoverable amount is determined for an individual asset, unless the asset does 
not generate cash inflows that are largely independent of those from other assets or groups of assets. When 
the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is 
written down to its recoverable amount. 
In assessing value in use, the estimated future cashflows are discounted to their present value using a pre-tax 
discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. 
The Group bases its impairment calculation on most recent budgets and forecast calculations, which are prepared 
separately for each of the Group’s CGUs to which the individual assets are allocated. These budgets and forecast 
calculations generally cover a period of three to five years. A long-term growth rate is calculated and applied to 
project future cashflows after the third year. 
Impairment losses of continuing operations are recognised in the statement of profit or loss in expense categories 
consistent with the function of the impaired asset.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MAY 2024
FRONTIER DEVELOPMENTS PLC ANNUAL REPORT AND ACCOUNTS 2024
56
FINANCIAL STATEMENTS

FRONTIER DEVELOPMENTS PLC ANNUAL REPORT AND ACCOUNTS 2024
57
FINANCIAL STATEMENTS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MAY 2024
2. SIGNIFICANT ACCOUNTING POLICIES CONTINUED
IMPAIRMENT OF NON-FINANCIAL ASSETS CONTINUED
For assets excluding goodwill, an assessment is made at each reporting date to determine whether there is an 
indication that previously recognised impairment losses no longer exist or have decreased. If such indication 
exists, the Group estimates the asset’s or CGU’s recoverable amount. A previously recognised impairment loss is 
reversed only if there has been a change in the assumptions used to determine the asset’s recoverable amount 
since the last impairment loss was recognised. The reversal is limited so that the carrying amount of the asset 
does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of 
depreciation and amortisation, had no impairment loss been recognised for the asset in prior years. Such reversal 
is recognised in the statement of profit or loss.
The Group assesses where climate risks could have a significant impact, such as the introduction of emissions 
reduction legislation that may increase costs. These risks in relation to climate related matters are included as 
key assumptions where they materially impact the measure of recoverable amount. These assumptions have been 
included in the cashflow forecasts in assessing value in use amounts.
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment are stated at cost less accumulated depreciation and any recognised impairment 
loss. Depreciation is charged to the income statement so as to write off the cost less estimated residual values 
over their expected useful lives on a straight-line basis over the following periods:
•	 Fixtures and fittings – 5 years
•	 Computer equipment – 2.5 years to 5 years
•	 Leasehold improvements – shorter of the lease term or the useful life of the underlying asset
Residual values and useful economic lives are assessed annually. The gain or loss on the disposal or retirement 
of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and 
is recognised in administrative expenses.
Property, plant and equipment are also assessed for impairment. Refer to the accounting policies in the 
‘Impairment of non-financial assets’ section.
ASSETS IN THE COURSE OF CONSTRUCTION
Assets in the course of construction are stated at cost. Once the asset has been completed, the carrying value of 
the asset is transferred to leasehold improvements. The asset is depreciated over the remaining life of the lease. 
LEASES
At the point of inception of a contract the Group will assess if the contract is for, or contains, a lease. For all 
contracts that the Group is lessee for, a right-of-use asset is recognised alongside a corresponding lease liability. 
The Group utilises the short-term lease assets (for leases of 12 months or less) and the low-value assets 
exemptions. The Group does not hold any contracts whereby it is the lessor.
The lease liability is initially measured as the present value of all future lease payments that are due, but not 
paid, at the commencement date. The discount factor used for the calculation of the present value is the Group’s 
incremental borrowing rate. 
Lease payments are defined as the following elements:
•	 fixed payments (including in-substance fixed payments), less any lease incentives;
•	 variable lease payments that depend on an index or rate;
•	 the exercise price of a purchase option if the lessee is reasonably certain to exercise that option; and
•	 payments of penalties for terminating the lease, if the lease term reflects the lessee exercising an option 
to terminate the lease.
The lease liability is then remeasured using the effective interest method. This method increases the lease 
liability to reflect the interest on the liability and is reduced by the lease payment actually made to result in 
the carrying amount. 
The right-of-use asset is initially measured at cost.
The cost of the asset is defined as the following elements:
•	 the amount of the initial measurement of the lease liability;
•	 any lease payments made at or before the commencement date, less any lease incentives; and
•	 any initial direct costs incurred by the lessee.
The asset is subsequently measured at cost less accumulated depreciation and any applicable impairment loss.
The depreciation period is the shorter of the lease term or the useful life of the underlying asset. The depreciation 
period starts at the commencement date of the lease.
The right-of-use asset is presented within the same category as that within which the underlying asset would 
be presented if the asset were owned and not leased. The Group recognises the asset within property, plant 
and equipment.
Right-of-use assets are also subject to impairment. Refer to the accounting policies in the ‘Impairment of 
non‑financial assets’ section.
FINANCIAL INSTRUMENTS
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability 
or equity instrument of another entity.
FINANCIAL ASSETS AT AMORTISED COST
Financial assets comprise trade receivables, other receivables and cash and cash equivalents.
Financial assets classified as loans and receivables are recognised initially at fair value and measured subsequent 
to initial recognition at amortised cost using the effective interest method, less provision for impairment, except 
for financial assets designated at fair value through profit and loss (FVTPL). Any change in their value through 
impairment or reversal of impairment is recognised in the consolidated income statement.
The Group assesses on a forward-looking basis the expected credit losses associated with its financial assets 
measured at amortised cost. The Group applies the simplified approach to providing for expected credit losses 
prescribed by IFRS 9, which permits the use of the lifetime expected loss provision for all trade receivables. To 
measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics 
and the days past due. For other financial assets at amortised cost, the Group determines whether there has been 
a significant increase in credit risk since initial recognition. The Group recognises 12-month expected credit losses 
if there has not been a significant increase in credit risk and lifetime expected credit losses if there has been a 
significant increase in credit risk.
Cash and cash equivalents comprise cash in hand and bank deposits available on demand, together with other 
short-term, highly liquid deposit accounts maturing within three months of their inception.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MAY 2024

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MAY 2024
2. SIGNIFICANT ACCOUNTING POLICIES CONTINUED
FINANCIAL LIABILITIES AT AMORTISED COST
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements 
entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group 
after deducting all of its financial liabilities. Equity instruments do not include a contractual obligation to deliver 
cash or other financial assets to another entity. Any instrument that does have the obligation to deliver cash or 
another financial asset to another entity is classified as a financial liability.
Financial liabilities are presented under liabilities on the consolidated statement of financial position.
The Group’s financial liabilities include trade and other payables, deferred income and lease liabilities.
Financial liabilities are initially measured at fair value and are subsequently measured at amortised cost, 
using the effective interest rate method, except for financial liabilities designated at fair value through profit 
and loss (FVTPL).
FINANCIAL ASSETS AND LIABILITIES AT FVTPL
Derivative financial instruments are financial assets and liabilities measured at fair value through profit and loss 
(FVTPL) and are financial instruments that are either classified as held for trading or that meet certain conditions 
and are designated at FVTPL upon initial recognition. All derivative instruments fall into this category.
Financial instruments in this category are measured at fair value with gains or losses recognised in profit or loss. 
The fair values of financial assets and liabilities in this category are determined by reference to active market 
transactions or using a valuation technique where no active market exists.
All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised 
within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair 
value measurement as a whole:
•	 Level 1 – quoted (unadjusted) market prices in active markets for identical assets or liabilities
•	 Level 2 – valuation techniques for which the lowest level input that is significant to the fair value measurement 
is directly or indirectly observable
•	 Level 3 – valuation techniques for which the lowest level input that is significant to the fair value measurement 
is unobservable
EMPLOYEE BENEFITS
All accumulating employee compensated absences that are unused at the balance sheet date are recognised as 
a liability within trade and other payables.
The parent company operates a defined contribution retirement benefit scheme which commenced on 1 January 2014 
ahead of the Company’s expected auto-enrolment date. Payments to defined contribution retirement benefit 
schemes are charged as an expense in the period to which they relate.
PROVISIONS 
Provisions for dilapidations are recognised when the Group has a present legal or constructive obligation as a 
result of a past event, it is probable that an outflow of economic resources will be required from the Group and 
amounts can be estimated reliably. Timing or amount of the outflow may be uncertain.
Provisions are measured at the estimated expenditure required to settle the present obligation, based on the 
most reliable evidence available at the reporting date, including the risks and uncertainties associated with the 
present obligation.
SHARE CAPITAL AND RESERVES
Share capital – share capital represents the nominal value of the shares that have been issued.
Share premium – share premium represents the excess over nominal value of the fair value of consideration 
received for equity shares, net of expenses of the share issue.
Equity reserve – this represents the value of the Employee Benefit Trust (EBT) that is offset against distributable 
reserves and equity-settled share-based employee remuneration until such share options are exercised.
Foreign exchange reserve – this represents the exchange difference on consolidation of overseas subsidiaries. 
Retained earnings – retained earnings include all current and prior period retained earnings.
EMPLOYEE BENEFIT TRUST (EBT)
As the Group is deemed to have control of its EBT, it is treated as a subsidiary and consolidated for the purposes 
of the consolidated financial statements. The EBT’s assets (other than investments in the Company’s shares), 
liabilities, income and expenses are included on a line-by-line basis in the consolidated financial statements. 
The EBT’s investment in the Company’s shares is deducted from equity in the consolidated statement of financial 
position as if they were Treasury Shares. The gain or loss on transfer of the shares from the EBT to employees is 
recognised within equity.
REVENUE
Revenue represents amounts derived from the design, production and sale of computer games software and 
related technology which fall within the Group’s ordinary activities, exclusive of value-added tax and other similar 
sales taxes. Revenue is recognised as an amount that reflects the consideration to which the Group expects to be 
entitled in exchange for the goods or services. 
Revenue includes income from the commercial release of full games and early access versions of self‑published 
games, paid downloadable content, virtual currency, royalties from published games and associated 
physical merchandise.
Revenue from released self-published games is recognised in accordance with IFRS 15 on download of the game 
or upon purchase of in-game digital items.
Free downloadable content or updates provided to consumers are not considered additional performance 
obligations as these are not promised to the consumer and are only available at the discretion of the Group. 
Assessment is carried out by management each year as to whether a constructive obligation to provide free 
downloadable content or updates is created, with no such instances occurring in the financial year. 
Revenue from pre-orders of self-published games, whereby receipt of advance payment takes place, is deferred 
and then recognised when the Group meets its performance obligations upon commercial release of the game.
FRONTIER DEVELOPMENTS PLC ANNUAL REPORT AND ACCOUNTS 2024
58
FINANCIAL STATEMENTS

FRONTIER DEVELOPMENTS PLC ANNUAL REPORT AND ACCOUNTS 2024
59
FINANCIAL STATEMENTS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MAY 2024
2. SIGNIFICANT ACCOUNTING POLICIES CONTINUED
REVENUE CONTINUED
The Group also receives licence revenue from providers of subscription services. The Group’s customers are 
the providers of online subscription services which will typically pay the Group a fee to include a product within 
their wider subscription package. For such arrangements, the Group does not have control in relation to the 
arrangements between the subscription providers and their subscribers and as such the provider and not the 
consumer of the subscription service is considered to be the Group’s customer. Licence revenue associated with 
subscription services is recognised, in accordance with IFRS 15, at the point in time when the Group has met its 
performance obligations associated with that service, which is when the customer is provided with the right to use 
licence for the game to be made available on a subscription service.
Physical discs are distributed through our agents to retailers and the retailers are considered to be our customer. 
The performance obligation is satisfied at the point the retailer takes delivery of the discs, but sales are made to 
retailers with a right of return. Revenue is recognised only to the extent that it is highly probable that a significant 
reversal in the amount of cumulative revenue recognised will not occur. Due to the uncertainty around return 
levels for new games, revenue is not recognised until the discs are sold by the retailer to the end user. 
Revenue received from virtual currency is recognised once the performance obligation has been satisfied and the 
customer has redeemed the virtual currency on paid downloadable content. 
SEGMENT REPORTING
The Group identifies one operating segment as the business is managed as a whole, reflecting the transition of 
the Group from an external publisher to self-publishing. For management purposes, the chief operating decision 
maker, which the Group considers to be the Chief Executive Officer, reviews the financial information, which is 
consistent with that reported in its financial statements, with financial performance measured on the basis of 
contribution before central costs. Assets are not fully directly attributable to any separable activity, other than 
to self-published software intangibles.
SHARE-BASED PAYMENT TRANSACTIONS
Share options are periodically granted to staff. Share options and warrants are measured at fair value at the 
date of grant and recognised over the vesting period of the option. Fair value is measured using the Black-
Scholes option pricing model for share options without market-based performance conditions or the Monte Carlo 
simulation for share options with market-based performance conditions. The expected life used in the model is an 
estimate of the likely average expiry date of the options by reference to the current rate of exercise by employees. 
The share-based payment is recognised as an expense in profit or loss, together with a corresponding credit to an 
equity reserve. This expense is recognised on a straight-line basis based on the Group’s estimate of the number 
of shares that will vest. Estimates are subsequently revised if there is any indication that the number of share 
options expected to vest differs from previous estimates. Any cumulative adjustment prior to vesting is recognised 
in the current period. No adjustment is made to any expense recognised in prior periods if share options 
ultimately exercised are different to that estimated on vesting. 
Upon exercise of share options, if new shares are issued, the proceeds received up to the nominal value of the 
shares issued are allocated to share capital with any excess being recorded as share premium. If shares are 
issued via the EBT, the gain or loss on transfer of the shares from the EBT to employees is recognised within 
equity. Upon the exercise or lapsing of the grant, a transfer of the cumulative value of the grant is made from 
the equity reserve to the profit and loss reserve.
INCOME TAXES
Income tax expense comprises the current and deferred tax.
Current income tax liabilities comprise those obligations to fiscal authorities relating to the current or prior reporting 
period that are unpaid at the consolidated statement of financial position date. They are calculated according to the 
tax rates and tax laws applicable to the fiscal periods to which they relate, based on the taxable profit for the year. 
All changes to current tax assets or liabilities are recognised as a component of tax expense in the consolidated income 
statement, except where it relates to items outside profit or loss. Tax relating to items in other comprehensive income 
is recognised in other comprehensive income and tax relating to items directly in equity is recognised directly in equity.
Deferred income taxes are calculated using the liability method on temporary differences. This involves the 
comparison of the carrying amounts of assets and liabilities in the financial statements with their respective tax 
bases. In addition, tax losses available to be carried forward as well as other income tax credits to the Group are 
assessed for recognition as deferred tax assets. However, deferred tax is not provided on the initial recognition of 
an asset or liability, unless the related transaction is a business combination or affects tax or accounting profit.
Deferred tax liabilities are always provided in full. Deferred tax assets are recognised to the extent that it is probable 
that the underlying deductible temporary differences will be able to be offset against future taxable income. Deferred 
tax assets and liabilities are calculated, without discounting, at tax rates that are expected to apply to their respective 
period of realisation, provided they are enacted or substantively enacted at the reporting date.
Deferred tax is recognised as a component of tax expense in the consolidated income statement. Deferred tax 
relating to items directly in equity is recognised directly in equity and deferred tax relating to items recognised 
in other comprehensive income is recognised in other comprehensive income.
The Group offsets deferred tax assets and deferred tax liabilities if, and only if, it has a legally enforceable right 
to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate 
to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities 
which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the 
liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are 
expected to be settled or recovered.
GOVERNMENT GRANTS
Government grants are recognised where there is reasonable assurance that the grant will be received, and all 
attached conditions will be complied with. When the grant relates to an expense item, it is recognised as income 
on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. 
When the grant relates to an asset, it is recognised as income in equal amounts over the expected useful life of 
the related asset.
When the Group receives grants of non-monetary assets, the asset and the grant are recorded at nominal 
amounts and released to profit or loss over the expected useful life of the asset, based on the pattern of 
consumption of the benefits of the underlying asset by equal annual instalments. 
The Group is elected into the Research and Development Expenditure Credit (RDEC) scheme due to the Company 
being defined as a ‘large company’ for taxation purposes. 
The RDEC relates to the corporation tax relief receivable relating to qualifying research and development expenditure 
in the relevant periods and is offset against the related costs and therefore presented within research and 
development expenses in the consolidated income statement.
The Group is also entitled to Scientific Research and Experimental Development (SRED) tax credits granted by 
the Canadian federal government and the Manitoba Interactive Digital Media Tax Credit (MIDMTC) granted by the 
Province of Manitoba. The tax credits are based on qualifying expenditures and are subject to review and possible 
adjustment by the Canadian Revenue Authority and the Provincial authorities. The tax credits have been recorded 
in the consolidated income statement in the period the related qualifying expenses have been incurred.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MAY 2024

