Representatives from British developer Warthog have announced the company’s financial results for the year ended 31st March. During this period the company saw a 50% drop in turnover, and a pre-tax loss of £9.2 million ($16.8m). Turnover dropped from £11.4 million ($20.5m) in the previous year to £5.7 million ($10.3m) this year.
Chief executive Ashley Hall has attributed the disappointing figures to a drop in the company’s third-party business, with the cancellation of two previously signed projects, and a weak U.S. dollar. Hall has described the last twelve months as “the most difficult in my seven year history at Warthog,” but is adamant that the company’s fortunes can be turned around.
As such, the company will begin to focus more on the creation of original intellectual properties, rather than relying on work for hire. "This strategy is not without risks," says Hall. "These risks however are no more than we have been facing through standard 'work for hire' but the benefits for success are far more attractive. It would only take a single hit developed on the back of our IP partnering deals or self generated IP to propel the company forward and transform our fortunes."
The developer’s most successful products to date have included Harry Potter and the Philosopher’s Stone
, X-Men: Wolverine's Revenge
and Looney Tunes: Back in Action
. The company's current workload includes original IPs Johnny Whatever