K.J. Yossman “Lord of the Rings” owner Embracer Group has reported a 13% increase in net sales in Quarter 2, in part thanks to its intensive restructuring program. “In Q2, we delivered a stable quarter, with adjusted EBIT of SEK 1.8 billion [U.S. $170 million] and we expect to reach the forecasted range for this year,” said CEO Lars Wingefors. “The free cash flow of SEK 0.4 billion [U.S. $38 million] shows a clear improvement compared to Q1.
Our restructuring program is making good progress, with opex savings ahead of plan and capex savings expected to contribute notably in the second half of the year.
We continue to take important steps for the future and I am confident that we will emerge as a stronger company.” The past year has been incredibly rocky for Embracer, who announced a significant restructuring program in June that has resulted in multiple games studios being shuttered, widespread layoffs and dozens of high-profile project cancelations.
The Q2 report shows that there are 36 fewer games in development year-on-year in Q2 2023 and the number of games developers run by the group has dropped from 10,899 to 10,654 in the same period.
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