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MAY 2024
2. SIGNIFICANT ACCOUNTING POLICIES CONTINUED
FOREIGN CURRENCIES
The assets and liabilities in the financial statements of foreign subsidiaries are translated at the rate of exchange 
ruling at the consolidated statement of financial position date. Income and expenses are translated at the average 
exchange rate. The exchange differences arising from the retranslation of the opening net investment in subsidiaries 
are recognised in other comprehensive income and are accumulated in the foreign currency reserve in equity. 
On disposal of a foreign operation, the cumulative translation differences are transferred to the profit and loss 
as a reclassification adjustment as part of the gain or loss on disposal.
Transactions denominated in a foreign currency are translated at the rate of exchange ruling at a month-end 
rate in order to approximate to the actual rate for the relevant transaction date. Monetary assets and liabilities 
denominated in foreign currencies are translated at the rate of exchange ruling at the consolidated statement of 
financial position date.
Foreign exchange differences are charged to the consolidated income statement in the period in which they arise.
EXCEPTIONAL ITEMS
The effects of transactions that are exceptional items by virtue of their nature, size or incidence are separately 
disclosed where the Group considers such disclosure to be necessary to assist in understanding the underlying 
trading and financial results of the Group as these costs do not form part of the underlying business.
An example of an item that is considered by the Directors for designation as an exceptional item is restructuring 
costs within the Group that are both material and incurred as part of a significant change in strategy.
The classification of exceptional items requires management judgement to determine the nature and intention 
of the transaction.
ALTERNATIVE PERFORMANCE MEASURES
Adjusted EBITDA is used by the Directors as a key performance indicator to assess the financial performance 
of the Group. It is not a performance measure that is defined under IFRS, since it focuses on cash profitability 
rather than accounting profitability. Adjusted EBITDA is earnings before interest, tax, depreciation, amortisation 
and impairment charges related to game developments and game technology, less investments in game 
developments and game technology, and excluding restructuring costs, share-based payment charges and other 
non-cash items. This effectively calculates cash profitability to assess the financial performance of the Group if all 
game development investment was expensed as incurred, rather than being capitalised and later amortised after 
game release. The calculation of Adjusted EBITDA is provided within the Strategic Report.
3. KEY SOURCES OF ESTIMATION UNCERTAINTY AND CRITICAL ACCOUNTING JUDGEMENTS
Accounting judgements – the Group applies judgement in how it applies its accounting policies, which do not 
involve estimation, which could materially affect the numbers disclosed in these financial statements. The key 
judgements, without estimation, that could have the most significant effect on the amounts recognised in these 
financial statements are as follows:
CAPITALISATION OF DEVELOPMENT COSTS
The Group invests heavily in research and development. The identification of development costs that meet 
the criteria for capitalisation is dependent on management’s judgement and knowledge of the work done. 
Judgements around capitalisation are based on the information available at initial recognition. Economic success 
of any development is based upon expected future cashflows, where this can be measured reliably, but remains 
uncertain at the time of recognition as it may be subject to future technical problems and therefore a review for 
indicators of impairment is completed by game at each period end date. The net book value of the Group’s other 
intangible assets at 31 May 2024 is £35.7 million (31 May 2023: £57.0 million).
DEFERRED TAX
A deferred tax asset is recognised on tax losses carried forward where the Group considers it probable that 
the losses will be utilised by future profits. This specifically applies to tax losses at the statement of financial 
position date. In estimating the amount of the deferred tax asset that should be recognised, the Directors make 
judgements based on current forecasts about the amount of future taxable profits and the timings of when these 
will be realised. A deferred tax asset of £3.0 million was recognised at 31 May 2024 (31 May 2023: £0.8 million) 
in respect of carried forward tax losses in the Company to the extent of the taxable temporary differences. 
This is due to the unlikelihood of the Company having a taxable profit in the foreseeable future to utilise the losses 
carried forward. A deferred tax asset for the remaining carried forward tax losses of £109.5 million has not been 
recognised at 31 May 2024 (31 May 2023: £80.2 million) due to uncertainty on the timing of the utilisation of 
those losses.
Significant estimates – the preparation of financial statements in accordance with UK-adopted International 
Financial Reporting Standards (IFRSs) requires the use of estimates and assumptions that affect the reported 
amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues 
and expenses during the reporting year. Although these estimates are based on management’s best knowledge 
of the amount, events or actions, actual results ultimately may differ from those estimates. The estimates and 
underlying assumptions are reviewed on an ongoing basis. The estimates and associated assumptions are based 
on historical experience and various other factors that are believed to be reasonable under the circumstances. 
Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision 
affects only that period, or in the period of the revision and future periods if the revision affects both current 
and future periods.
The Directors consider the following to be the key estimates applicable to the financial statements, which have 
a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the 
next financial year or in the longer term:
IMPAIRMENT OF CAPITALISED DEVELOPMENT COSTS
Intangible assets are subject to amortisation and reviewed for impairment whenever events or changes in 
circumstances indicate that the carrying amount may not be recoverable, for example a decision to suspend a 
self-published title under development. Judgement around amortisation periods is needed to ensure the useful 
economic life of a game is relevant to the expected period of customer demand. Amortisation of IP licenses is 
presented in cost of sales, with impairments presented within research and development expenses. Amortisation 
and impairment of development costs are presented within research and development expenses. This presentation 
is consistent with industry practice.
An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its 
recoverable amount.
The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. For the purposes 
of assessing impairment, assets are reviewed by project for which there are separately identifiable cashflows. 
Estimated future cashflows are discounted to their present value using a pre-tax discount rate that reflects 
current market assessments of the time value of money and the risks specific to the asset. 
Games developed to be self-published are reviewed for impairment based on the status at the end of each 
financial year and at the half year against projected net earnings.
FRONTIER DEVELOPMENTS PLC ANNUAL REPORT AND ACCOUNTS 2024
60
FINANCIAL STATEMENTS

FRONTIER DEVELOPMENTS PLC ANNUAL REPORT AND ACCOUNTS 2024
61
FINANCIAL STATEMENTS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MAY 2024
3. KEY SOURCES OF ESTIMATION UNCERTAINTY AND CRITICAL ACCOUNTING JUDGEMENTS CONTINUED
IMPAIRMENT OF CAPITALISED DEVELOPMENT COSTS CONTINUED
The Group recognised an impairment charge of £16.9 million in FY24 in respect of intangible assets relating to 
Warhammer Age of Sigmar: Realms of Ruin following disappointing financial performance following release. 
Further information is included in note 10 in respect of this impairment. The Group recognised total impairment 
losses of £18.1 million during FY23. £15.0 million related to the F1® Manager Franchise due to the financial 
performance of F1® Manager 2022 (released in August 2022) and F1® Manager 2023 (released in July 2023). 
£3.1 million related to games published under the Foundry games label following disappointing financial 
performance following release.
USEFUL LIFE OF CAPITALISED DEVELOPMENT COSTS
Amortisation of capitalised development costs, included within other intangible assets, is calculated over the 
useful economic lives of the assets, which is over the period of expected benefit between one and three years 
for game technology and one and four years for game developments. The estimates of useful economic lives 
are reviewed at least annually for any changes to this estimate.
SHARE-BASED PAYMENTS
Estimating fair value for share-based payment transactions requires determination of the most appropriate 
valuation model, which depends on the terms and conditions of the grant. This estimate also requires determination 
of the most appropriate inputs to the valuation model including the expected life of the share option or appreciation 
right, volatility and dividend yield and making assumptions about them. For the measurement of the fair value 
of equity-settled transactions with employees at the grant date, the Group uses the Black-Scholes option pricing 
model or the Monte Carlo simulation. The assumptions and models used for estimating fair value for share-based 
payment transactions are disclosed in note 23.
4. SEGMENT INFORMATION
The Group identifies operating segments based on internal management reporting that is regularly reviewed 
by the chief operating decision maker and reported to the Board. The chief operating decision maker is the 
Chief Executive Officer.
Management information is reported as one operating segment, being revenue from publishing games and 
revenue from other streams such as royalties and licencing.
The Group does not provide any information on the geographical location of sales as the majority of revenue 
is through third-party distribution platforms which are responsible for the sales data of consumers. The cost 
to develop this information internally would be excessive.
The majority of the Group’s non-current assets are held within the UK.
All material revenue is categorised as either publishing revenue or other revenue.
The Group typically satisfies its performance obligations at the point that the product becomes available to 
the customer and payment is received upfront by the distributors.
Other revenue mainly related to royalty income in both years.
12 months to
31 May 2024
£’000
12 months to
31 May 2023
£’000
Publishing revenue
88,096
104,084
Other revenue
1,174
491
Total revenue
89,270
104,575
Cost of sales
(27,954)
(37,230)
Gross profit
61,316
67,345
Research and development expenses
(67,881)
(67,857)
Sales and marketing expenses
(11,635)
(12,012)
Administrative expenses
(13,659)
(14,056)
Other operating income
4,851
—
Operating loss before restructuring
(27,008)
(26,580)
Restructuring costs
(1,405)
—
Operating loss
(28,413)
(26,580)
Net finance (costs)/income
(12)
71
Loss before tax
(28,425)
(26,509)
Income tax credit
6,953
5,604
Loss for the year attributable to shareholders
(21,472)
(20,905)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MAY 2024

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MAY 2024
5. STAFF COSTS
Aggregate payroll costs of persons employed by the Group (including Directors) during the year were as follows:
12 months to 
31 May 2024
£’000
12 months to 
31 May 2023
£’000
Wages and salaries
38,016
36,281
Social security costs
3,924
3,871
Pension costs
3,923
3,683
Share-based compensation (note 23)
2,778
3,340
Restructuring costs
1,287
—
Total staff costs
49,928
47,175
The average number of persons employed by the Group (including Directors) during the year was as follows:
12 months to 
31 May 2024
12 months to 
31 May 2023
Research and development
709
704
Sales, marketing and administrative
128
135
Total average number of employees
837
839
The remuneration of the Directors of Frontier Developments plc during the year was:
12 months to 
31 May 2024
£’000
12 months to 
31 May 2023
£’000
Executive Director emoluments (including bonuses)
1,106
1,239
Aggregate gains on the exercise of share options
—
—
Non-Executive Director fees
225
210
Non-Executive Director consultancy fees
50
50
The emoluments of the highest paid Director during the year were:
12 months to 
31 May 2024
£’000
12 months to 
31 May 2023
£’000
Emoluments (including bonuses and share option gains)
354
380
For detailed Directors’ remuneration disclosures refer to the Remuneration Report.
6. PROFIT/(LOSS) BEFORE TAX
12 months to
31 May 2024
£’000
12 months to 
31 May 2023
£’000
This is stated after charging:
Amortisation of other intangible assets (note 10):
  Cost of sales
1,702
1,341
  Research and development expenses
31,408
36,188
  Administrative expenses
—
—
Impairment of other intangible assets (note 10):
  Research and development expenses
16,930
18,117
Depreciation of property, plant and equipment (note 11):
  Research and development expenses
1,502
1,799
  Administrative expenses
408
486
Depreciation of right-of-use assets (note 12):
  Administrative expenses
1,872
1,624
Research and development costs expensed
19,986
15,250
Foreign exchange (losses)/gains
(153)
743
Grants towards research and development
1,041
481
Restructuring costs
1,405
—
Auditor remuneration – audit of the parent company and Group
199
217
Research and development costs expensed is defined as follows:
12 months to
31 May 2024
£’000
12 months to 
31 May 2023
£’000
Research and development expenses
66,379
66,058
Depreciation
1,502
1,799
Less: amortisation charges for game developments and game technology (note 10)
(30,965)
(34,490)
Less: impairments of other intangible assets
(16,930)
(18,117)
Research and development costs expensed
19,986
15,250
Restructuring costs of £1.4 million were incurred from the Organisational Review undertaken in FY24 (FY23: £nil), 
with redundancy costs making up the majority of the cost.
FRONTIER DEVELOPMENTS PLC ANNUAL REPORT AND ACCOUNTS 2024
62
FINANCIAL STATEMENTS

FRONTIER DEVELOPMENTS PLC ANNUAL REPORT AND ACCOUNTS 2024
63
FINANCIAL STATEMENTS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MAY 2024
7. TAXATION ON ORDINARY ACTIVITIES
The major components of the income tax credit are:
Consolidated income statement
12 months to
31 May 2024
£’000
12 months to 
31 May 2023
£’000
Current tax:
  Credit in respect of current year
(5,868)
(4,749)
  Adjustments in respect of prior years
(894)
(68)
Total current tax
(6,762)
(4,817)
Deferred tax:
  Credit in respect of current year
(185)
(610)
  Adjustments in respect of prior years
(6)
(9)
  Relating to changes in tax rates
—
(168)
Total deferred tax (note 19)
(191)
(787)
Total taxation credit reported in the consolidated income statement
(6,953)
(5,604)
Consolidated equity
12 months to
31 May 2024
£’000
12 months to 
31 May 2023
£’000
Deferred tax related to items recognised in equity during the year:
  Net change in share option exercises
174
1,571
Reconciliation of total tax credit at statutory tax rates:
12 months to
31 May 2024
£’000
12 months to
31 May 2023
£’000
Loss on ordinary activities before taxation
(28,425)
(26,509)
Tax on loss on ordinary activities at standard statutory tax rate 
of 25% (2023: 20%)
(7,106)
(5,302)
Factors affecting tax expense for the year:
  Expenses not deductible for tax purposes
63
73
  Adjustments in respect of prior years
(900)
(77)
  Tax rate benefit on surrender of tax losses
—
(972)
  Video Games Tax Relief enhanced deductions on which credits claimed
(7,290)
(4,963)
  Benefit of Patent Box
—
(234)
  Deferred tax not recognised
8,259
6,163
  Effect of changes in tax rate
—
(168)
  Effect of higher tax rates in Canada
21
(124)
Total taxation credit reported in the consolidated income statement
(6,953)
(5,604)
In the Spring Budget 2021, the Government announced that from 1 April 2023 the corporation tax rate increased to 
25%. On 31 May 2024, tax on profit on ordinary activities was therefore being measured at the rate of 25% and the 
deferred taxes have been measured using the tax rate at the date that the deferred tax asset or liability unwinds 
of 25% (31 May 2023: 20–25%).
For FY24, the Group has recorded a total corporation tax credit of £7.0 million (FY23: £5.6 million). The Group benefits 
from the enhanced tax deductions available from the Video Games Tax Relief (VGTR) scheme. The Group did not 
benefit from the Patent Box relief in FY24 as the Group did not generate sufficient profit from patented income. 
In FY23, the Group benefitted from the Patent Box relief that reduced the taxable profit for Jurassic World Evolution 2.
The Group recognised a prior year adjustment of £900k during FY24 due to additional core expenditure in the 
F1® Manager Franchise VGTR claim. During FY23, the Group recognised a prior year adjustment of £77k due 
to additional core expenditure in the Elite Dangerous VGTR claim and brought forward balances on Complex 
Games Inc.
Effective from 1 April 2023, the corporation tax rate of 25% is aligned with the VGTR tax credit and therefore is no 
tax rate benefit on surrender of losses for the VGTR tax credit. The tax rate benefit on surrender of tax losses of 
£972k during FY23 is the additional 5% tax benefit received in respect of surrendering the current year losses for 
the VGTR tax credit at 25% for the following trades: Elite Dangerous, F1® Manager Franchise, Warhammer Age of 
Sigmar: Realms of Ruin, and Planet Coaster 2.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MAY 2024

