Acquisitions Update

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This announcement does not constitute an offering circular, prospectus or other offer documents. No one should purchase or subscribe for any securities in TROPHY GAMES Development A/S ("TROPHY GAMES" or the "Company") except on the basis of information in the company description published by the Company in connection with the offering and admission of such securities to trading on Nasdaq First North Growth Market Denmark ("First North"), which is available on the Company's website.

Company Announcement No. 7 -2021

Copenhagen, June 28, 2021

As part of our new IR-strategy we plan to give updates and more transparency about what is going on here at the Trophy Games HQ.

As promised, here is our second update – and our first about insights on acquisitions, their integration and early progress. Later we plan to give a future business update with info and status on projects and games under development, as well as another game- & market update in the Fall.

If you have any suggestions for our upcoming investor updates or things you want to hear more about, please email

Xombat / Airline Manager 4 (AM4)

The acquisition of Xombat ApS has been smooth and the potential and synergies are already starting to kick in.

Sigurd, the sole-founder of Xombat and developer of all it’s games, is now a full-time part of our Trophy Games family and he's more motivated than ever to take his games to the next level. We are very happy to have him on board and have already hired the first developer to join the Xombat team on August 1st.

The first months since takeover April 27th 2021 has been used on analyzing every aspect of AM4, which is the main driver of nearly all Xombat revenue.

First up, was optimizing the App Store listings (ASO). This has already shown great results; with a 122% boost in organic (non-paid) signups - and still there's a few more percentages to tweak out if it with some more A/B testing.

Secondly, we focused on the marketing effort. Xombat historically used around 40,000 DKK per month on advertising AM4 focused on only German speaking countries.

We have optimized creatives and merged our ad accounts, giving Xombat access to our top Google account manager and tools. The budget for June has been increased to 290,000 DKK and with a global target audience, and the results are fantastic so far! We are seeing ROI’s better than we have ever seen our best selling game Pro 11 perform and this could be a game changer for how far we can take AM4. 

We are also going through the in-game shop and changing the product mix. The first iteration of improving the shop has increased conversion and monetization of new users with around 30%. We believe we still can almost double the revenue per paying user, by implementing predictive algorithms and a dynamic shop prioritizing products. A graphical overhaul of the shop, and the entire game, will also add a lot to this.

Game design-wise we were already aligned on the pipeline before the acquisition and mainly there are some late game issues to address regarding inflation in the in-game economy. This, and an improved tutorial, will be the team's main focus for the next 6 months. When those features are launched the Xombat team will start working on the Shipping Manager title. We believe that the potential for that game will be even greater than AM4. Shipping Manager is expected in H1 2022.

After a slightly delayed Steam release, AM4 was launched on Wednesday, June 23rd. We already got 1000 organic wishlists in 14 days and Steam should add a nice percent increase on revenue over time. The technical solution for the Steam release is currently done very cost effectively and is of mediocre quality, and we will upgrade it if it gains the traction we are hoping for. Then we will also be releasing AM4 on Windows Store and Epic store.

All in all, AM4s performance in the first few months positively surprised us, and we are looking into investing further in this pipeline. We both have a Shipping Manager game on its way, and the code framework can also be used for a Truck Manager, Train Manager and an Energy Manager game. 

Long term we estimate that AM4 has the potential to reach the same numbers as Pro 11 if it all comes together. The same is expected for Shipping Manager.

Currently we are looking into revenue of around 4.5m DKK for AM4 this year, but it could be up to a few millions higher depending on how much we can advertise it and continue to improve the games performance.

AM4 is currently seeing 22.500 Daily Active Users (up 50% from when we bought it) and converting 4% of its monthly visitors to paying users. By comparison Pro 11 is seeing 37.000 DAU and a conversion rate of around 1.38%. The big difference in revenue is mainly because of the payment size and amount in Pro11 where paying users spend 60 USD per month compared to AM4 where they spend 18 USD per month. We believe we can apply some of our game design to AM4 to see an increase there of at least 50% in monthly average revenue per paying user.

CEO of Trophy Games Development, Søren Gleie, states: “We are extremely delighted with our first acquisition. Not only does it give us proof of concept, that we can apply our expertise and experience to games we acquire and make them grow and benefit from all the synergies we hoped for.”

