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Anton Gauffin, founder and CEO of Huuuge, commented: “We have an exceptional year behind us. We all had to face the challenges connected with the pandemic and isolation, which affected both individuals and organizations. At the same time, we observed the growing popularity of mobile games, and greater engagement of players translated into improved monetization and more time spent in the game. This had a positive impact on Huuuge, as well as the entire game market. Thanks to a focus on achievement of our strategy, combined with skilful reading of market trends, in 2020 we generated financial results that are setting records in our history.”
According to Grzegorz Kania, CFO of Huuuge: “2020 was a record-setting year for Huuuge in terms of increasing its scale of operations — facilitated by improved monetization of our games, particularly the core franchises — as indicated by our product KPIs, as well as the financial results. Our revenue grew by 28.3% yoy, and the adjusted EBITDA - by 131%. Our aim in 2021 is to keep the growth momentum with the adjusted EBITDA margin at a level similar to 2020.”
Proceeds from IPO will accelerate implementation of strategy
The pillars of the “Build & Buy” strategy are expansion of our games developed internally and growth through publishing and M&A.
In the 1st quarter of this year the Company successfully conducted it initial public offering worth PLN 1.67bn (about USD 442m), raising proceeds from the issue of new shares of approximately USD 100m (gross proceeds, less issuance costs and funds used for stabilization of the share price), which will be used for implementation of the Company’s strategy, primarily acquisitions.
In 2021 the Group plans to focus in particular on the following objectives:
- Improvement of monetization metrics within existing games
- New product development and scaling of new franchises
- Improvement in profitability and EBITDA delivery
- Expanding business through M&A.