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MAY 2024
7. TAXATION ON ORDINARY ACTIVITIES CONTINUED
The Group benefits from VGTR and can claim an additional (enhanced) deduction from its taxable profit relating to 
the video game trades. In FY24, the additional deduction in respect of VGTR was £7.3 million, being £29.2 million 
of qualifying expenditure at a tax rate of 25% (FY23: £5.0 million being £24.1 million of qualifying expenditure at a 
tax rate of 20%). The £2.3 million year on year increase in the enhanced deduction was due to the increase in core 
development expenditure in respect of video games that are subject to VGTR.
During FY24, deferred tax not recognised of £8.3 million relates to the tax effected saving on the employee 
share scheme deduction of £1.3 million, a temporary difference arising on the deferred income in respect of 
the Research and Development Expenditure Credit (RDEC) grant of £0.1 million and unrecognised tax losses 
movement of £6.9 million. 
The unrecognised deferred tax asset in respect of tax losses of £6.9 million is the additional £27.5 million of tax 
losses in the year, at a tax rate of 25%. The additional tax losses are in respect of £23.4 million of current year 
losses, plus £4.1 million of losses that have been derecognised in FY24 to bring the deferred tax asset to £nil due 
to the unlikelihood of the Group having taxable profits in the foreseeable future to utilise the additional losses. 
Refer to note 19 for more details on tax losses.
The losses do not have an expiry date.
8. EARNINGS/(LOSS) PER SHARE
The calculation of the basic earnings/(loss) per share is based on the profits/(losses) attributable to the 
shareholders of Frontier Developments plc divided by the weighted average number of shares in issue during 
the year. 
12 months to 
31 May 2024
12 months to 
31 May 2023
Loss attributable to shareholders (£’000)
(21,472)
(20,905)
Weighted average number of shares
38,608,645
39,025,746
Basic loss per share (p)
(55.6)
(53.6)
The calculation of the diluted earnings/(loss) per share is based on the profits/(losses) attributable to the 
shareholders of Frontier Developments plc divided by the weighted average number of shares in issue during 
the year as adjusted for the dilutive effect of share options.
12 months to 
31 May 2024
12 months to 
31 May 2023
Loss attributable to shareholders (£’000)
(21,472)
(20,905)
Diluted weighted average number of shares
38,608,645
39,025,746
Diluted loss per share (p)
(55.6)
(53.6)
The reconciliation of the average number of Ordinary Shares used for basic and diluted earnings/(loss) per share 
is as follows:
12 months to 
31 May 2024
12 months to 
31 May 2023
Weighted average number of shares
38,608,645
39,025,746
Dilutive effect of share options
—
—
Diluted average number of shares
38,608,645
39,025,746
For the 12 months to 31 May 2024, there are 1,293,134 options that have not been included in the table above as 
they would be anti-dilutive, however could potentially dilute basic earnings per share in future years.
9. GOODWILL
2024
£’000
2023
£’000
At 1 June
7,160
—
Recognition on acquisition of subsidiary (note 27)
—
7,685
Exchange rate movement
(206)
(525)
At 31 May
6,954
7,160
The Group tests goodwill for impairment annually, or more frequently if there are indications that goodwill might 
be impaired. Goodwill acquired in a business combination is allocated to the CGUs that are expected to benefit 
from that business combination. The Group has one CGU for goodwill purposes, defined as the one operating 
segment as disclosed in notes 2 and 4.
Goodwill impairment tests were carried out at 31 May 2024 in line with the impairment tests carried out on other 
intangible assets and therefore further detail is included within note 10 in respect of these tests.
As a result of these tests, no impairment charge was required.
FRONTIER DEVELOPMENTS PLC ANNUAL REPORT AND ACCOUNTS 2024
64
FINANCIAL STATEMENTS

FRONTIER DEVELOPMENTS PLC ANNUAL REPORT AND ACCOUNTS 2024
65
FINANCIAL STATEMENTS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MAY 2024
10. OTHER INTANGIBLE ASSETS 
The Group’s other intangible assets comprise game technology, game developments, third-party software and 
IP licences. Game technology includes Frontier’s COBRA game engine and other technology which supports the 
development and publication of games. The game developments category includes capitalised development costs 
for base game and PDLC assets for both internally developed games and games developed by partners within the 
Frontier Foundry third-party publishing games label. Third-party software includes subscriptions to development 
and business software. Intangible assets for IP licences are recognised at the execution of the licence, based on 
the minimum guarantees payable by Frontier to the IP owner.
Game
technology
 £'000
Game
developments
£'000
Third-party
software
 £'000
IP licences 
 £'000
Total
 £'000
Cost
At 31 May 2022
19,733
129,393
2,390
11,185
162,701
Additions
3,449
34,182
429
—
38,060
Acquisition of a subsidiary
—
3,910
58
—
3,968
Exchange rate movement
—
(300)
—
—
(300)
At 31 May 2023
23,182
167,185
2,877
11,185
204,429
Additions
4,558
21,963
436
1,839
28,796
Disposals
—
(490)
—
—
(490)
Exchange rate movement
—
(150)
(1)
—
(151)
At 31 May 2024
27,740
188,508
3,312
13,024
232,584
Amortisation and impairment
At 31 May 2022
9,173
77,970
1,651
3,074
91,868
Amortisation charges
3,869
31,898
421
1,341
37,529
Acquisition of a subsidiary
—
—
58
—
58
Impairment charges
3,919
12,474
—
1,724
18,117
Exchange rate movement
—
(130)
—
—
(130)
At 31 May 2023
16,961
122,212
2,130
6,139
147,442
Amortisation charges
3,014
27,951
443
1,702
33,110
Impairment charges
—
15,502
—
1,428
16,930
Disposals
—
(490)
—
—
(490)
Exchange rate movement
—
(109)
(1)
—
(110)
At 31 May 2024
19,975
165,066
2,572
9,269
196,882
Net book value at 31 May 2024
7,765
23,442
740
3,755
35,702
Net book value at 31 May 2023
6,221
44,973
747
5,046
56,987
Amortisation charges for other intangible assets that relate to game technology, game developments and third-
party software are expensed within research and development expenses. Amortisation charges for IP licences are 
typically charged to cost of sales, which reflects the IP licence royalties which the minimum guarantees relate to. 
The recoverable amount of each of the assets at 31 May 2024 is determined from the value in use. The key 
assumption in calculating the value in use was the expected future cashflows. A five-year bottom up forecast for 
FY25 to FY29 inclusive has been created as a basis of the expected future cashflows, with a pre-tax discount rate 
of 10% (31 May 2023: 10%) being applied to the future cashflows. The Directors have assessed the sensitivity 
of the impairment test to incorporate reasonable possible changes in the key assumptions and noted that no 
material impairment exists in any cases. Climate change is not expected to have a material impact on future 
cashflows. The Group recognised an impairment charge of £16.9 million in FY24 in respect of intangible assets 
relating to Warhammer Age of Sigmar: Realms of Ruin as a result of the impairment tests at 31 May 2024.
Accumulated cost and amortisation of £490k has been disposed of in respect to RollerCoaster Tycoon 3 intangible 
assets included within game developments as a result of the sale of the RollerCoaster Tycoon 3 publishing rights 
on 15 March 2024 (note 25).
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MAY 2024

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MAY 2024
11. PROPERTY, PLANT AND EQUIPMENT 
Fixtures and
fittings
 £’000
Computer
equipment
 £’000
Leasehold
 improvements
 £’000
Total
£’000
Cost
At 31 May 2022
868
6,651
5,358
12,877
Additions
—
1,295
40
1,335
Acquisition of a subsidiary
12
98
53
163
Exchange rate movement
(1)
(7)
(4)
(12)
At 31 May 2023
879
8,037
5,447
14,363
Additions
42
862
56
960
Disposals
—
(19)
—
(19)
Exchange rate movement
(2)
(8)
(2)
(12)
At 31 May 2024
919
8,872
5,501
15,292
Depreciation
At 31 May 2022
696
4,190
1,351
6,237
Charge for the year
140
1,805
340
2,285
Acquisition of a subsidiary
6
98
53
157
Exchange rate movement
(1)
(7)
(4)
(12)
At 31 May 2023
841
6,086
1,740
8,667
Charge for the year
38
1,526
346
1,910
Disposals
—
(18)
—
(18)
Exchange rate movement
—
(4)
(2)
(6)
At 31 May 2024
879
7,590
2,084
10,553
Net book value at 31 May 2024
40
1,282
3,417
4,739
Net book value at 31 May 2023
38
1,951
3,707
5,696
Depreciation charges were apportioned to the consolidated income statement as follows:
 
12 months to 
31 May 2024
£’000
12 months to 
31 May 2023
£’000
Research and development expenses
1,502
1,799
Administration expenses
408
486
Total
1,910
2,285
12. LEASES
Right-of-use assets 
£’000
Cost
At 31 May 2022
24,356
Additions
—
At 31 May 2023
24,356
Additions
3,709
Exchange rate movement
(39)
At 31 May 2024
28,026
Depreciation
At 31 May 2022
4,872
Charge for the year
1,624
At 31 May 2023
6,496
Charge for the year
1,872
Exchange rate movement
(3)
At 31 May 2024
8,365
Net book value at 31 May 2024
19,661
Net book value at 31 May 2023
17,860
Right-of-use assets relate to the Group’s leases over its studio headquarters in Cambridge and a small studio 
occupied by Complex Games in Winnipeg, Canada. 
Additions of £3.7 million relate to an increase in lease liabilities (and right-of-use assets) during the year as 
a result of a rent increase on the studio in Cambridge, as well a new lease commitment for the studio for 
Complex Games.
Depreciation charges are expensed within administrative expenses in the consolidated income statement.
FRONTIER DEVELOPMENTS PLC ANNUAL REPORT AND ACCOUNTS 2024
66
FINANCIAL STATEMENTS

FRONTIER DEVELOPMENTS PLC ANNUAL REPORT AND ACCOUNTS 2024
67
FINANCIAL STATEMENTS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MAY 2024
12. LEASES CONTINUED
Set out below are the carrying amounts of lease liabilities (included under current and non-current liabilities 
in the consolidated statement of financial position) and the movements during the year:
 
2024
£’000
2023
£’000
At 1 June
19,278
20,739
Additions
3,709
—
Accretion of interest
844
607
Lease payments
(2,509)
(2,068)
Exchange rate movement
(39)
—
At 31 May
21,283
19,278
Current 
1,748
1,505
Non-current
19,535
17,773
The table below sets out the maturity profile of the contractual undiscounted payments at the year end:
 
2024
£’000
2023
£’000
In not more than three months
688
517
In more than three months but less than one year
2,098
1,551
In more than one year but less than five years
11,147
8,272
In more than five years
13,073
11,891
Total
27,006
22,231
The discount rates applied to the leases range between 5.00% and 5.25%.
13. TRADE AND OTHER RECEIVABLES
31 May 2024
£’000
31 May 2023
£’000
Trade receivables
10,136
10,744
Contingent consideration (note 25)
1,639
—
Derivative financial instruments
84
47
Financial assets (note 21)
11,859
10,791
Prepayments and other debtors
1,717
4,152
Social security and other taxes
14
615
Total trade and other receivables
13,590
15,558
All amounts are short term and the net carrying value of trade receivables is considered a reasonable 
approximation of fair value. No receivables are past their due date and the majority of receivables are balances 
due from third-party distributors. The year-on-year decrease primarily relates to a receivable recognised in 
May 2023 in respect to Jurassic World Evolution 2 entering the PlayStation Plus subscription service and cash 
being received in June 2023, as well as lower prepayments and other debtors as a result of cost reductions 
undertaken during the year.
14. CASH AND CASH EQUIVALENTS
Cash and cash equivalents included the following balances by currency:
31 May 2024
£’000
31 May 2023
£’000
Great British Pounds (GBP)
13,352
14,556
US Dollars (USD)
11,073
12,400
Euros (EUR)
2,994
1,092
Canadian Dollars (CAD)
2,104
263
Total cash and cash equivalents
29,523
28,311
Cash and cash equivalents comprise cash held by the Group and short-term bank deposits with an original 
maturity of three months or less. The carrying amount of these assets approximates their fair value.
The credit risk on liquid funds is limited because the counterparties are banks with high credit ratings assigned 
by international credit-rating agencies. 
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MAY 2024

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MAY 2024
15. TRADE AND OTHER PAYABLES
CURRENT LIABILITIES
31 May 2024
£’000
31 May 2023
£’000
Trade payables
2,486
4,360
Contingent consideration
—
1,529
Employment related accruals
—
321
Accruals and other payables
7,262
8,776
Financial liabilities (note 21)
9,748
14,986
Accruals and other payables
113
114
Social security and other taxes
1,235
1,421
Total trade and other payables
11,096
16,521
Trade and other payables are due within one year. The carrying values of trade and other payables are considered 
to be a reasonable approximation of fair value. The decrease resulted from the cost reductions undertaken during 
the year, from the lower revenue related accruals and through the final payment of the contingent consideration 
in respect to the acquisition of Complex Games Inc.
NON-CURRENT LIABILITIES
31 May 2024
£’000
31 May 2023
£’000
Other payables
3,101
4,235
Other payables within non-current liabilities are minimum guarantees payable that are due to IP licence holders. 
The payment terms range between one and four years.
16. DEFERRED INCOME
Set out below are the carrying amounts of deferred income (included under current and non-current liabilities 
in the consolidated statement of financial position) and the movements during the year:
2024
£’000
2023
£’000
At 1 June
4,518
2,466
Deferred during the year
3,479
6,772
Recognised during the year
(3,390)
(4,720)
At 31 May
4,607
4,518
Current 
4,351
4,355
Non-current
256
163
All deferred revenue recognised as revenue during FY24 and FY23 related to amounts included in deferred 
income at the beginning of the year or deferred revenue during the year.
The carrying values of deferred income are considered to be a reasonable approximation of fair value.
Deferred income at the year end comprises:
31 May 2024
£’000
31 May 2023
£’000
Elite Dangerous virtual currency
860
796
Physical discs still within the distribution channel
663
1,288
Pre-orders of content not yet released
1,503
—
Subscription deals
911
1,990
Total deferred revenue
3,937
4,074
Research and Development Expenditure Credit (RDEC) grant
670
444
Total deferred income
4,607
4,518
FRONTIER DEVELOPMENTS PLC ANNUAL REPORT AND ACCOUNTS 2024
68
FINANCIAL STATEMENTS

