Trophy Games increases 2021 YoY revenue with 35%

Report this content


Company Announcement No. 1-2022

Copenhagen, 22 February 2022


Management Commentary

A successful IPO last April kickstarted the new growth plan that led to two acquisitions, upscaling and full speed on new ideas and game development. 

Our strategy to expand our portfolio contributes to our future growth. Two thirds of our staff worked on upcoming games during 2021, and the heart of our development is our focus to give the users a world class experience. 

We strongly believe that the best people make the best games, which is why we in 2021 have invested in both international recruitment and professional development. In 2022, we are looking forward to expand the team further. 

The past years we have been able to grow our revenue as well as the development of our new games, in accordance with our strategy. We expect our efforts will bear even more fruits in 2022, and we will continue to develop our business for long term success in the coming years. We would like to thank the whole team at Trophy Games, all our partners and our shareholders for the past year. In particular, we would like to thank our players for their commitment to our games. We will continue to invest in players first, now and in the future.



  • Strong revenue and user growth
    • Group revenue 2021 was DKK 41.5m, which is 35% higher than 30.8m DKK in 2020.
    • Unique paying users total 2021 was 106,410, which is 63% higher than 65,343 in 2020.
    • Total installs 2021 was 6.1m which is 75% higher than 3.5m in 2020.
  • Successful IPO and Acquisitions
    • DKK 59.3m raised from IPO in April. Net DKK 54.4m after IPO cost.
    • Xombat acquired April 26th and Tiny Titan Studios acquired December 31st. 100% of the shares in both companies were purchased.
    • Plenty of gunpowder left for the future growth plan. End of 2021 the company has DKK 37.7m in cash and cash equivalents.
    • EBITDA was DKK 2.2m for the year, which is DKK -3.3m compared to DKK 5.5m in 2020.

  • Scaling of organization
    • The Trophy Games organization grew from 23 to 40 employees.
    • Mariana Chucri hired as our new CFO in accordance with our IPO plan.
  • Guidance 2022
    • Trophy Games maintains guidance of DKK 70-80m in revenue and DKK 4-8m in EBITDA for the full year of 2022.



Contact Information

TROPHY GAMES Development A/S

Søren Gleie, CEO

Office (+45) 7172 7573


Mikkel Bryggers Gade 4, 2. sal, 1460 Copenhagen K, Denmark


Certified Adviser

Grant Thornton

Jesper Skaarup Vestergaard

Mobile (+45) 3179 9000

Stockholmsgade 45, 2100 Copenhagen Ø, Denmark


About Trophy Games

Trophy Games is an innovative, Denmark-based game studio who 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 six 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), (v) Futuball – Future Football Manager Game (released 2019) and (vi) Five - esports manager game (released 2021). Furthermore, the Company has announced its release of a seventh (Warhammer AoS: Soul Arena) game in January 2022. All games are released in +20 different languages to ensure broad global user accessibility.

Trophy Games acquired 100% of Xombat ApS in April 2021, who’s major title Airline Manager 4 is live. Trophy Games has announced that a new title called Shipping Manager will be released in 2022.

Trophy Games announced in December 2021 they have also acquired 100% ownership of Tiny Titan Studios, who has made the arcade game title Tiny Rails.

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.

Trophy Games is currently a team of 40 FTEs of which 33 FTEs is our great team of game developers.


Important Information

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.