Ubisoft has reported a €41 million drop in annual net profit for FY 2008-2009, despite a 14 per cent rise in revenue to €1.06 billion.

Net profit in the 12 months ended March 31st, 2009 fell to €68.8 million from €109.8 million a year earlier.

The company attributed the drop to a number of non-recurring items and confirmed its fiscal 2010 targets, namely first-quarter sales of around €95 million and full-year sales of approximately €1.1 billion.

Ubisoft purchased five new studios and employed 1,300 new staff in the period.

When excluding non-recurring items and before stock-based compensation, net profit rose slightly to €84.7 million, from €80.6 million in FY 2007-2008.

The firm added that it forecasts current operating income before stock-based compensation representing at least 11 per cent of sales in FY 2009-2010.

It stated that held €154.2 million in cash – up from the €149.5 million it announced for the previous year.

Ubisoft CEO Yves Guillemot said: "This [sales] performance illustrates Ubisoft’s unique business model with cost-competitive development studios and some of the most talented developers in the industry. It enables the Group to be at the leading edge of innovation and offer superior quality games, while maintaining a high level of profitability."

Casual games accounted for 31.9 percent of sales.