FRONTIER DEVELOPMENTS PLC ANNUAL REPORT AND ACCOUNTS 2024
69
FINANCIAL STATEMENTS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MAY 2024
16. DEFERRED INCOME CONTINUED
Income deferred during the year is as follows:
12 months to 
31 May 2024
£’000
12 months to 
31 May 2023
£’000
Elite Dangerous virtual currency
220
201
Physical discs still within the distribution channel
332
4,137
Pre-orders of content not yet released
1,503
—
Subscription deals
911
1,990
Total revenue deferred
2,966
6,328
Research and Development Expenditure Credit (RDEC) grant
513
444
Total income deferred
3,479
6,772
Deferred income recognised during the year is as follows:
12 months to 
31 May 2024
£’000
12 months to 
31 May 2023
£’000
Elite Dangerous virtual currency
156
206
Physical discs still within the distribution channel
957
4,514
Subscription deals
1,990
—
Total deferred revenue recognised
3,103
4,720
Research and Development Expenditure Credit (RDEC) grant
287
—
Total deferred income recognised
3,390
4,720
17. CURRENT TAX ASSETS
Current tax assets in the consolidated statement of financial position are as follows:
31 May 2024
£’000
31 May 2023
£’000
Current tax assets
7,216
9,438
The Group has recognised current tax assets in respect of Video Games Tax Relief claims of £7.2 million at 
31 May 2024 (31 May 2023: £9.4 million).
18. PROVISIONS
Dilapidations
£’000
Restructuring
£’000
Total
£’000
At 31 May 2022
56
—
56
Provided for in the year
15
—
15
At 31 May 2023
71
—
71
Provided for in the year
14
1,405
1,419
Provision used during the year
—
(1,405)
(1,405)
At 31 May 2024
85
—
85
The dilapidations provision is based on the estimated costs of work to be performed to bring the buildings back to 
a state of repair and condition similar to the start of the lease. 
The restructuring provision relates to costs provided for in respect to the Organisational Review undertaken 
during the year, with all of the provision being utilised at 31 May 2024.
19. DEFERRED TAX ASSETS AND LIABILITIES
Consolidated statement 
of financial position
Consolidated income statement
Consolidated statement 
of changes in equity
31 May 2024
£’000
31 May 2023
£’000
12 months to 
31 May 2024
£’000
12 months to 
31 May 2023
£’000
12 months to 
31 May 2024
£’000
12 months to 
31 May 2023
£’000
Short-term temporary differences
92 
99 
7
(19)
— 
— 
Intangible and tangible fixed assets
(3,863)
(2,328)
1,547
(1,356)
— 
— 
Potential future share option exercises
6 
835 
655
519 
174 
1,571 
Research and Development 
Expenditure Credit
358 
183 
(175)
(112)
— 
— 
Losses available for offsetting 
against future taxable income
3,017 
792 
(2,225)
181 
— 
— 
Deferred tax (benefit)/expense
(191)
(787)
174 
1,571 
Net deferred tax liabilities
(390)
(419)
Reflected in the consolidated 
statement of financial position 
as follows:
Deferred tax assets
3,473 
1,909 
Deferred tax liabilities
(3,863)
(2,328)
Net deferred tax liabilities
(390)
(419)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MAY 2024

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MAY 2024
19. DEFERRED TAX ASSETS AND LIABILITIES CONTINUED
In the Spring Budget 2021, the Government announced that from 1 April 2023 the corporation tax rate increased 
to 25%. At the balance sheet date, deferred taxes have therefore been measured using the tax rate at the date that 
the deferred tax asset or liability unwinds of 25% (31 May 2023: 20–25%).
On 31 May 2024, the £3.9 million deferred tax liability recognised in intangible and tangible fixed assets relates 
to £3.5 million in Frontier Developments plc and £0.4 million in Complex Games Inc. 
The Group is elected into the Research and Development Expenditure Credit (RDEC) scheme. The Research and 
Development (R&D) tax credit in FY23 and FY24 is offset against and recognised in research and development 
expenses. The total RDEC claim during FY24 is £769k (FY23: £558k) and has been recognised in the consolidated 
income statement over the life of the related intangible assets. The actual total RDEC claim for FY23 decreased 
from £558k to £470k after preparing and submitting the final FY23 UK corporation tax return. A deferred tax asset 
of £358k has been recognised due to the timing difference of the utilisation of the RDEC notional tax. £358k of the 
RDEC deferred tax asset is made up of 19% of the RDEC claim in FY22 (£375k), 20% of the RDEC claim in FY23 
(£470k) and 25% of the RDEC claim in FY24 (£769k). The RDEC notional tax will be carried forward to reduce the 
corporation tax liability in the future.
Accumulated Group tax losses at 31 May 2024 are provisionally estimated to be £121.6 million (31 May 2023: £83.4 million). 
The actual accumulated Group tax losses at 31 May 2023 increased to £98.2 million after preparing and submitting 
the final FY23 corporation tax returns. The increase of £14.8 million is primarily due to the increase in Patent Box 
relief in the final FY23 UK corporation tax return.
The accumulated UK tax losses movement of £23.4 million during FY24 relates to current year losses created 
from non-VGTR trades that were not utilised during the year.
Out of the £121.6 million of tax losses carried forward at 31 May 2024, £12.1 million of tax losses were recognised 
as a deferred tax asset. £12.1 million was recognised in Frontier Developments plc to the extent of the taxable 
temporary differences due to the unlikelihood of the Company having taxable profits in the foreseeable future to 
utilise the additional losses. £0.1 million of tax losses previously recognised in Complex Games Inc in FY23 were 
fully utilised against the taxable profit generated in FY24.
The Group’s tax arrangements concerning income streams under VGTR and Patent Box enhancements can be 
complex and at 31 May 2024 there was insufficient certainty concerning the utilisation of other tax losses to 
create any other deferred tax assets related to accumulated losses. It is anticipated that Patent Box deductions 
and VGTR enhanced deductions will continue to be available in future periods, which will continue to have a 
significant impact on the taxable losses of the Group and therefore the utilisation of brought forward losses. 
Taking the above into account, and in line with forecasts for future years, the Group does not expect to utilise the 
remaining unused tax losses in the foreseeable future. The Group’s total unrecognised tax losses at 31 May 2024 
were £109.5 million (31 May 2023: £80.2 million). 
The losses do not have an expiry date.
20. SHARE CAPITAL AND SHARE PREMIUM
The movement during the year on the Group and Company’s issued share capital was as follows:
Number
Nominal value 
£
At 31 May 2022
39,423,349
197,117
Shares issued on option exercises and warrants
55,186
276
At 31 May 2023
39,478,535
197,393
Shares issued on option exercises
—
—
At 31 May 2024
39,478,535
197,393
No Ordinary Shares were issued during FY24.
For detailed information of the exercise of options and warrants, refer to page 72 of the consolidated 
financial statements.
The movement during the year on the Group and Company’s share premium was as follows:
£’000
At 31 May 2022
36,468
Shares issued on option exercises and warrants
79
At 31 May 2023
36,547
Shares issued on option exercises
—
At 31 May 2024
36,547
FRONTIER DEVELOPMENTS PLC ANNUAL REPORT AND ACCOUNTS 2024
70
FINANCIAL STATEMENTS

FRONTIER DEVELOPMENTS PLC ANNUAL REPORT AND ACCOUNTS 2024
71
FINANCIAL STATEMENTS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MAY 2024
21. FINANCIAL ASSETS AND LIABILITIES
The carrying amounts presented in the consolidated statement of financial position relate to the following 
categories of financial assets and liabilities:
31 May 2024
£’000
31 May 2023
£’000
Financial assets at amortised cost
Trade and other receivables (note 13)
10,136
10,791
Cash and cash equivalents (note 14)
29,523
28,311
Total
39,659
39,102
31 May 2024
£’000
31 May 2023
£’000
Financial liabilities at amortised cost
Trade and other payables (note 15)
12,849
19,221
Deferred income (note 16)
4,607
4,518
Lease liabilities (note 12)
21,283
19,278
Total
38,739
43,017
The Group’s financial instruments measured at fair value are summarised below:
31 May 2024
£’000
31 May 2023
£’000
Financial assets at FVTPL
Forward foreign exchange contracts – held for trading
84
47
Contingent consideration (note 25)
1,639
—
The Group used forward foreign exchange contracts to mitigate exchange rate exposure arising from forecast 
sales in US Dollars. The forward contracts are considered by management to be part of economic hedge 
arrangements but have not been formally designated.
All forward contracts are held at fair value through the profit and loss by reference to the exchange rate at the 
balance sheet date.
The Group’s foreign currency forward contracts have been fair valued using observable forward exchange rates 
corresponding to the maturity of the contract. The observable forward exchange rates are provided by a third 
party. They are defined as level 2 within the fair value hierarchy. There were no transfers between levels in 
FY24 or FY23.
22. INVESTMENT IN SUBSIDIARY UNDERTAKINGS
The results and financial position of all the subsidiaries are included in the consolidated financial statements. 
Details of the Company’s direct and indirect subsidiaries as at 31 May 2024 are set out below:
Name of company
Country of 
incorporation
Proportion 
of Ordinary 
Shares held
Nature of business
Registered office
Frontier Developments Inc.
USA
100%
Publisher support 
services
500 N. Rainbow Blvd, Suite 300, 
Las Vegas NV 89107, USA
Frontier Games Limited
UK
100%
Game development 
services
26 Science Park, Milton Road, 
Cambridge CB4 0FP, UK
Complex Games Inc.
Canada
100%
Game development 
services
300 -161 Portage Avenue E., 
Winnipeg, MB, R3B 2L6, Canada
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MAY 2024

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MAY 2024
23. SHARE OPTIONS
The Group has a number of share schemes whereby options may be granted to employees (including Executive 
Directors) to subscribe for Ordinary Shares in the Group.
The Group operates an HMRC-approved Company Share Option Plan (from January 2014), an unapproved scheme 
(from January 2014), an HMRC-approved Sharesave scheme (from October 2017 onwards) and a Long Term 
Incentive Plan (from November 2017 onwards). All share option grants have a contractual term of ten years. 
The unapproved options carry similar conditions to the main Company Share Option Plan with a vesting period 
of three years, except for one tranche issued on 15 September 2014 that had a shorter vesting period of one 
year. The Long Term Incentive Plan has a vesting period ranging between one and three years and typically has 
performance conditions attached to the options.
Date of grant
Scheme or warrant type
Period when
exercisable
Price in 
pence
2024
Number 
outstanding
2023
Number 
outstanding
21 March 2014
Company Share Option Plan
2017–2024
224.5
—
40,700
15 September 2014
Company Share Option Plan
2017–2024
257.5
60,480
60,480
15 September 2014
Unapproved options
2017–2024
257.5
40,900
40,900
15 September 2014
Unapproved options
2015–2024
257.5
288,350
288,350
10 March 2015
Company Share Option Plan
2018–2025
230.0
28,500
30,500
10 March 2015
Unapproved options
2018–2025
230.0
4,000
4,000
21 September 2015
Company Share Option Plan
2018–2025
193.5
19,600
19,600
21 September 2015
Unapproved options
2018–2025
193.5
11,000
11,000
8 September 2016
Company Share Option Plan
2019–2026
174.0
12,300
16,300
8 September 2016
Unapproved options
2019–2026
174.0
23,750
34,750
9 February 2017
Company Share Option Plan
2020–2027
278.0
8,150
8,150
31 May 2017
Unapproved options
2020–2027
406.0
7,389
7,389
31 May 2017
Unapproved options
2020–2027
250.0
100,000
100,000
10 November 2017
Company Share Option Plan
2020–2027
1,094.0
26,330
27,005
10 November 2017
Long Term Incentive Plan
2020–2027
0.5
43,119
48,021
17 October 2018
Company Share Option Plan
2021–2028
1,130.0
31,286
35,998
17 October 2018
Long Term Incentive Plan
2021–2028
0.5
85,298
90,958
6 February 2019
Company Share Option Plan
2022–2029
886.0
3,386
3,386
6 February 2019
Long Term Incentive Plan
2022–2029
0.5
558
558
1 April 2019
Sharesave 
2022
 783.0
—
2,298
4 October 2019
Company Share Option Plan
2022–2029
 1,002.0
29,939
35,361
4 October 2019
Long Term Incentive Plan
2022–2029
 0.5 
167,795
174,186
25 March 2020
Sharesave 
2023
 947.0
—
4,655
8 October 2020
Sharesave 
2023–2024
 2,040.0
1,444
2,148
Date of grant
Scheme or warrant type
Period when
exercisable
Price in 
pence
2024
Number 
outstanding
2023
Number 
outstanding
9 October 2020
Company Share Option Plan
2023–2030
 2,455.0 
2,442
3,663
9 October 2020
Long Term Incentive Plan
2023–2030
 0.5 
41,461
76,858
27 November 2020
Long Term Incentive Plan
2023–2030
 0.5 
779
927
25 March 2021
Sharesave 
2024
 1,972.0
1,368
1,695
8 October 2021
Sharesave 
2024–2025
 2,124.0
759
970
15 October 2021
Company Share Option Plan
2024–2031
 2,540.0
2,362
2,362
15 October 2021
Long Term Incentive Plan
2024–2031
 0.5 
87,676
100,210
17 March 2022
Sharesave 
2025
 972.0
4,033
13,894
17 October 2022
Sharesave 
2025–2026
 1,044.0
2,872
5,728
4 November 2022
Company Share Option Plan
2025–2032
 1,272.0
98,090
125,878
4 November 2022
Long Term Incentive Plan
2023–2032
 0.5.0
321,644
367,328
4 November 2022
Unapproved options
2025–2032
 1,272.0
35,182
35,182
17 February 2023
Long Term Incentive Plan
2024–2033
 0.5 
7,955
9,546
17 March 2023
Sharesave 
2026
 354.0
454,829
744,427
22 May 2023
Company Share Option Plan
2026–2033
 582.0
64,782
84,055
3 July 2023
Long Term Incentive Plan
2026–2033
 0.5 
5,000
—
26 April 2024
Long Term Incentive Plan
2026–2034
 0.5 
325,000
—
26 April 2024
Unapproved options
2026–2034
 206.0
28,000
—
30 April 2024
Company Share Option Plan
2027–2034
 209.0
537,000
—
30 April 2024
Unapproved options
2027–2034
 209.0
28,000
—
Total number of share options
3,042,808
2,659,416
FRONTIER DEVELOPMENTS PLC ANNUAL REPORT AND ACCOUNTS 2024
72
FINANCIAL STATEMENTS

