Ten Square Games is a fallen star in Polish games.  A series of ads lowered the stock sharply

In recent years, in the Polish market, companies z gaming industry They grew like mushrooms after rain. Many of them, in the wave of great popularity, entered the stock exchange and for a long time it was possible to make good profits from shares. The company was one of the stars of the industry Ten square games (TSG). Currently, the “Shehab” logo suits her best.

TSG shares fell sharply on Tuesday. In the morning it was valued at around 17 percent. lower than the day before. This is the largest drop in quotes among 425 companies listed on the main market of the Warsaw Stock Exchange.

The cost per share is about PLN 415, and less than 24 hours ago, investors paid more than PLN 500. The value of the entire TSG business decreased by more than 600 million PLN. At the moment, the value of the game product is estimated at about 3 billion PLN.

What happened? On Monday evening, the company’s management released some important news. It is about changes in powers as well as the future of the company.

Ten square games. What’s next for the company?

The TSG Board of Directors, together with consultants and lawyers, analyzed strategic options for further development for a period of four months. It is known that the option of finding a strategic or financial investor was considered. But in the end it turned out that there would be no revolution.

bEHPGCnh

“The company’s management is convinced that focusing on strategy, current activities and projects remains the best way to achieve the long-term goal of further development and maximizing shareholder value, while remaining a listed company on the Warsaw Stock Exchange,” reads the release.

See also: Polish request. Purchase order placement: a messy, ill-considered and complex system

At the same time, the company decided to change the incentive program, which was aimed at rewarding management employees for achieving appropriate financial results. It turns out that the bar has been lowered. The value of the recurring operating profit recorded in the program has been reduced by 8%.

bEHPGCni

Stock exchange investors can view this information as a harbinger of worse outcomes and problems in achieving current financial goals. What’s more, profits for the second quarter of this year were lower than analysts had expected.

One of the reasons for the changes in the incentive program was the current situation in the mobile gaming market caused by the COVID-19 pandemic. This is a novelty for the industry, “causing persistent and unexpected changes in the data underlying assumptions about the expected results of the company’s operations.”

The company’s revenue in the second quarter amounted to 164.9 million PLN and was 2.8 percent higher. Less than last year. At the same time, net profit amounted to 33.4 million PLN of net profit, ie 30.5 percent. over a year ago. However, the average forecast of analysts was much higher – it amounted to 40.5 million PLN.

bEHPGCnj

Changes to the Ten Square Games Board of Directors

As if that wasn’t enough, the company announced changes to the board of directors. Marcin Chruszczyński, the man in charge of finance at TSG, has resigned. He will leave on October 20.

He has been with the company for several years. Prior to joining the Board of Directors, he was a member of the Supervisory Board of Ten Square Games in 2017-2020.

bEHPGCnk

However, this place will not be empty. Effective October 21, Magdalena Jurewicz will become a member of the Board of Directors.

She took her first professional steps at Nasza Klasa Sp. z o. o Then gained experience, incl. At EY in the audit department of the company’s Wrocław branch. Graduated from the University of Economics in Wroclaw in the field of Finance and Accountancy and completed a CIMA (Chartered Institute of Management Accountants) qualification.

Ten Square Games is a Polish producer and publisher of mobile games distributed in a free-to-play model, incl. Let’s hunt, hunt hunting, wild hunting and clash hunting. Currently, one of the most valuable companies in the gaming industry is on the Warsaw Stock Exchange.

bEHPGCnC
Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Is your phone draining fast? Make sure these 7 apps are disabled. Your smartphone battery drains instantly

Currently, there are many smartphones on the market that surpass each other…

Huge fines for three influencers. Promote the financial pyramids

For more news, visit Gazeta.pl As stated by the Office of Competition…

Polish television lost more than PLN 100 million. less than two

According to the subscription report Telewizja Polska’s total revenue, after accounting for…

The new Citroën C3 has entered Europe. It beats the competition at its price

A new car for less than PLN 70,000. Zloty? Well, Citroën decided…