Double digit revenue growth at video games developer
Independent video games developer, Team17 Group, has released its unaudited results for the six months ended 30 June 2024, which feature record revenues of £80.6m (H1 2023: £72.4m).
The group, which has bases in Wakefield and Nottingham, also reports pre-tax profits of £12.4m (H1 2023: £8.1m).
Team17 launched nine new games which included three new apps during the period (H1 2023: eight game launches) while four existing games were released on additional platforms (H1 2023: two).
Steve Bell, CEO, said: “I am pleased with the group’s performance during the first half as we continue to focus on driving sales through first-party IP titles and across our extensive portfolio, with strong demand for our games and apps across the group.
“Looking ahead, there is significant growth potential in our core markets – Indie, edutainment and working simulation games.
“Our focus on creating a portfolio of games and apps with evergreen longevity, and leveraging our excellent lifecycle management capabilities, ideally positions us to capitalise on this and build a lifetime of play within our growing portfolio and player base.”
Team17 adds that it has concentrated on boosting sales through its extensive back catalogue, and ensuring new titles have the maximum chance of commercial success by deploying flexible marketing strategies.
The business says it is confident of delivering full year results in line with market expectations for FY 2024, noting that new release revenues are expected to be higher in H2 2024.
It says initiatives have been introduced to strengthen the group’s internal structure and make targeted senior hires, which has put the company in a stronger position to exploit future attractive acquisition opportunities.