FRONTIER DEVELOPMENTS PLC ANNUAL REPORT AND ACCOUNTS 2024
73
FINANCIAL STATEMENTS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MAY 2024
23. SHARE OPTIONS CONTINUED
Movements in the number of share options outstanding:
31 May 2024
Number
31 May 2023
Number
Opening balance
2,659,416
1,807,088
Granted
928,500
1,461,795
Exercised
(18,252)
(145,677)
Lapsed
(526,856)
(463,790)
Closing balance
3,042,808
2,659,416
Weighted average exercise price on closing balance (p)
251.8
315.6
The share-based compensation charge in the consolidated income statement in FY24 was £2.8 million 
(FY23: £3.3 million).
Under the rules of the Company Share Option Plan (approved and unapproved), typically options are not 
exercisable until three years from the date of the grant. There are no performance conditions attaching to the 
options and the only vesting condition is continued service in the Group.
Under the rules of the Long Term Incentive Plan, options are not exercisable until at least one year from the date 
of the grant. Typically, there are performance conditions attached to the options related to both profit and share 
price (TSR) performance during the vesting period and continued service in the Group is required in order to vest.
FAIR VALUE ASSUMPTIONS OF SHARE-BASED PAYMENTS
The fair value of services received in return for share options is measured by reference to the fair value of 
share options granted. The estimate of fair value is measured using the Black-Scholes model or the Monte Carlo 
simulation. Details of the share options granted in the year, together with the assumptions used in determining 
the fair value, are summarised below:
CSOP and unapproved options
Unapproved 
26 April 2024
CSOP 
30 April 2024
Unapproved 
30 April 2024
Share price at date of grant (p)
208.5
228.5
228.5
Exercise price (p)
206.0
209.0
209.0
Expected time to expiry (years)
6.00
6.50
6.50
Risk-free interest rate (%)
5.15
5.18
5.18
Expected dividend yield on shares (%)
—
—
—
Expected volatility of share price (%)
68.30
68.55
68.55
Fair value of options granted (p)
137.6
158.9
158.9
LTIP
LTIP 3 July 2023
LTIP 26 April 2024
Share price at date of grant (p)
576.0
208.5
Exercise price (p)
0.5
0.5
Expected time to expiry (years)
3.00
2.00
Risk-free interest rate (%)
4.43
5.15
Expected dividend yield on shares (%)
—
—
Expected volatility of share price (%)
56.79
68.30
Fair value of options granted (p)
575.6
208.0
EMPLOYEE BENEFIT TRUST (EBT)
On 5 December 2014, the Company set up an EBT for the purposes of allowing employees to exercise their 
share options, including the choice of being able to do this on a cashless exercise basis. The exercise of options 
is approved by the Board at each Board meeting, outside of share dealing closed periods, under a letter of 
recommendation to the Trustees of the EBT. The fulfilment of the share option conversions, whether by issue of 
shares to the EBT or market purchases, is also made at the same time. The EBT is limited under ABI guidelines 
to holding not more than 10% of the Ordinary Share capital of the Group. The Trustees are appointed by Ocorian 
Limited, which administers the Trust. The number of share options exercised by employees in the year and 
fulfilled as part of these arrangements was 18,252 Ordinary Shares. The EBT had no other assets or liabilities 
at 31 May 2024 outside of its interest in 862,010 Ordinary Shares.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MAY 2024

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MAY 2024
24. RELATED PARTY TRANSACTIONS
One shareholder receives ongoing royalties or commission as a percentage of royalty sales for some of the 
Group’s video games launched in prior periods.
Connected party
Expense paid
31 May 2024
£’000
Creditor balance
31 May 2024
£’000
Expense paid
31 May 2023
£’000
Creditor balance
31 May 2023
£’000
Chris Sawyer – royalties
252
—
313
—
Connected party
Change in value of
 loan expense paid
31 May 2024
£’000
Change in value of
 loan expense paid
31 May 2023
£’000
Contribution to EBT to purchase shares on market
—
3,000
Voluntary contribution to the Trust to repay outstanding loan balance during 
the year
—
(3,000)
Movement in year
—
—
Opening loan balance
—
—
Closing loan balance
—
—
REMUNERATION OF KEY MANAGEMENT PERSONNEL
The actual remuneration of the Directors, who are the key management personnel of the Group, is disclosed in the 
Remuneration Report. The contractual employee benefits are set out below in aggregate for each of the categories 
specified in IAS 24 – Related Party Disclosures.
31 May 2024
£’000
31 May 2023
£’000
Short-term employee benefits (including aggregate gains on the exercise 
of share options)
1,381
1,499
Post-employment benefits
—
—
Other long-term benefits
—
—
Termination benefits
—
—
IFRS 2 share-based payment charge
690
778
Consultancy fees are paid to Tumbling Dice Ltd, a company in which David Walsh is a common director, amounting 
to £50k in FY24 (FY23: £50k). The amount outstanding at 31 May 2024 is £nil (31 May 2023: £4k).
25. FINANCIAL INSTRUMENT RISKS
RISK MANAGEMENT OBJECTIVES AND POLICIES
The Group is exposed to various risks in relation to financial assets and liabilities, which are summarised 
by category in note 21. The main types of risks are credit risk, currency risk and liquidity risk.
The Group’s risk management is coordinated in close cooperation with the Board of Directors.
The Group does not actively engage in the trading of financial assets for speculative purposes. The most 
significant financial risks to which the Group is exposed to are described below.
CREDIT RISK
The Group’s exposure is limited to the carrying amount of financial assets and cash and cash equivalents 
recognised at the year end date (as summarised in note 21).
In order to minimise credit risk, the Group endeavours only to deal with counterparties which are demonstrably 
creditworthy. The Group deals with a low number of counterparties, which are all deemed to be quality counterparties.
The Group’s management considers all financial assets, not impaired, for each reporting date to be of good credit 
quality, including those past due. The Board monitors the credit risk by reference to the date of receipt compared 
to the contractual terms.
The Group considers it has minimal credit risk for liquid funds and other short-term financial assets as cash is 
held with reputable UK, US and Canadian banks.
At the year end, the Group’s financial assets are secured by a debenture issued in favour of Barclays Bank plc.
FRONTIER DEVELOPMENTS PLC ANNUAL REPORT AND ACCOUNTS 2024
74
FINANCIAL STATEMENTS

FRONTIER DEVELOPMENTS PLC ANNUAL REPORT AND ACCOUNTS 2024
75
FINANCIAL STATEMENTS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MAY 2024
25. FINANCIAL INSTRUMENT RISKS CONTINUED
CREDIT RISK CONTINUED
Set out below is the information about the credit risk exposure on the Group’s trade and other receivables using a provision matrix:
31 May 2024
Days past due
31 May 2023
Days past due
Current
£’000
<30 days
£’000
30–60 days
£’000
61–90 days
£’000
>91 days
£’000
Total
£’000
Current
£’000
<30 days
£’000
30–60 days
£’000
61–90 days
£’000
>91 days
£’000
Total
£’000
Expected credit loss rate
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Estimated total gross 
carrying amount at default
10,136
—
—
—
—
10,136
10,791
—
—
—
—
10,791
Expected credit loss
—
—
—
—
—
—
—
—
—
—
—
—
FOREIGN CURRENCY RISK
The Group’s reporting currency is Sterling. Exposure to currency exchange rates arises where transactions are in a currency other than the functional currency of the entity, primarily US Dollars (USD), Euros (EUR) and Canadian 
Dollars (CAD).
The Group has entered into several forward contracts during the financial year in order to mitigate the risk of US currency movements. The closing fair value of the contracts has been disclosed within note 21 and accounted for 
at fair value through the profit and loss.
The carrying amounts of the Group’s Canadian Dollar, US Dollar and Euro-denominated monetary assets outside the functional currency of the entity at the reporting date are as follows:
31 May 2024
31 May 2023
CAD
£’000
USD
£’000
EUR
£’000
CAD
£’000
USD
£’000
EUR
£’000
Monetary assets
2,105
11,073
2,994
263
12,400
1,092
In addition, some of the Group’s revenue and overhead transactions are completed in a foreign currency. 
FOREIGN CURRENCY SENSITIVITY ANALYSIS
The following table details the Group’s sensitivity to a 5% increase or decrease in the Sterling exchange rate against all relevant currencies, albeit the main exposures are to US Dollars, Euros and Canadian Dollars. An increase in 
Sterling would lead to a decrease in income and a decrease in equity.
2024
£’000
2023
£’000
Effect of a 5% change in relevant exchange rate on:
Consolidated income statement
2,315
2,665
Equity
1,057
937
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MAY 2024

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MAY 2024
25. FINANCIAL INSTRUMENT RISKS CONTINUED
LIQUIDITY RISK ANALYSIS
Liquidity risk is the risk arising from the Group not being able to meet its obligations as they fall due. The Group 
manages its liquidity needs by carefully monitoring forecast cash inflows and outflows due in day-to-day business. 
Net cash requirements determine headroom or any shortfalls over the medium term. This analysis shows if 
there is a need to use the revolving credit facility or seek external funding or the need to secure finance from its 
shareholder base.
The Group’s financial liabilities have contractual maturities as summarised below:
Current
Non-current
Within
6 months
£’000
Between 6 and
12 months
£’000
Between 1 and
5 years
£’000
Later than
5 years
£’000
At 31 May 2024
Trade and other payables 
8,160
1,588
3,101
—
Deferred income
2,073
2,278
256
—
Lease liabilities
867
893
7,965
11,558
At 31 May 2023
Trade and other payables
13,647
1,339
4,235
—
Deferred income
3,333
1,022
163
—
Lease liability
752
753
6,486
11,287
FINANCIAL ASSETS USED FOR MANAGING LIQUIDITY RISK
Cashflows from trade and other receivables are contractually due within six months.
Cash is generally held in accounts with immediate notice. Where surplus cash deposits are identified these are 
placed in accounts with access terms of no more than three months.
CHANGES IN LIABILITIES ARISING FROM FINANCING ACTIVITIES
1 June 2023
£’000
Cashflows
Additions
Other
31 May 2024
£’000
Current lease liabilities
1,505
(1,505)
—
1,748
1,748
Non-current lease liabilities
17,773
(1,004)
3,709
(943)
19,535
Forward foreign exchange 
contracts – held for trading
47
—
—
37
84
Total liabilities from 
financing activities
19,325
(2,509)
3,709
842
21,367
SALE OF ROLLERCOASTER TYCOON 3 PUBLISHING RIGHTS
On 15 March 2024, Frontier sold the game asset and associated publishing and development rights for RCT3 
(‘RCT3 assets’), that was previously capitalised as an intangible asset, to Atari to enable Atari to become the sole 
publisher of all major titles within the RollerCoaster Tycoon Franchise. This has therefore been accounted for 
as a disposal of a fully amortised other intangible asset (note 10). Total consideration for the sale of the RCT3 
assets was agreed at US$7.0 million, comprising £3.2 million (US$4.0 million) of up-front cash and £2.4 million 
(US$3.0 million) of deferred cash consideration. A gain on sale of the RCT3 assets of £4.9 million, representing 
the up-front consideration received in the period (£3.2 million) and the discounted net present value of future 
consideration (£1.7 million), has been recorded in other operating income in the consolidated income statement.
Fair value measurements using significant unobservable inputs (level 3)
The following table presents the changes in level 3 items during the year:
Contingent
consideration
£’000
At 31 May 2023
—
Gains recognised in other operating income
1,713
Cash received
(57)
Exchange rate movement
(17)
At 31 May 2024
1,639
FRONTIER DEVELOPMENTS PLC ANNUAL REPORT AND ACCOUNTS 2024
76
FINANCIAL STATEMENTS

FRONTIER DEVELOPMENTS PLC ANNUAL REPORT AND ACCOUNTS 2024
77
FINANCIAL STATEMENTS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MAY 2024
25. FINANCIAL INSTRUMENT RISKS CONTINUED
SALE OF ROLLERCOASTER TYCOON 3 PUBLISHING RIGHTS CONTINUED
Valuation inputs and relationships to fair value
The following table summarises the quantitative information about the significant unobservable inputs used in level 3 fair value measurements:
Fair value at
Description
31 May 2024
£’000
31 May 2023
£’000
Unobservable inputs
Inputs
Relationship of observable inputs to fair value
Contingent consideration
1,639
—
Discount rate
8.45%
A change in the discount rate by 100 bps would increase/decrease the fair value by £45k
Expected cash inflows
$3.0 million
If Atari decided to discontinue and no longer sell RCT3 the fair value would reduce to £nil
Valuation processes
The Finance department of the Group includes a team that performs the valuation of contingent consideration required for financial reporting purposes, including level 3 fair values. This team reports directly to the Chief Financial 
Officer (CFO) and the Audit Committee (AC). Discussions of valuation processes and results are held between the CFO, AC and the valuation team at least once every six months, in line with the Group’s half-yearly reporting periods.
The main level 3 inputs used by the Group are derived and evaluated as follows:
1.	
Discount rates are determined using a risk-free interest rate, which is defined as the Bank of England base rate plus inflation rate. 
2.	
Contingent consideration expected cash inflows are estimated based on the terms of the sale of the publishing rights and the entity’s knowledge of the business and how the current economic environment is likely to impact it.
Changes in level 3 fair values are analysed at the end of each reporting period during the half-yearly valuation discussion between the CFO, AC and the valuation team. As part of this discussion the team presents a report that 
explains the reason for the fair value movements.
26. POST BALANCE SHEET EVENT
After 31 May 2024 and before the signing of the accounts on 10 September 2024, commercial discussions with an IP partner resulted in the voluntary termination of a contract for a future game before full development started. 
This resulted in the derecognition of £1.92 million of other intangible assets and £1.96 million of non-current liabilities related to minimum guarantees. The resulting net gain of approximately £40k will be credited to the FY25 
consolidated income statement.
27. BUSINESS COMBINATIONS
On 1 November 2022 (FY23), the Group acquired experienced game development studio Complex Games Inc following a successful collaboration with the development and launch of Warhammer 40,000: Chaos Gate – Daemonhunters.
Frontier acquired 100% of the share capital in Complex for an upfront cash consideration of CAD$13.3 million (£8.4 million) and conditional deferred cash consideration of up to CAD$5.2 million (£3.3 million), which was payable 
subject to Complex meeting certain operational milestones during the period to 31 December 2023. The deferred cash consideration was payable regardless of the employment status of the sellers.
In addition, the four employee shareholders – the two founders and the two studio principals – will participate in a profit-share earn-out of up to CAD$11.8 million (£7.5 million) payable annually over five years. The purchase 
agreement stipulates that the profit-share earn-out will only be paid to each employee if they remain employed by the Group and therefore this purchase consideration is deemed to be post-acquisition expenses under IFRS 3 
(note 15).
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MAY 2024

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MAY 2024
27. BUSINESS COMBINATIONS CONTINUED
The finalised fair values of identifiable assets acquired and liabilities assumed at the acquisition date were:
Carrying value
at acquisition
£’000
Fair value
adjustment
£’000
Fair value
£’000
Non-current assets
Intangible assets
—
3,910
3,910
Property, plant and equipment
6
—
6
Total non-current assets
6
3,910
3,916
Current assets
Trade and other receivables
2,216
—
2,216
Cash and cash equivalents
411
—
411
Current tax assets
143
—
143
Total current assets
2,770
—
2,770
Current liabilities
Trade and other payables
(330)
—
(330)
Loans payable
(1,260)
—
(1,260)
Total current liabilities
(1,590)
—
(1,590)
Non-current liabilities
Deferred tax liability
—
(1,056)
(1,056)
Total non-current liabilities
—
(1,056)
(1,056)
Net identifiable assets and liabilities
1,186
2,854
4,040
Goodwill (note 9)
7,685
Total consideration
11,725
A technology-based intangible asset of £3.9 million was recognised on acquisition in game developments 
within other intangible assets, which relates to the software IP behind Warhammer 40,000: Chaos Gate – 
Daemonhunters. The recognition of the intangible asset also generated a deferred tax liability of £1.1 million, 
being the asset value at a tax rate of 27%, which is the corporation tax rate in the Province of Manitoba.
The main factors leading to the recognition of goodwill on the acquisition were the presence of certain intangible 
assets in the acquired entity, which are not valued for separate recognition. These include expertise in the 
acquired entity, enhancing and growing our development capabilities, broadening our portfolio, and extending our 
geographical footprint.
The goodwill balance did not result in a deferred tax asset as the goodwill balance is not tax deductible in the UK.
Advisor fees incurred in respect of the acquisition totalled £nil in FY24 (FY23: £0.3 million) and were charged to 
the consolidated income statement, with no further costs anticipated.
The final payment of deferred cash consideration of £1.5 million was paid during FY24 (note 15).
28. SUBSIDIARY AUDIT EXEMPTION
Frontier Games Limited (registered company number: 12553555) is exempt from the requirements relating to the 
audit of individual accounts for the year ended 31 May 2024 by virtue of Section 479A of the Companies Act 2006.
FRONTIER DEVELOPMENTS PLC ANNUAL REPORT AND ACCOUNTS 2024
78
FINANCIAL STATEMENTS

