Winking Studios upbeat on first-half growth
By Josh White
Date: Wednesday 13 Aug 2025
(Sharecast News) - Winking Studios reported a 27.3% rise in first-half revenue to $19.4m, driven by resilient demand for game outsourcing services and the contribution from its largest acquisition to date.
Gross profit rose 38.2% to $5.9m, lifting the margin by 2.2 percentage points to 30.2%.
Adjusted EBITDA increased 17.9% to $2.4m, while adjusted net profit was up 21.1% at $1.4m.
The AIM-traded group said it ended June with $27.1m in cash and investments and no debt, compared with $41.3m at the end of 2024.
In April, the company acquired Shanghai Mineloader Digital Technology, one of Asia's leading game art outsourcing and development studios, broadening its AAA console production capabilities and deepening its Western market presence.
Follow-up projects accounted for 38.8% of revenue, and the group's headcount rose to 1,405 by the end of July.
Winking Studios said it saw a strong recovery in the Asian gaming market, led by mobile gaming, and plans to scale up in south east Asia, including launching its new high-end art production brand Vertic Studios in the second half.
It said its project pipeline totalled at least $49.4m over the next 24 months, of which $18.4m was expected to be recognised in the second half of 2025.
"The completion of our largest acquisition to date, Mineloader, adds scale, broadens our capabilities in AAA console game art production and deepens our presence in Western markets as we actively pursue further acquisitions," said chief executive Johnny Jan.
At 1354 BST, shares in Winking Studios were up 15.44 at 16.45p.
Reporting by Josh White for Sharecast.com.
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