Other Acquisitions

We are very happy with how the first acquisition has gone and will be looking into more targets. We are not rushing into acquisition, we want to find companies and people we really believe in. We have a few nice targets already, but it is still in the early stages. Therefore it's too early to say if we will be closing more deals this year, but we are actively seeking it. Our targets of interest range from titles still in development to mature cash generating titles.


TROPHY GAMES Development A/S

Søren Gleie, CEO
Office (+45) 7172 7573

TROPHY GAMES Development A/S

Højbro Pl. 10, DK-1200 Copenhagen, Denmark

Certified Adviser

Grant Thornton

Jesper Skaarup Vestergaard
Mobile (+45) 31 79 90 00

Grant Thornton Stockholmsgade 45 2100 Copenhagen Ø Denmark


TROPHY GAMES is an innovative, Denmark-based game studio that develops and publishes mobile and PC games. The Company develops and publishes games with strategy and management challenges and predominantly focuses on football-themed games. Recently, the Company has ventured into additional game genres and the suite of games to be released in 2021 include an esports manager title and an auto battler title.

Since its official inception in 2006, the Company has developed and released five different games: (i) Trophy Manager (released 2006), (ii) Football Management Ultra (released 2013), (iii) Pro 11 – Football Manager Game (released 2017), (iv) Women’s Soccer Manager (WSM) – Football Management (released 2017), and (v) Futuball – Future Football Manager Game (released 2019). Furthermore, the Company has announced its release of a sixth (FIVE) and seventh (Warhammer AoS: Soul Arena) game in 2021. All games are released in +20 different languages to ensure broad global user accessibility.

With the vision of becoming the world’s leading strategy game studio, the Company has throughout the years strived to provide endless entertainment and challenging gameplay for all users, following its mission; “we create games, we want to play ourselves”.

Since its inception, the Company has developed exponentially and has grown significantly in both staffing, game portfolio and number of users, and naturally revenue.

Currently, the Company employs 23 employees, which includes 15 developers and four marketing employees.


This announcement is not an offer to sell or a solicitation of any offer to buy any securities issued by TROPHY GAMES Development A/S in any jurisdiction where such offer or sale would be unlawful and the announcement and the information contained herein are not for distribution or release, directly or indirectly, in or into such jurisdictions, including but not limited to, the United States, Australia, Canada or Japan.

This announcement does not constitute an offering circular, prospectus or other offer document and nothing herein contains an offering of securities. No one should purchase or subscribe for any securities in TROPHY GAMES Development A/S except on the basis of information in the company description published by the Company in connection with the offering and admission of such securities to trading on Nasdaq First North Growth Market Denmark ("First North"), which is available on the Company's website.

Neither the existing shares of TROPHY GAMES Development A/S nor the Offer Shares have been, or will be, registered under the United States Securities Act of 1933, as amended (“Securities Act”). Neither the existing shares nor the Offer Shares may be offered or sold, directly or indirectly, in or into the United States or to persons residing there. Moreover, the Offering is not made to persons resident in Australia, Hong Kong, Japan, Canada, New Zealand, South Africa, Switzerland, or Singapore or to persons whose participation would require the publication up of a prospectus, registration or other measures. Any application to subscribe for the Offer Shares in violation of these restrictions may be void. Persons who receive copies of this announcement are required to inform themselves about, and comply with, such restrictions. Any failure to comply with the restrictions described may result in a violation of securities regulations.

Certain statements in this announcement constitute forward-looking statements. Forward-looking statements are statements (other than statements of historical fact) relating to future events and the Company's anticipated or planned financial and operational performance. The words "targets", "believes", "expects", "aims", "intends", "plans", "seeks", "will", "may", "might", "anticipates", "would", "could", "should", "continues", "estimates" or similar expressions or the negative forms thereof, identify certain of these forward-looking statements. Other forward-looking statements can be identified in the context in which the statements are made. The Company has based these forward-looking statements on its current views with respect to future events and financial performance. By their nature, forward-looking statements are based on certain assumptions and projections on future events and financial performance, which involve a number of risks and uncertainties that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial consequences of the plans and events described herein. Actual results are likely to differ from those set forth in the forward-looking statements. Any forward-looking statements speak only as at the date of this document and neither the Company nor any of its respective affiliates, directors, officers, employees, advisors, or any other person is under any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not and may not rely on these forward-looking statements.