FINANCIAL STATEMENTS
FRONTIER DEVELOPMENTS PLC ANNUAL REPORT AND ACCOUNTS 2024
79
Notes
31 May 2024
£’000
31 May 2023
£’000
Non-current assets
Investment in subsidiaries
31
9,897
10,873
Other intangible assets
32
34,180
55,368
Property, plant and equipment
33
4,555
5,695
Right-of-use asset
34
18,984
17,860
Total non-current assets
67,616
89,796
Current assets
Trade and other receivables
35
14,626
15,830
Current tax assets
38
1,067
2,372
Cash and cash equivalents
36
29,128
28,069
Total current assets
44,821
46,271
Total assets
112,437
136,067
Current liabilities
Trade and other payables
37
(19,470)
(17,211)
Lease liability
34
(1,612)
(1,505)
Deferred income
16
(4,351)
(4,355)
Total current liabilities
(25,433)
(23,071)
Net current assets
19,388
23,200
Non-current liabilities
Provisions
18
(85)
(71)
Lease liability
34
(18,895)
(17,773)
Deferred income
16
(256)
(163)
Other payables
37
(3,101)
(4,235)
Total non-current liabilities
(22,337)
(22,242)
Total liabilities
(47,770)
(45,313)
Net assets
64,667
90,754
Equity
Share capital
20
197
197
Share premium account
20
36,547
36,547
Equity reserve
(13,283)
(14,553)
Retained earnings
41,206
68,563
Total equity
64,667
90,754
The Company has taken the exemption under Section 408 of the Companies Act 2006 not to present a full income statement, but the loss for the Company was £28,691k (FY23: £23,518k).
These financial statements were approved by the Directors on 10 September 2024 and signed on their behalf by:	
	
	
ALEX BEVIS
DIRECTOR
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2024
(REGISTERED COMPANY NO: 02892559)

Notes
Share
capital
£’000
Share
premium
account
£’000
Equity
reserve
£’000
Retained
earnings
£’000
Total
equity
£’000
At 31 May 2022
197
36,468
(12,769)
91,295
115,191
Loss for the year
—
—
—
(23,518)
(23,518)
Total comprehensive loss for the year
—
—
—
(23,518)
(23,518)
Issue of share capital net of expenses
20
—
79
—
—
79
Share-based payment charges
23
—
—
3,340
—
3,340
Share-based payment transfer relating to option exercises and lapses
—
—
(2,357)
2,357
—
Employee Benefit Trust cash outflows from share purchases
—
—
(3,000)
—
(3,000)
Employee Benefit Trust net cash inflows from option exercises
—
—
233
—
233
Deferred tax movements posted directly to reserves
39
—
—
—
(1,571)
(1,571)
Transactions with owners
—
79
(1,784)
786
(919)
At 31 May 2023
197
36,547
(14,553)
68,563
90,754
Loss for the year
—
—
—
(28,691)
(28,691)
Total comprehensive loss for the year
—
—
—
(28,691)
(28,691)
Share-based payment charges
23
—
—
2,778
—
2,778
Share-based payment transfer relating to option exercises and lapses
—
—
(1,508)
1,508
—
Deferred tax movements posted directly to reserves
39
—
—
—
(174)
(174)
Transactions with owners
—
—
1,270
1,334
2,604
At 31 May 2024
197
36,547
(13,283)
41,206
64,667
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
FINANCIAL STATEMENTS
FRONTIER DEVELOPMENTS PLC ANNUAL REPORT AND ACCOUNTS 2024
80

FINANCIAL STATEMENTS
FRONTIER DEVELOPMENTS PLC ANNUAL REPORT AND ACCOUNTS 2024
81
29. SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PREPARATION
The Company financial statements have been prepared in accordance with International Accounting Standards 
(IASs) in conformity with the requirements of the Companies Act 2006 and in accordance with UK-adopted IASs. 
The financial information has been prepared on a going concern basis under the historical cost convention, except 
for financial instruments held at fair value. The financial information is presented in Sterling, the presentation and 
functional currency for the Company. All values are rounded to the nearest thousand pounds (£’000) except when 
otherwise indicated.
Please refer to the Group financial statements for additional information concerning the basis of preparation. For 
references in the Company financial statements to notes numbered earlier than note 29, refer directly to specific 
notes in the Group financial statements.
The Company has taken advantage of Section 408 of the Companies Act 2006 and has not included its individual 
statement of comprehensive income in these financial statements. The Company’s overall result for the year is 
given in the statement of changes in equity.
OTHER SIGNIFICANT ACCOUNTING POLICIES
The Company applies consistent accounting policies to those applied by the Group. Please refer to the Group 
financial statements for disclosure of other relevant accounting policies.
AUDITOR STATUTORY DISCLOSURE
The audit fee for the Company is outlined in note 6 of the Group financial statements.
30. STAFF COSTS
Aggregate payroll costs of persons employed by the Company (including Directors) during the year were 
as follows:
12 months to 
31 May 2024
£’000
12 months to 
31 May 2023
£’000
Wages and salaries
36,462
35,259
Social security costs
3,894
3,854
Pension costs
3,849
3,644
Share-based compensation (note 23)
2,778
3,340
Restructuring costs
1,287
—
Total staff costs
48,270
46,097
The average number of persons employed by the Company (including Directors) during the year was as follows:
12 months to 
31 May 2024
12 months to 
31 May 2023
Research and development
673
691
Sales, marketing and administrative
127
135
Total average number of employees
800
826
31. INVESTMENT IN SUBSIDIARIES
31 May 2024
£’000
31 May 2023
£’000
Investment in subsidiaries
9,897
10,873
Details of the Company’s direct and indirect subsidiaries as at 31 May 2024 are set out in note 22 of the Group 
financial statements.
The movement during the year on the Company’s investment in subsidiaries was as follows:
£’000
At 31 May 2023
10,873
Profit-share earn-out in respect to acquisition of Complex Games Inc. paid in year
372
Deferred cash consideration in respect to acquisition of Complex Games Inc. paid in year
1,530
Paid-up capital distribution in respect to Complex Games Inc.
(2,878)
At 31 May 2024
9,897
32. OTHER INTANGIBLE ASSETS 
Game
technology
 £’000
Game
developments
£’000
Third-party
software
 £’000
IP licences 
 £’000
Total
 £’000
Cost
At 31 May 2022
19,733
129,393
2,390
11,185
162,701
Additions
3,449
33,294
429
—
37,172
Disposals
—
—
—
—
—
At 31 May 2023
23,182
162,687
2,819
11,185
199,873
Additions
4,558
20,766
436
1,839
27,599
Disposals
—
(490)
—
—
(490)
At 31 May 2024
27,740
182,963
3,255
13,024
226,982
Amortisation and impairment
At 31 May 2022
9,173
77,970
1,651
3,074
91,868
Amortisation charges
3,869
28,889
421
1,341
34,520
Impairment charges
3,919
12,474
—
1,724
18,117
Disposals
—
—
—
—
—
At 31 May 2023
16,961
119,333
2,072
6,139
144,505
Amortisation charges
3,014
26,698
443
1,702
31,857
Impairment charges
—
15,502
—
1,428
16,930
Disposals
—
(490)
—
—
(490)
At 31 May 2024
19,975
161,043
2,515
9,269
192,802
Net book value at 31 May 2024
7,765
21,920
740
3,755
34,180
Net book value at 31 May 2023
6,221
43,354
747
5,046
55,368
NOTES TO THE COMPANY FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

NOTES TO THE COMPANY FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MAY 2024
32. OTHER INTANGIBLE ASSETS CONTINUED
Accumulated cost and amortisation of £490k has been disposed of in respect to RollerCoaster Tycoon 3 intangible 
assets included within game developments as a result of the sale of the RollerCoaster Tycoon 3 publishing rights 
on 15 March 2024 (note 25).
33. PROPERTY, PLANT AND EQUIPMENT 
Fixtures and
fittings
 £’000
Computer
equipment
 £’000
Leasehold
 improvements
 £’000
Total
£’000
Cost
At 31 May 2022
868
6,651
5,358
12,877
Additions
—
1,294
40
1,334
At 31 May 2023
868
7,945
5,398
14,211
Additions
—
712
1
713
Disposals
—
(19)
—
(19)
At 31 May 2024
868
8,638
5,399
14,905
Depreciation
At 31 May 2022
696
4,190
1,351
6,237
Charge for the year
134
1,805
340
2,279
At 31 May 2023
830
5,995
1,691
8,516
Charge for the year
33
1,480
339
1,852
Disposals
—
(18)
—
(18)
At 31 May 2024
863
7,457
2,030
10,350
Net book value at 31 May 2024
5
1,181
3,369
4,555
Net book value at 31 May 2023
38
1,950
3,707
5,695
34. LEASES
Right-of-use
asset
£’000
Cost
At 31 May 2022
24,356
Additions
—
At 31 May 2023
24,356
Additions
2,885
At 31 May 2024
27,241
Depreciation
At 31 May 2022
4,872
Charge for the year
1,624
At 31 May 2023
6,496
Charge for the year
1,761
At 31 May 2024
8,257
Net book value at 31 May 2024
18,984
Net book value at 31 May 2023
17,860
The right-of-use asset relates to the Company’s lease over its studio headquarters in Cambridge.
Additions of £2.9 million relate to an increase in the lease liability (and right-of-use asset) during the year as 
a result of a rent increase on the studio in Cambridge.
Depreciation charges are expensed within administrative expenses in the income statement.
Set out below are the carrying amounts of the lease liability (included under current and non-current liabilities 
in the statement of financial position) and the movements during the year:
2024
£’000
2023
£’000
At 1 June
19,278
20,739
Additions
2,885
—
Accretion of interest
814
607
Lease payments
(2,470)
(2,068)
At 31 May
20,507
19,278
Current 
1,612
1,505
Non-current
18,895
17,773
FRONTIER DEVELOPMENTS PLC ANNUAL REPORT AND ACCOUNTS 2024
82
FINANCIAL STATEMENTS

FRONTIER DEVELOPMENTS PLC ANNUAL REPORT AND ACCOUNTS 2024
83
NOTES TO THE COMPANY FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MAY 2024
FINANCIAL STATEMENTS
34. LEASES CONTINUED
The table below sets out the maturity profile of the contractual undiscounted payments at the year end:
2024
£’000
2023
£’000
In not more than three months
654
517
In more than three months but less than one year
1,961
1,551
In more than one year but less than five years
10,459
8,272
In more than five years
13,073
11,891
Total
26,147
22,231
The discount rate applied to the lease is 5.25%.
35. TRADE AND OTHER RECEIVABLES
31 May 2024
£’000
31 May 2023
£’000
Trade receivables
10,136
10,743
Contingent consideration (note 25)
1,639
—
Intercompany receivables
1,124
328
Derivative financial instruments
84
47
Financial assets (note 40)
12,983
11,118
Prepayments and other debtors
1,643
4,124
Social security and other taxes
—
588
Total trade and other receivables
14,626
15,830
All amounts are short term and the net carrying value of trade receivables is considered a reasonable approximation 
of fair value. No receivables are past their due date and the majority of receivables are balances due from third-party 
distributors. The year-on-year decrease primarily relates to a receivable recognised in May 2023 in respect to 
Jurassic World Evolution 2 entering the PlayStation Plus subscription service and cash being received in June 2023, 
as well as lower prepayments and other debtors as result of a reduction in operating costs during the year.
Intercompany receivables are trading balances, are non-interest bearing and are payable on demand.
36. CASH AND CASH EQUIVALENTS
31 May 2024
£’000
31 May 2023
£’000
Great British Pounds (GBP)
13,352
14,556
US Dollars (USD)
10,895
12,354
Euros (EUR)
2,994
1,092
Canadian Dollars (CAD)
1,887
67
Total cash and cash equivalents
29,128
28,069
37. TRADE AND OTHER PAYABLES
CURRENT LIABILITIES
31 May 2024
£’000
31 May 2023
£’000
Trade payables
2,449
4,357
Intercompany payables
8,507
2,615
Accruals and other payables
7,213
8,696
Financial liabilities (note 40)
18,169
15,668
Accruals and other payables
113
114
Other taxation and social security
1,188
1,429
Total trade and other payables
19,470
17,211
Intercompany payables are trading balances, are non-interest bearing and payable on demand.
NON-CURRENT LIABILITIES
31 May 2024
£’000
31 May 2023
£’000
Other payables
3,101
4,235
NOTES TO THE COMPANY FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MAY 2024

NOTES TO THE COMPANY FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MAY 2024
38. CURRENT TAX ASSETS
31 May 2024
£’000
31 May 2023
£’000
Current tax assets
1,067
2,372
The Company has recognised current tax assets in respect of Video Games Tax Relief claims of £1.1 million at 
31 May 2024 (31 May 2023: £2.4 million).
39. DEFERRED TAX ASSETS AND LIABILITIES
Statement of financial position
Income statement
Statement of changes in equity
31 May 2024
£’000
31 May 2023
£’000
12 months to 
31 May 2024
£’000
12 months to 
31 May 2023
£’000
12 months to 
31 May 2024
£’000
12 months to 
31 May 2023
£’000
Short-term temporary differences
92 
99 
7
(19)
— 
— 
Intangible and tangible fixed assets
(3,473)
(1,895)
1,578
(806)
— 
— 
Potential future share 
option exercises
6 
835 
655
519 
174 
1,571 
Research and Development 
Expenditure Credit
358 
183 
(175)
(112)
— 
— 
Losses available for offsetting 
against future taxable income
3,017 
778 
(2,240)
195 
— 
— 
Deferred tax (benefit)/expense
(175)
(223)
174 
1,571 
Net deferred tax assets
— 
—
Reflected in the statement of 
financial position as follows:
Deferred tax assets
3,473 
1,895 
Deferred tax liabilities
(3,473)
(1,895)
Net deferred tax assets
— 
— 
In the Spring Budget 2021, the Government announced that from 1 April 2023 the corporation tax rate increased to 
25%. At the balance sheet date, deferred taxes have therefore been measured using the tax rate at the date that the 
deferred tax asset or liability unwinds of 25% (31 May 2023: 20–25%).
The Company is elected into the Research and Development Expenditure Credit (RDEC) scheme. The Research 
and Development (R&D) tax credit in FY23 and FY24 is offset against and recognised in research and development 
expenses. The total RDEC claim during FY24 is £769k (FY23: £558k) and has been recognised in the income 
statement over the life of the related intangible assets. The actual total RDEC claim for FY23 decreased from £558k 
to £470k after preparing and submitting the final FY23 UK corporation tax return. A deferred tax asset of £358k has 
been recognised due to the timing difference of the utilisation of the RDEC notional tax. £358k of the RDEC deferred 
tax asset is made up of 19% of the RDEC claim in FY22 (£375k), 20% of the RDEC claim in FY23 (£470k) and 25% of 
the RDEC claim in FY24 (£769k). The RDEC notional tax will be carried forward to reduce the corporation tax liability 
in the future.
Accumulated UK tax losses at 31 May 2024 are provisionally estimated to be £121.5 million (31 May 2023: £83.3 million). 
The actual accumulated UK tax losses at 31 May 2023 increased to £98.1 million after preparing and submitting 
the final FY23 UK corporation tax return. The increase of £14.8 million is primarily due to the increase in Patent 
Box relief in the final FY23 UK corporation tax return.
The accumulated UK tax losses movement of £23.4 million during FY24 relates to current year losses created 
from non-VGTR trades and not utilised during FY24.
Out of the £121.5 million of tax losses carried forward as at 31 May 2024, £12.1 million of tax losses from 
the non‑VGTR trade were recognised as a deferred tax asset at a tax rate of 25%, to the extent of the taxable 
temporary differences due to the unlikelihood of the Company having taxable profits in the foreseeable future 
to utilise the additional losses.
The Company’s tax arrangements concerning income streams under VGTR and Patent Box enhancements can 
be complex, and at 31 May 2024 there was insufficient certainty concerning the utilisation of other tax losses to 
create any other deferred tax assets related to accumulated losses. It is anticipated that Patent Box deductions 
and VGTR enhanced deductions will continue to be available in future periods which will continue to have a 
significant impact on the taxable losses of the Company and therefore the utilisation of brought forward losses. 
Taking the above into account, and in line with forecasts for future years, the Company does not expect to utilise 
the remaining unused tax losses in the foreseeable future. The Company’s total unrecognised tax losses at 
31 May 2024 were £109.4 million (31 May 2023: £80.2 million). 
The losses do not have an expiry date.
40. FINANCIAL ASSETS AND LIABILITIES
The carrying amounts presented in the statement of financial position relate to the following categories of financial 
assets and liabilities:	
	
