hope this helps:"Australia’s pre-eminent game studio, founder...

hope this helps:

"Australia’s pre-eminent game studio, founder led with an eye for quality and talent - PLY has built an enviable position as Australia’s largest independent game development studio, with global aspirations now in sight. Led by a motivated, founder-led executive team, PLY has leveraged its position as a destination employer to reach the scale and capability required to deliver a deep pipeline of original titles, as well as contract projects for leading international studios. We expect both of these business lines can grow considerably, driving 26% CAGR through FY25, with further optionality in potential success of the recently launched Playside Publishing division. PLY represents a rare opportunity to own a local incumbent, with the early attributes of a significant developer, at an undemanding valuation before it goes big. This is a game you want to play.

Record pipeline of game launches driving growth in FY23, with potential blue-sky upside - PLY is poised to release a record thirteen new gaming titles, driving an impressive 83% underlying revenue growth rate in a catalyst rich FY23. PLY’s development capabilities have been improving over time, having established a track record of million dollar plus titles. We see potential for key releases such as The Godfather, Legally Blonde, and Age of Darkness to materially outperform this. Longer term, we expect PLY’s scaled base of development staff to continue to produce successful titles, driving growth in per employee revenue and margin expansion over time. Further, we believe PLY is now of the scale and capability required to produce and support the initial growth of a major hit title which could quickly drive material growth if achieved.

Work for hire deals validates PLY’s capabilities, and provides a contracted revenue base - PLY has contracted with major development studios such as Activision Blizzard, and 2K Games, and has a $15.7m contracted backlog of work to be substantially realised in FY23. We see potential for work-for-hire to grow, driven by new contracts, as well as potential for material expansion of existing relationships upon successful delivery. PLY’s ability to attract this work validates the strength of its developer capabilities, and carries attractive strategic benefits. Exposure to best practice development processes, with PLY employees gaining experience working on globally successful projects, enhances PLY’s own internal development capabilities in a virtuous circle. Work for hire also provides a contracted and profitable revenue source which maximises developer utilisation while PLY scales its own book of original IP titles."