Winking Studios, a leading game art outsourcing and development company, has announced an 8.9% increase in revenue for the financial year ending 31 December 2024. This growth is attributed to strong demand and strategic acquisitions, including On Point Creative and Pixelline, which contributed significantly to the company’s performance.
The company reported a revenue of $31.9m, up from $29.3m in FY2023. Despite the integration costs of new acquisitions, the gross margin slightly increased to 29.7%. The company maintained a healthy balance sheet with cash and cash equivalents of $41.3m and no borrowings by the end of the year.
Johnny Jan, Executive Director and CEO of Winking Studios, highlighted the company’s robust performance, stating, “We have continued to benefit from strong demand for our services from our blue-chip customer base, which, together with our team’s exceptional operational execution, has driven both revenue growth and resilient performance during FY2024.”
The company also completed a dual listing on the London Stock Exchange and a private placement in Singapore, raising $29.9m to support its global growth and merger and acquisition strategy. Looking ahead, Winking Studios plans to expand its market share in the art outsourcing sector with the proposed acquisition of Mineloader, enhancing its presence in the console games market.
With a strong project pipeline and a focus on diversifying its customer base in the US, Europe, UK, and Japan, Winking Studios is poised for continued growth in the rapidly expanding global gaming industry.
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