31 May 2024
£’000
31 May 2023
£’000
Financial assets at amortised cost
Trade and other receivables (note 35)
11,260
11,118
Cash and cash equivalents (note 36)
29,128
28,069
Total
40,388
39,187
31 May 2024
£’000
31 May 2023
£’000
Financial liabilities at amortised cost
Trade and other payables (note 37)
21,270
19,903
Deferred income (note 16)
4,607
4,518
Lease liability (note 34)
20,507
19,278
Total
46,384
43,699
FRONTIER DEVELOPMENTS PLC ANNUAL REPORT AND ACCOUNTS 2024
84
FINANCIAL STATEMENTS
NOTES TO THE COMPANY FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MAY 2024

FINANCIAL STATEMENTS
FRONTIER DEVELOPMENTS PLC ANNUAL REPORT AND ACCOUNTS 2024
85
FRONTIER DEVELOPMENTS PLC (THE ‘COMPANY’) 
INCORPORATED AND REGISTERED IN ENGLAND AND WALES WITH NO. 02892559
NOTICE IS HEREBY GIVEN THAT the Annual General Meeting of the members of the Company will be held at 
The Trinity Centre located at 24 Cambridge Science Park, Milton Road, Cambridge CB4 0FN on 30 October 2024 
at 9.30am (GMT) for the purpose of considering and, if thought fit, to transact the following business. 
Resolutions 1 to 12 are proposed as ordinary resolutions and Resolutions 13 to 15 as special resolutions:
ORDINARY RESOLUTIONS
To consider and, if thought fit, pass the following resolutions as ordinary resolutions:
Resolution 1.	
To receive and adopt the financial statements for the year ended 31 May 2024 together with the 
Reports of the Directors and Auditor thereon.
Resolution 2.	
To re-appoint Ernst & Young LLP as the Company’s Auditor in accordance with Section 489 of 
the Companies Act 2006 (the ‘Act’) to hold office until the conclusion of the next Annual General 
Meeting at which the accounts of the Company are laid.
Resolution 3.	
To authorise the Directors of the Company (the ‘Directors’) to determine the Auditor’s 
remuneration for the ensuing year.
Resolution 4.	
To re-appoint David Braben, who retires and offers himself for re-appointment, as a Director.
Resolution 5.	
To re-appoint Ilse Howling, who retires and offers herself for re-appointment, as a Director.
Resolution 6.	
To re-appoint Jonathan Watts, who retires and offers himself for re-appointment, as a Director.
Resolution 7.	
To re-appoint Alexander Bevis, who retires and offers himself for re-appointment, as a Director.
Resolution 8.	
To re-appoint James Dixon, who retires and offers himself for re-appointment, as a Director.
Resolution 9.	
To re-appoint Leslie-Ann Reed, who retires and offers herself for re-appointment, as a Director.
Resolution 10.	 To re-appoint James Mitchell, who retires and offers himself for re-appointment, as a Director.
Resolution 11.	 To re-appoint David Walsh, who retires and offers himself for re-appointment, as a Director. 
Resolution 12. 	 That the Directors be and are hereby generally and unconditionally authorised to exercise all 
powers of the Company, pursuant to Section 551 of the Act, to allot equity securities (within the 
meaning of Section 560 of the Act) up to an aggregate nominal amount of £65,797.56, which 
represents one-third of the nominal value of the Company’s issued share capital at the date of 
this notice, provided that this authority, unless renewed, varied or revoked by the Company in 
a general meeting, shall expire on the earlier of 15 months after the passing of this resolution 
or the conclusion of the Annual General Meeting of the Company to be held in 2025, save that 
the Company may before such expiry make an offer or agreement which would or might require 
equity securities to be allotted after such expiry and the Directors may allot equity securities in 
pursuance of such an offer or agreement as if the authority conferred hereby had not expired. 
This authority is in substitution for all previous authorities conferred upon the Directors pursuant 
to Section 551 of the Act, but without prejudice to the allotment of any equity securities already 
made or to be made pursuant to such authorities.
SPECIAL RESOLUTIONS
To consider and, if thought fit, pass the following resolutions as special resolutions:
Resolution 13. 	 That, subject to the passing of Resolution 12, the Directors be and are hereby generally and 
unconditionally authorised to allot equity securities (within the meaning of Section 560 of the Act) 
for cash under the authority given by that resolution and/or to sell Ordinary Shares of £0.005 
each in the capital of the Company (‘Ordinary Shares’) held by the Company as Treasury Shares 
for cash, as if Section 561 of the Act did not apply to any such allotment or sale, provided that 
such power shall be limited to:
	
	
a.	
the allotment of equity securities and sale of Treasury Shares for cash in connection with an 
offer of, or invitation to apply for, equity shares to:
	
	
	
i.	
holders of Ordinary Shares in proportion (as nearly as may be practicable) to their 
existing holdings; 
	
	
	
ii.	
holders of other equity securities, as required by the rights of those securities, or as 
the Directors otherwise consider necessary, and so that the Directors may impose any 
limits or restrictions and make any arrangements which they consider necessary or 
appropriate to deal with any Treasury Shares, fractional entitlements, record dates, 
legal, regulatory or practical problems in, or under the laws of, any territory, or any 
matter whatsoever; and
	
	
b.	
the allotment (otherwise than under paragraph (a) above) of equity securities or sale of 
Treasury Shares up to an aggregate nominal amount of £19,739.27 (approximately 10% of 
the nominal value of the Company’s issued share capital at the date of this notice); and
	
	
c.	
to the allotment of equity securities or sale of Treasury Shares (otherwise than under 
paragraph (a) or paragraph (b) above) up to a nominal amount equal to 20% of the nominal 
amount of any equity securities or Treasury Shares allotted or sold from time to time under 
paragraph (b) above in respect of a specific equity issuance, such authority to be used only 
for the purposes of making a follow-on offer which the Directors determine to be of a kind 
contemplated by Paragraph 3 of Section 2B of the Statement of Principles on Disapplying 
Pre-Emption Rights most recently published by the Pre-Emption Group prior to the date of 
this notice.
	
	
The authority granted by this Resolution 13 shall expire on the earlier of 15 months after the 
passing of this resolution or the conclusion of the Annual General Meeting of the Company to be 
held in 2025, save that the Company may before such expiry make an offer or agreement which 
would or might require equity securities to be allotted after such expiry and the Directors may 
allot equity securities in pursuance of such an offer or agreement as if the authority conferred 
hereby had not expired. That, subject to the passing of Resolution 12 above, the Directors be 
empowered in accordance with Section 570 of the Act to allot equity securities (within the 
meaning of Section 560 of the Act) wholly for cash pursuant to the authority conferred on them 
pursuant to Resolution 12 above as if Section 561(1) of the Act or any pre-emption provisions 
contained in the Articles did not apply to any such allotment, provided that this power shall be 
limited to the allotment of equity securities:
NOTICE OF ANNUAL GENERAL MEETING

SPECIAL RESOLUTIONS CONTINUED
Resolution 13. continued 
•	 in connection with an open offer of equity securities by way of a rights issue to holders of equity 
securities in proportion (as nearly as may be practicable) to their respective holdings of such 
equity securities, but subject to such exclusions or other arrangements as the Directors may 
consider appropriate to deal with fractional entitlements or problems arising in any territory or 
with the requirements of any recognised regulatory body or stock exchange in any territory; and
•	 otherwise than pursuant to sub-paragraph (a) above, up to an aggregate nominal amount of 
£19,739.27, which represents one-tenth of the nominal value of the Company’s issued share 
capital as at the date of this notice.
	
	
Such power shall expire on the earlier of 15 months after the passing of this resolution or the 
conclusion of the Annual General Meeting of the Company to be held in 2025, save that the 
Company may before such expiry make an offer or agreement which would or might require 
equity securities to be allotted after such expiry and the Board may allot equity securities in 
pursuance of such an offer or agreement as if the authority conferred hereby had not expired.
Resolution 14. 	 That, subject to the passing of Resolution 13, the Directors be and are hereby generally and 
unconditionally authorised, in addition to any authority granted under Resolution 13, to allot 
equity securities (within the meaning of Section 560 of the Act) for cash under the authority given 
by that resolution and/or to sell Ordinary Shares held by the Company as Treasury Shares for 
cash, as if Section 561 of the Act did not apply to any such allotment or sale, provided that such 
power shall be limited to:
	
	
a.	
the allotment of equity securities or sale of Treasury Shares up to an aggregate nominal 
amount of £19,739.27 (approximately 10% of the nominal value of the Company’s issued 
share capital at the date of this notice) and used only for the purposes of financing (or 
refinancing, if the authority is to be used within six months after the original transaction) 
a transaction which the Directors determine to be an acquisition or other capital investment 
of a kind contemplated by the Statement of Principles on Disapplying Pre-Emption Rights 
most recently published by the Pre-Emption Group prior to the date of this notice; and
	
	
b.	
limited to the allotment of equity securities or sale of Treasury Shares (otherwise than 
under paragraph (a) above) up to a nominal amount equal to 20% of the nominal value of 
any equity securities or Treasury Shares allotted or sold from time to time under paragraph 
(a) above, such authority to be used only for the purposes of making a follow-on offer which 
the Directors determine to be of a kind contemplated by Paragraph 3 of Section 2B of the 
Statement of Principles on Disapplying Pre-Emption Rights most recently published by 
the Pre-Emption Group prior to the date of this notice.
	
	
The authority granted by this Resolution 14 shall expire on the earlier of 15 months after the 
passing of this resolution or the conclusion of the Annual General Meeting of the Company to be 
held in 2025, save that the Company may before such expiry make an offer or agreement which 
would or might require equity securities to be allotted after such expiry and the Directors may 
allot equity securities in pursuance of such an offer or agreement as if the authority conferred 
hereby had not expired. 
Resolution 15.	 That the Company be and it is hereby generally and unconditionally authorised for the purpose 
of Section 701 of the Act to make one or more market purchases (within the meaning of 
Section 693(4) of the Act) of Ordinary Shares, provided that:
	
	
a.	
the maximum aggregate number of Ordinary Shares authorised to be purchased is 3,947,854 
(representing approximately 10% of the Company’s issued Ordinary Share capital as at the 
date of this notice);
	
	
b.	
the minimum price which may be paid for such Ordinary Shares is £0.005 per share 
(exclusive of expenses);
	
	
c.	
the maximum price (exclusive of expenses) which may be paid for an Ordinary Share cannot 
be more than an amount equal to the higher of:
	
	
	
i.	
105% of the average of the closing middle market price for an Ordinary Share as derived 
from the AIM appendix to the London Stock Exchange Daily Official List for the five 
business days immediately prior to the day the purchase is made; and
	
	
	
ii.	
an amount equal to the higher of the price of the last independent trade of an Ordinary 
Share and the highest current independent bid for an Ordinary Share on the trading 
venue where the purchase is carried out;
	
	
d.	 unless previously renewed, varied or revoked, the authority hereby conferred shall expire on 
the earlier of 15 months after the date of the passing of this resolution and the conclusion of 
the next Annual General Meeting of the Company; and
	
	
e.	
the Company may make a contract or contracts to purchase Ordinary Shares under this 
authority prior to the expiry of such authority which will or may be executed wholly or partly 
after the expiry of such authority and may make a purchase of Ordinary Shares in pursuance 
of any such contract or contracts.
By order of the Board
ILSE HOWLING
REGISTERED OFFICE:
CHAIRMAN
Frontier Developments plc
10 September 2024
26 Cambridge Science Park 

Milton Road 

Cambridge

CB4 0FP
NOTICE OF ANNUAL GENERAL MEETING CONTINUED
FINANCIAL STATEMENTS
FRONTIER DEVELOPMENTS PLC ANNUAL REPORT AND ACCOUNTS 2024
86

