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UPDATE 1-Ubisoft increases full year operating profit target
November 3, 2016 / 6:05 PM / in a year

UPDATE 1-Ubisoft increases full year operating profit target

(Adds FY profit target, Q2 sales, company quote)

Nov 3 (Reuters) - French game developer Ubisoft said it was increasing its operating income target for the full year 2016-17 after beating its second quarter sales target:

* Q2 sales 142.2 million euros ($157.9 million) vs target of around 100 mln, thanks to increase in digital revenues

* Now sees FY non-IFRS operating income of between 230-250 million euros, compared with the previously-announced target of approximately 230 mln

* “The structural factors that drove the strong increase in profitability in the first half - namely very robust momentum for the digital segment and back-catalog combined with tight costs control - are expected to continue in the second half of the fiscal year,” it says in a statement

* It reported an H1 Non-IFRS operating loss of 61.8 million euros versus 107.8 million in first-half 2015-16

* FY revenue target has been lowered to between 1.61 billion euros and 1.67 billion euros, compared with a previous target of around 1.70 billion euros

* Q3 revenue for 2016-17 is expected at around 560 million euros, stable compared to Q3 2015-16

* Net financial position at Sept. 30 stood at 37.7 million euros against net debt of 155.5 million euros at Sept. 30, 2015

* CFO Alain Martinez told journalists company has not yet received convincing business plan from Vivendi, but is still open to any initiative from Vivendi that would create value

* Vivendi has gradually been increasing its stake in Ubisoft but last month ruled out a hostile bid Source text for Eikon: Further company coverage: ($1 = 0.9013 euros) (Gdynia Newsroom)

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