Everplay lifts Bulkhead stake as back catalogue covers 96% of falling revenue
Summary
Everplay raised its Bulkhead stake after Wardogs' September 10 early access launch outperformed expectations.
H1 FY26 revenue fell 8% to £66.9 million; profit dropped 29% to £23.9 million.
Back catalogue grew 1.2% to £64.3 million across 150+ titles, covering 96% of group revenue.
"With a strong balance sheet, resilient catalogue, growing portfolio of first-party IP and innovative third-party games, we are well positioned to deliver accelerated growth"
01
Back catalogue carried a half with no flagship launch
Revenue fell 8% and profit 29% in a half with no major new release.
Back catalogue grew 1.2% to £64.3 million across 150+ titles.
Four launches - Lumentale, Sintopia, Wardrum, Rogue Point - failed to close the gap.
Legacy titles now supply roughly 96% of group revenue.
02
Bulkhead stake increase converts a third-party bet into owned IP
Tencent sold Bulkhead in December to a consortium of Everplay, Super Media Group, and Hiro Capital.
Everplay increased its stake only after Wardogs proved itself in early access.
Game development investment rose 14% to £16.4 million, funding 20% more titles.
65% of titles in development are original concepts or first-party IP.
03
StoryToys shows the recurring-revenue leg beyond premium titles
StoryToys grew revenue 43% and active subscribers 22% to 408,000.
Total downloads passed 18 million.
The subscription model diversifies Everplay beyond premium back catalogue sales.
What this means
For Publishers & Developers: Buying deeper into a studio post-early-access captures upside while deferring full development risk.
For Investors & VC: A 96% back-catalogue dependency signals stable but launch-starved near-term revenue.
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