Listed gaming developer reports ‘strong performance’

A global gaming company which first floated on the AIM market last year has reported an impressive performance ahead of releasing its half-year results in September.

Team17, headquartered in Wakefield, develops independent premium video games. The business this morning published a pre-close trading update in which it said it had experienced strong customer traction from new and established games since the start of the year. It now expects both adjusted EBITDA and revenue to be ahead of market expectations for the current year.

Team17 added that its strong first half performance had been driven by continued sales momentum across its back catalogue, a solid performance across new release titles along with the recognition of a higher proportion of revenues relating to license income.

The company has had a busy release schedule in the first half and launched a number of new titles, including the multi-platform release of My Time at Portia, along with Hell Let Loose.

During the period, Team17 announced several new co-operative ventures including a partnership with Blacklight Interactive in February, for the popular Golf with Your Friends! game, a partnership with Hermes Interactive for the indie kitchen puzzle game, Automachef, the second title from Playtonic Games, Yooka-Laylee and the Impossible Lair, and a partnership with The Game Kitchen for the metroidvana 2-D action platformer game Blasphemous, both to be launched in 2019.

It also received recognition of the quality of the firm’s games continued into 2019, with Yoku’s Island Express being awarded the BAFTA for Best Debut Game in April 2019.

In March, Team17 reported growth in both profits and turnover in its first year of trading on the London Stock Exchange. For the year ending 31 December 2018, the company delivered record revenues of £43.2m up 46% from £29.6m in 2017, and record gross profit up 18% from £16.9m to £19.8m.

Team17 began trading on the Alternative Investment Market (AIM) of the London Stock Exchange with a valuation of £217m in May 2018.

 

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