2018 concluded the building phase of Remedy’s strategy, set at the end of 2016. These past two years can be summarised as a time of successful transformation.

Tero Virtala, CEO at Remedy

First and foremost, we began the evolution of what Remedy’s games will be.

We focused on console and PC games that offer longer-lasting gaming experiences while still staying true to our core strengths of memorable characters, deep stories and polished action gameplay.

The games we have been developing have followed these principles in a way that makes them stand out in the market and allows the underlying gaming franchises expand further.

The second key pillar is how we operate as a company and develop our games.

We have transformed from a single project organisation into operating on a multi-project model, in which we have simultaneous game projects at different stages of development.

The projects share certain competences and resources such as our proprietary Northlight technology, certain centralised development services and support functions such as IT and administration.

Having multiple game projects gives us more growth opportunities, provides more career choices for our people, enables us work more efficiently and balances risks.

Our revenue continued to grow for the fifth consecutive year.

The third focus area has been expanding our position in the games industry value chain.

While one important part of our business is the subcontracting-based collaboration with Smilegate, we have developed into a game company that creates and holds the ownership of the other three game IP we are working on. Becoming a publicly listed company has given Remedy the financial security needed for this evolution.

Transformation has also required personnel growth. Our number of personnel increased over 30 % for the second year in a row and reached 200 employees at the end of 2018.

During these two years of transformation, our revenue continued to grow for the fifth consecutive year and increased 17.6% from the previous year to 20.1 million euros.

Despite of our growth investments, the 2018 result was positive with an operating profit of 0.6 million euros.

This combined with our strong cash position enables Remedy to pay a moderate dividend to our shareholders.

It is time for us to move to the next phase.

Specifically in 2018, we reached important milestones. We had two simultaneous game projects in full production mode and using our Northlight technology.

CrossFire is our first foray into the first-person shooter genre. The first project took 2.5 years and was finalized in fall 2018. We continue to deepen our collaboration with the game’s publisher and owner Smilegate with a second CrossFire game project.

Control on the other hand is a game created and owned by Remedy and published by 505 Games. We also have two other own game projects, an unannounced title and Vanguard, in early stages of development.

The big transformation has now been done and we have built a stronger basis for future growth. It is time for us to move to the next phase.

We will keep on improving and building further our capabilities that support the growth we seek.

On 27 August 2019, we saw a concrete result of our development and transformation, as Control was launched worldwide.

This marks a new era in Remedy history, as our goal from now on is to launch at least one game or game expansion annually.