The Focus Entertainment video game group fell by more than 30% on the Paris Bourse on Friday, following the publication of half-year results that disappointed analysts.

Focus reported a 30% increase in sales to 85 million euros for the six months ended September 30, with gross operating income (Ebita) at a loss of 1.5 million euros, compared with a profit of 10.9 million euros for the first half of the previous year.

In a press release, the company explains that disappointing sales of its action-adventure game Atlas Fallen affected its profitability during the half-year.

Group share of net income also showed a loss, at -11.5 million euros, compared with a profit of 1.4 million euros in the first half 2022/2023.

In a reaction note, Euroland analysts refer to results 'below their expectations' and consequently lower their price target to 27 euros, compared with 49 euros previously, while retaining their buy recommendation.

While they anticipate a 'flat' second half due to the absence of new releases, the professionals also say they expect a 'very strong fiscal 2024/2025'.

Oddo BHF, which has also lowered its target from 37 to 27 euros while maintaining an 'outperform' rating, believes that the Banishers exit, scheduled for February, will be 'crucial' for the landing in terms of cash flow.

Following these comments, the share price fell by 30% late Friday morning, bringing its losses since the start of the year to almost 70%.

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