Future Business 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. 8-2021

Copenhagen, July 30, 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 third update – and our first future business update with status on games and projects under development.

If you have any suggestions for our upcoming investor updates or things you want to hear more about, please email soren@trophy-games.com


Status on Warhammer AoS: Soul Arena

Soul Arena will kick off in a closed beta soon. You can participate in the closed beta by signing up with your email via soularena.gg

The closed beta will include a match experience close to fully ready, while tutorial, monetization and various add-ons are yet to come.

We have scheduled a release plan with Games Workshop for an open beta in Q3 but the deadline is subject to potential minor delays based on current negotiations about exclusivity with some major platforms. If Soul Arena is delayed for this reason it will be great news.

You can also check out this cool showcase video of Soul Arena.


Status on Five

On June 30th Five was released globally on Google Play and is yet to be released on all other platforms. 

Since then, the game has had more than 100,000 installs and averaged 3,513 installs per day. All is organic traffic, meaning no money has been spent on marketing nor have we made cross promotion with our other games. This is a record high standard, and better numbers than what we have seen before with any of our games.

This indicates a huge potential and that we hit blue ocean in this market. Having said that there is still work to do on the long term retention before the game will become a monetization success also. 

An Esports manager game is a genre not known to many, and we see that our audience installing the game has a very steep learning curve and churn faster than in our other games. To solve this, we have set up a large QA study group with Google to try and crunch some of the challenges. It is a long term process, and whether Five will have its big monetization breakthrough depends on how successful we are at solving the game’s challenges over the next year.


Status on other future game projects

We had a 3-phase plan for Xombat, when we acquired the company: 

  • Phase 1: Prove the case by adding synergies and our expertise to grow Airline Manager 4 (AM4).
  • Phase 2: Create Shipping Manager based on AM4, if phase 1 goes well.
  • Phase 3. Create a framework to expand the series to even more transport management games if we see potential is high for this.

Phase 1 has been a great success, AM4’s revenue for the last 30 days is up more than 100% since we took over and is estimated to reach 5.5m DKK for the full year.

AM4 currently has the most paying users of any of our games, and we think we are only getting started. The cross promotion potential between airline and shipping (and other transport genres) is very good, and we think we can raise monetization even further for AM4, as we are only halfway through our battle plan.

Given the fantastic performance so far, phase 2 will start in H2 and as part of this process we have hired additional two people who will join the Xombat team. We are highly confident we will proceed to phase 3 later on and therefore Shipping Manager will be developed based on the framework, which can allow us to expand the series to more games faster if Shipping Manager proves to be a success as well. 

Next major event for the company will be the half-year report which will be published on August 11th.


TROPHY GAMES Development A/S

Søren Gleie, CEO
Office (+45) 7172 7573
E-mail: soren@trophy-games.com

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.