FINANCIAL STATEMENTS
FRONTIER DEVELOPMENTS PLC ANNUAL REPORT AND ACCOUNTS 2024
87
EXPLANATION OF THE RESOLUTIONS
Resolutions 1 to 12 (inclusive) will all be proposed as ordinary resolutions. This means that, for each of these 
ordinary resolutions to be passed on a poll, members representing a simple majority of the total voting rights 
of the members voting (by proxy) must vote in favour of the resolution. 
Resolutions 13 to 15 will be proposed as special resolutions. This means that, for each of these resolutions to 
be passed on a poll, members representing not less than 75% of the total voting rights of the members voting 
(by proxy) must vote in favour of the resolution. 
RESOLUTION 1: APPROVAL OF ANNUAL REPORT AND ACCOUNTS
Resolution 1 proposes that the Company’s annual accounts for the year ended 31 May 2024, together with the 
Report of the Directors and Auditor’s Report on these accounts, be received, considered and adopted.
RESOLUTIONS 2 AND 3: RE-APPOINTMENT AND REMUNERATION OF AUDITOR
Resolution 2 relates to the re-appointment of Ernst & Young LLP as the Company’s Auditor to hold office until 
the next Annual General Meeting of the Company whilst Resolution 3 will be proposed to authorise the Directors 
to set the Auditor’s remuneration.
RESOLUTIONS 4 TO 11: RE-ELECTION OF DIRECTORS
Resolutions 4 to 11 deal with the re-election of those Directors who were Directors at the last Annual General 
Meeting, who shall each retire as Directors in accordance with the Articles of Association of the Company and, 
being eligible, offer themselves for re-election as Directors of the Company.
Biographical details for each of the Directors are available online at 
www.frontier.co.uk/investors/director-biographies-and-committees.
RESOLUTION 12: ALLOTMENT OF SHARE CAPITAL
Resolution 12 grants the Directors general authority to allot Ordinary Shares in the capital of the Company or 
to grant rights to subscribe for, or to convert any security into, such shares in the Company up to an aggregate 
nominal amount of £65,797.56, representing approximately 33% of the Company’s current issued Ordinary 
Share capital. 
RESOLUTION 13: DISAPPLICATION OF STATUTORY PRE-EMPTION RIGHTS
Section 561(1) of the Companies Act 2006 requires that on an allotment of new shares for cash or the sale of 
Treasury Shares, such shares must first be offered to existing shareholders in proportion to the number of 
shares that they each hold at that time. The Directors believe that there may be circumstances when it is in the 
best interests of the Company to allot or sell new Ordinary Shares either on an entirely non-pre-emptive basis 
or in a way that departs from the statutory requirements set out in the Companies Act 2006.
Accordingly, Resolution 13 grants the Directors general authority to allot and sell equity securities covered by 
the Resolution 12 authority to allot for cash as if Section 561 of the Companies Act 2006 did not apply, provided 
that this power is limited to (a) the allotment and sale to holders of Ordinary Shares or other equity securities 
on a pre-emptive basis but with appropriate adjustments to the statutory pre-emption requirements set out 
in the Companies Act 2006, for example to deal with fractional entitlements and overseas legal requirements, 
as the Directors see fit; (b) the allotment or sale (otherwise than pursuant to (a)) of equity securities on a 
non-pre-emptive basis up to a maximum nominal value of £19,739.27, representing approximately 10% of the 
Company’s issued share capital as at the date of this notice; and (c) the allotment or sale (otherwise than 
pursuant to (a) and (b) of equity securities on a non-pre-emptive basis up to 2% of the issued share capital of the 
Company at the date of this notice to be used only for the purposes of making a follow-on offer to existing holders 
of securities not allocated shares pursuant to any share issue or share sale effected under (a) and (b) above. 
Resolution 13 is in line with the Pre-Emption Group’s Statement of Principles for the Disapplication of Pre-Emption 
Rights which were updated on 4 November 2022.
RESOLUTION 14: DISAPPLICATION OF STATUTORY PRE-EMPTION RIGHTS IN CONNECTION WITH 
AN ACQUISITION OR OTHER CAPITAL INVESTMENT
In addition to Resolution 13, the Directors believe that there may be other circumstances when it is in the 
best interests of the Company to allot new Ordinary Shares or sell Treasury Shares either on an entirely 
non-pre-emptive basis or in a way that departs from the statutory requirements set out in the Companies Act 2006.
Accordingly, Resolution 14 grants the Directors general authority to allot and sell equity securities covered by the 
Resolution 12 authority to allot for cash as if Section 561 of the Companies Act 2006 did not apply, provided that 
this power is limited to (a) the allotment or sale of equity securities on a non-pre-emptive basis up to a maximum 
nominal value of £19,739.27, representing approximately 10% of the Company’s issued share capital at the date 
of this notice and used only for the purposes of financing (or refinancing, if the authority is to be used within six 
months after the original transaction) a transaction which the Directors determine to be an acquisition or other 
capital investment (of a kind contemplated by the Statement of Principles on Disapplying Pre-Emption Rights 
most recently published by the Pre-Emption Group prior to the date of this notice); and (b) the allotment or sale 
(otherwise than pursuant to (a) and (b)) of equity securities on a non-pre-emptive basis up to 2% of the issued 
share capital of the Company at the date of this notice to be used only for the purposes of making a follow-on offer 
to existing holders of securities not allocated shares pursuant to any share issue or share sale effected under 
(a) and (b) above.
Resolution 14 is in line with the Pre-Emption Group’s Statement of Principles for the Disapplication of Pre-Emption 
Rights which were updated on 4 November 2022.
RESOLUTION 15: AUTHORITY FOR MARKET PURCHASES OF OWN SHARES
Resolution 15 grants the Directors authority to make limited market purchases of Ordinary Shares. The authority 
is limited to a maximum aggregate number of 3,947,854 Ordinary Shares (representing approximately 10% of 
the issued share capital of the Company at the date of this notice) and Resolution 15 sets out the minimum 
and maximum prices payable for the purchase by the Company of Ordinary Shares, exclusive of expenses. Any 
purchases of Ordinary Shares would be made by means of market purchase through the London Stock Exchange.
The authority will be exercised only if the Directors believe that to do so would be in the best interest of 
shareholders generally.
In accordance with the recommendation of the Investment Association, this resolution is being proposed as 
a special resolution.
Should Resolution 15 be passed at the Annual General Meeting and the Directors decide to proceed with the 
market purchases of Ordinary Shares, if applicable, such share purchase by the Company would not proceed 
unless arrangements can be put in place to ensure that David Braben and his wife’s (the ‘Concert Party’) 
percentage interest in Ordinary Shares will not increase as a result of any future purchases by the Company of 
its own shares or a waiver is sought from the Panel on Takeovers and Mergers (the ‘Panel’) in respect of such 
increases (and independent shareholder approval is granted), since the date of notice, based on the total issued 
share capital of the Company (excluding Treasury Shares) and the Concert Party’s percentage interest in the 
Ordinary Shares; any purchases by the Company of its own shares could result in the Concert Party having to 
make a mandatory offer to all shareholders under Rule 9 of the UK Takeover Code.
NOTICE OF ANNUAL GENERAL MEETING CONTINUED
NOTICE OF ANNUAL GENERAL MEETING CONTINUED

EXPLANATORY NOTES TO THE NOTICE OF ANNUAL 
GENERAL MEETING
1.	
A member entitled to attend and vote at the 
meeting is also entitled to appoint one or more 
proxies to attend, speak and vote instead of him. 
A member may appoint more than one proxy in 
relation to the meeting, provided that each proxy 
is appointed to exercise the rights attached to a 
different share or shares held by that member. 
The proxy need not be a member of the Company 
but must attend the meeting to represent you. 
2.	
A vote withheld is not a vote in law, which means 
that the vote will not be counted in the calculation 
of votes for or against the resolution. In the 
absence of instructions, the person appointed 
proxy may vote or abstain from voting as he/
she thinks fit on the specified resolutions and, 
unless otherwise instructed, may also vote or 
abstain from voting on any other matter (including 
amendments to resolutions) which may properly 
come before the meeting.
3.	
In the case of joint holders, the signature of any 
one of them will suffice but the names of all 
joint holders should be stated. The vote of the 
senior who tenders a vote (whether in person 
or by proxy) will be accepted to the exclusion of 
the votes of the other holders. For this purpose, 
seniority is determined by the order in which the 
names stand in the register of members in respect 
of the joint holding.
4.	
To be effective, the Form of Proxy must be duly 
completed and deposited together with any 
power of attorney or other authority (if any) 
under which it is executed (or a duly certified 
copy of such power or authority) and lodged at 
Link Group, PXS 1, Central Square, 29 Wellington 
Street, Leeds LS1 4DL no later than 9.30am 
(GMT) on 28 October 2024 (being not more than 
48 hours (excluding non-working days) prior to 
the time fixed for the meeting), or by logging 
on to www.signalshares.com and following the 
instructions. You may request a hard copy Form 
of Proxy directly from the registrars, Link Group. 
	
If you require any assistance in locating the 
above documents, please contact Link Group 
on 0371 664 0300. Calls are charged at the 
standard geographic rate and will vary by 
provider. Calls from outside the United Kingdom 
will be charged at the applicable international 
rate. The helpline is open between 9.00am 
and 5.30pm (London time) Monday to Friday, 
excluding public holidays in England and Wales. 
Alternatively, you can email your enquiry to 
shareholderenquiries@linkgroup.co.uk.
5.	
Whether or not you propose to attend the Annual 
General Meeting, please complete, sign and 
submit a Form of Proxy to our registrars, Link 
Group, PXS 1, Central Square, 29 Wellington 
Street, Leeds LS1 4DL, by no later than the time 
and date specified above.
6.	
CREST members who wish to appoint a proxy 
or proxies through the CREST electronic proxy 
appointment service may do so for the meeting 
and any adjournment(s) thereof by using the 
procedures described in the CREST Manual. 
CREST personal members or other CREST 
sponsored members, and those CREST members 
who have appointed a voting service provider(s), 
should refer to their CREST sponsor or voting 
service provider(s), who will be able to take the 
appropriate action on their behalf.
	
In order for a proxy appointment or instruction 
made using the CREST service to be valid, the 
appropriate CREST message (a CREST Proxy 
Instruction) must be properly authenticated in 
accordance with Euroclear UK & International 
Limited’s specifications and must contain the 
information required for such instruction, as 
described in the CREST Manual (available via 
www.euroclear.com). The message, regardless of 
whether it constitutes the appointment of a proxy 
or is an amendment to the instruction given to 
a previously appointed proxy must, in order to 
be valid, be transmitted so as to be received by 
the Company’s registrars (ID: RA10) by the latest 
time(s) for receipt of proxy appointments specified 
in note 4 above. For this purpose, the time of 
receipt will be taken to be the time (as determined 
by the time stamp applied to the message by 
the CREST Application Host) from which the 
issuer’s agent is able to retrieve the message by 
enquiry to CREST in the manner prescribed by 
CREST. After this time, any change of instructions 
to proxies appointed through CREST should 
be communicated to the appointee through 
other means.
	
CREST members and, where applicable, their 
CREST sponsors or voting service providers 
should note that Euroclear UK & International 
Limited does not make available special 
procedures in CREST for any particular messages. 
Normal system timings and limitations will 
therefore apply in relation to the input of CREST 
Proxy Instructions. It is the responsibility of the 
CREST member concerned to take (or, if the 
CREST member is a CREST personal member 
or sponsored member or has appointed a voting 
service provider(s), to procure that his CREST 
sponsor or voting service provider(s) take(s)) 
such action as shall be necessary to ensure that 
a message is transmitted by means of the CREST 
system by any particular time. In this connection, 
CREST members and, where applicable, their 
CREST sponsors or voting service providers 
are referred, in particular, to those sections 
of the CREST Manual concerning practical 
limitations of the CREST system and timings 
(www.euroclear.com).
	
The Company may treat as invalid a CREST 
Proxy Instruction in the circumstances set out in 
Regulation 35(5)(a) of the Uncertificated Securities 
Regulations 2001 (as amended).
7.	
Proxymity Voting – if you are an institutional 
investor you may also be able to appoint a proxy 
electronically via the Proxymity platform, a 
process which has been agreed by the Company 
and approved by the Registrar. For further 
information regarding Proxymity, please go to 
www.proxymity.io. Your proxy must be lodged 
by 9.30am on 28 October 2024 in order to be 
considered valid or, if the meeting is adjourned, 
by the time which is 48 hours before the time of 
the adjourned meeting. Before you can appoint 
a proxy via this process you will need to have 
agreed to Proxymity’s associated terms and 
conditions. It is important that you read these 
carefully as you will be bound by them and they 
will govern the electronic appointment of your 
proxy. An electronic proxy appointment via the 
Proxymity platform may be revoked completely 
by sending an authenticated message via 
the platform instructing the removal of your 
proxy vote.
8.	
Unless otherwise indicated on the Form of Proxy, 
CREST, Proxymity or any other electronic voting 
instruction, the proxy will vote as they think fit or, 
at their discretion, withhold from voting.
9.	
The Company, pursuant to Regulation 41 of 
the Uncertificated Securities Regulations 2001, 
specifies that only those members entered on the 
register of members of the Company by 6.30pm 
(GMT) on 28 October 2024 (being not more than 
48 hours (excluding non-working days) prior to 
the time fixed for the meeting) shall be entitled to 
attend and vote at the meeting or, if the meeting 
is adjourned, by 6.30pm (GMT) on such date being 
not more than 48 hours (excluding non-working 
days) prior to the date fixed for the adjourned 
meeting. Changes to entries on the register of 
members after such time shall be disregarded in 
determining the right of any person to attend or 
vote at the meeting.
NOTICE OF ANNUAL GENERAL MEETING CONTINUED
FINANCIAL STATEMENTS
FRONTIER DEVELOPMENTS PLC ANNUAL REPORT AND ACCOUNTS 2024
88

FINANCIAL STATEMENTS
FRONTIER DEVELOPMENTS PLC ANNUAL REPORT AND ACCOUNTS 2024
89
EXPLANATORY NOTES TO THE NOTICE OF ANNUAL 
GENERAL MEETING CONTINUED
10.	 As at 10 September 2024, the Company’s issued 
share capital comprised 39,478,535 Ordinary 
Shares of £0.005 each. Each Ordinary Share 
carries the right to one vote at a general meeting 
of the Company; therefore, the total number of 
voting rights in the Company on 10 September 2024 
is 39,478,535.
11.	 The following documents will be available for 
inspection from the date of this notice until the 
meeting at the Company’s registered office and 
at the meeting convened by this notice:
•	 a register of Directors’ share interests;
•	 copies of the Directors’ service contracts and 
letters of appointment (as applicable); and
•	 a copy of the Company’s Articles of Association.
12.	 A corporation which is a member can appoint 
one or more corporate representatives who may 
exercise, on its behalf, all its powers as a member.
13.	 You may also appoint a proxy at 
www.signalshares.com instead of using the Form 
of Proxy. You will need your investor code (IVC). 
This can be found on your share certificate.
NOTICE OF ANNUAL GENERAL MEETING CONTINUED
NOTICE OF ANNUAL GENERAL MEETING CONTINUED

ADVISORS AND COMPANY INFORMATION
FIVE-YEAR SUMMARY
12 months to 
31 May 2024
12 months to 
31 May 2023
12 months to 
31 May 2022
12 months to 
31 May 2021
12 months to 
31 May 2020
Revenue
£89.3m
£104.6m
£114.0m
£90.7m
£76.1m
Operating (loss)/profit
(£28.4m)
(£26.6m)
£1.5m
£19.9m
£16.6m
EBITDA*
£26.8m
£33.0m
£41.1m
£38.1m
£31.5m
Adjusted EBITDA**
£0.9m
(£4.6m)
£6.7m
£11.8m
£12.6m
EPS (basic)
(55.6p)
(53.6p)
24.6p
55.4p
41.3p
Net cash balance
£29.5m
£28.3m
£38.7m
£42.4m
£45.8m
*	 Earnings before interest, tax, depreciation and amortisation.
**	Adjusted EBITDA is earnings before interest, tax, depreciation, amortisation and impairment charges related to game developments and game 
technology, less investments in game developments and game technology, and excluding restructuring costs, share-based payment charges 
and other non-cash items.
COMPANY SECRETARY
Jessica Bourne
REGISTERED AND HEAD OFFICE
26 Science Park 
Milton Road 
Cambridge CB4 0FP
WEBSITE
www.frontier.co.uk
REGISTERED NUMBER
02892559
(Incorporated and registered 
in England and Wales)
BROKER AND NOMINATED ADVISOR
PEEL HUNT LLP
7th Floor, 100 Liverpool Street 
London EC2M 2AT
JOINT BROKER
PANMURE LIBERUM LIMITED
Ropemaker Place, Level 12 
25 Ropemaker Street 
London EC2Y 9LY
AUDITOR
ERNST & YOUNG LLP
One Cambridge Square 
Cambridge North 
Cambridge CB4 0AE
LEGAL ADVISORS
BIRD & BIRD LLP
12 New Fetter Lane 
London EC4A 1JP
REGISTRAR
LINK GROUP
10th Floor 
Central Square 
29 Wellington Street 
Leeds LS1 4DL
FINANCIAL STATEMENTS
FRONTIER DEVELOPMENTS PLC ANNUAL REPORT AND ACCOUNTS 2024
90

Frontier Developments plc’s commitment to environmental issues 
is reflected in this Annual Report, which has been printed on Symbol 
Freelife Satin, an FSC® certified material. This document was printed 
by Pureprint Group using its environmental print technology, with 99% 
of dry waste diverted from landfill, minimising the impact of printing 
on the environment. The printer is a CarbonNeutral® company.
Both the printer and the paper mill are registered to ISO 14001.
CBP026820

FRONTIER DEVELOPMENTS PLC
26 SCIENCE PARK 
MILTON ROAD 
CAMBRIDGE CB4 0FP