PulluP Entertainment reported in-line results for its 2023/2024 financial year on Thursday evening, but weak margins pushed its share price down by more than 3% today on the Paris Bourse.

The former Focus Entertainment reported annual sales down 3.5% to 187.3 million euros, with margins significantly impacted, weakening the financial structure, according to analysts.

The gross margin reached 24% for the 2023/24 financial year ended March 31, compared with 37% for the 2022/2023 financial year, which had been marked by the success of 'Teenage Mutant Ninja Turtles: Shredder's Revenge'.

Ebita thus fell into negative territory, at -0.3 million euros, compared with a profit of 28 million euros the previous year.

After what observers have described as a "turbulent" year, PulluP is counting on a rebound in results from fiscal 2024/25, driven by an ambitious line-up.

"After a year marked by releases below expectations for Pullup's teams, the next deadlines are crucial for the group", emphasize Euroland's teams.

The release of the game 'Warhammer 40,000: Space Marine 2', scheduled for September 9, will be closely followed by the market.

We are confident in the share's good performance, which should drive most of the catalog's growth over the coming year", says Euroland.

The brokerage firm maintains its buy recommendation on the share, with a target price of 18.7 euros.

Following this publication, PulluP shares were down around 3.8% late Friday morning on the Paris Bourse.

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