The Company is pleased to note that it has received a clean Audit Opinion for which the full Auditor's Report can be found in the 2024 Annual Accounts published today. 

Words from the Chairman:

I'm pleased to report the publication of Flexion's 2024 Annual Report, detailing continued revenue growth and key strategic achievements. 

Financial highlights include record revenue of GBP 76.8m, a 10% increase from 2023 while gross profit grew 11% to GBP 13.9m. The operating loss of GBP 3.0m was impacted by increased amortisation in the year with Adjusted EBITDA of GBP 4.2m. With cash reserves increasing to GBP 13.1m and with no debt, our balance sheet is strong and provides us with a platform for investment in future growth. 

There were several strategic achievements in the year, including the development of our new service offering, new partnerships with top tier developers and delivery of our new SDK (Software Development Kit) solution. Our game distribution partnerships continue to demonstrate robust performance, affirming our value to pleading platform providers. The final months of 2024 saw the most extensive series of game launches in our history, which will drive growth in 2025 and beyond. Our sales pipeline remains strong, and the recent King and EA partnerships reinforces our leadership in the alternative app store market. 

The continued regulatory changes, evidenced by the Digital Markets Acts in the EU and similar developments in other markets presents a particular future opportunity for Flexion. We expect increased regulatory scrutiny on Google and Apple in 2025, and our leading position in the alternative app store market leaves us well positioned to capitalise on these changes. 

As well as these financial and strategic achievements, I'm extremely happy to report that we have now fully moved on from the corporate governance challenges I discussed in detail in my previous two updates. The impact of these we felt particularly in the issues surrounding the completion of our 2022 accounts and from which we began to emerge in 2023. We will continue to keep a high focus on this topic to ensure we maintain the high standards to which we aspire. 

Finally, as this will be my final Annual Report as Chairman, I would like to place on record my thanks to all my Board colleagues, past and present, as well as our team members who over many years have helped grow the business to where we are today. The growth we've achieved since our 2018 listing gives me great satisfaction and I believe we are extremely well placed to take advantage of the new market opportunities over the next couple of years to further scale the business and fully realise our potential. 

Carl Palmstierna
Non Executive Chairman