‘The Lord Of The Rings’ Firm Embracer Group Sees Entertainment Sales Fall Sharply In Q1; Exit From Russia Completed
deadline.comThe Lord of the Rings IP owner Embracer Group saw net sales in its Entertainment & Services division fall sharply in the first quarter of 2024.
The Sweden-based company posted sales of SEK848M ($81M), down 54% year-on-year for the April to June period. Overall net sales were down 24% to SEK7.93B, with lower numbers posted in its PC/Console Games, Mobile Games and Tabletop Games units.
Losses before interest and tax were SEK1.44B, compared with an SEK421M gain a year ago, while adjusted EBIT was SEK828M, versus SEK1.67B.
The results in the PC/Console and Entertainment divisions were broadly in line with expectations due to “lower release activity.” The company has been restructuring over the past year and it today claimed it “is already evident that we are on a path towards significant net debt reduction,” with free cash flow amount to over SEK2B for the first time.
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